Global Data Fabric Market Overview
According to Market Research Future (MRFR), the global data fabric market is estimated to grow at a CAGR of 18.40% from 2023 to 2032 (forecast period). The report summarises the key factors likely to improve or hinder the growth of the global data fabric market. The study also describes the potential influence of COVID-19 on the development of the global data fabric market.
Data Fabric is a software approach for the movement and management of data; it provides a consistent set of capabilities and services that cover the choice of endpoints and application ecosystems connected across the cloud and on-premises. Data fabric simplifies and incorporates data management across cloud and on-premises to facilitate digital transformation. It delivers consistent and integrated hybrid cloud data services for data accessibility and insights, data access and control, and data protection and security.
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Key Players
The industry giants in the market are SAP SE (Germany), Informatica (U.S.), Splunk Inc. (U.S.), Oracle Corporation (U.S.), Denodo (U.S.), Syncsort Inc. (U.S.), IBM Corporation (U.S.), Teradata Corporation (U.S.), Global DS (U.S.), and K2 View (U.S.).
Market Dynamics
Growing demand for real-time streaming analytics, the use of structured, semi-structured, and unstructured data for analysis, and a decrease in storage costs are expected to accelerate the target market's growth in the coming years. In addition, the growing demand for data fabric due to the management of various risks related to business across vertical is another factor expected to drive the growth of the data fabric market to some extent. In addition, the rising need for business accessibility and agility, the increasing variety and volume of business data sets day by day due to the emergence of smart and digital technology, and the increasing need for a data fabric to detect fraud and security threats are other factors that are projected to help revenue growth of the potential market.
However, lack of knowledge of the use of data fabric and lack of integration with legacy systems impede demand for data fabric and limit the growth of the target market.
Rising cloud adoption, advancements of in-memory computing, and increased return on investment are projected to generate lucrative revenue opportunities for manufacturers operating in the global market.
Market Segmentation
The global market for data fabric has been segmented on basis of type, application, services, and vertical.
By type, the global data fabric market has been segmented into disk-based and in-memory.
By application, the global data fabric market has been segmented into business process management, customer experience management, fraud detection, GRC (Governance, risk management, and compliance) management, and security management.
By services, the global data fabric market has been segmented into managed and professional services.
By vertical, the global data fabric market has been segmented into healthcare, BFSI, retail and e-commerce, automotive, media and entertainment, and energy and utilities, others.
Regional Analysis
Region-wise, the global data fabric market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The North American data fabric market is projected to have the highest revenue share and is expected to dominate the target market, followed by the European market. This is attributed to rapid industrialization, combined with increased adoption of data fabric in various applications, increased R&D and investment by government and manufacturers in new technologies, and the involvement of leading players in countries in the regions. The Asia Pacific market is set to expand rapidly in the coming years due to rapid industrialization, coupled with growing technological developments in various industries in countries such as China, India, Australia, Japan, and South Korea. Rising digitization, coupled with government initiatives and investment in smart cities in Asia Pacific countries, are factors that increase the target market growth.
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