The global data fabric market is estimated to be valued at US$ 1.83 billion in 2022 and is expected to exhibit a CAGR of 25.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The data fabric market is witnessing significant growth due to the increasing adoption of data fabric technology across various industries. Data fabric enables organizations to seamlessly integrate and manage data from multiple sources, providing real-time insights and enhancing decision-making capabilities. It eliminates data silos and enables efficient data access, sharing, and analysis. The advantages of data fabric include improved data quality, increased operational efficiency, enhanced data security, and reduced costs. The need for efficient data management solutions, the proliferation of Big Data, and the growing demand for real-time data analytics are driving the demand for data fabric products in the market.
B) Market key trends:
One key trend driving the data fabric market is the increasing adoption of cloud-based data fabric solutions. Cloud-based data fabric offers scalability, flexibility, and cost-effectiveness to organizations, enabling them to store and access large volumes of data efficiently. It eliminates the need for on-premise infrastructure and provides seamless data integration across multiple cloud platforms. Additionally, cloud-based data fabric solutions offer enhanced data security and disaster recovery capabilities, making them a preferred choice for organizations looking to modernize their data management infrastructure. This trend is expected to continue as more organizations migrate their data storage and management to the cloud.
Segment Analysis:
The data fabric market can be segmented based on industry vertical, deployment model, and region.
In terms of industry vertical, the dominating sub-segment in the data fabric market is the healthcare sector. With the increasing adoption of electronic health records (EHRs) and the need for seamless integration of data from various sources within the healthcare ecosystem, the demand for data fabric solutions is expected to be high. Moreover, data fabric can also enable real-time analytics and support predictive modeling for better patient outcomes.
In terms of deployment model, the cloud-based segment is expected to dominate the data fabric market. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, which are key factors driving their adoption across various industries. Additionally, the increasing trend of remote work and the need for secure data access and collaboration further contribute to the dominance of cloud-based solutions in the data fabric market.
Key Takeaways:
The global Data Fabric Market Share is expected to witness high growth, exhibiting a CAGR of 25.1% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing volume and variety of data generated by organizations across different industries creates a need for effective data integration and management solutions, thereby driving the demand for data fabric. Secondly, the growing adoption of digital transformation initiatives and the need for real-time analytics further fuel the market growth. Additionally, the rising concerns regarding data security and privacy also contribute to the adoption of data fabric solutions.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the data fabric market. This can be attributed to the presence of major players in the region, along with the early adoption of advanced technologies and the presence of a mature IT infrastructure. Moreover, the increasing adoption of cloud-based solutions and the need for efficient data management and integration drive the market growth in North America.
Key players operating in the data fabric market include Denodo Technologies, Talend, Global IDs, Splunk Inc., Hewlett Packard Enterprise Company, Software AG, IBM Corporation, SAP SE, NetApp, and Oracle Corporation. These companies are focusing on strategies such as partnerships, acquisitions, and product launches to expand their market presence and offer innovative solutions to customers.
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