Data Fabric Market
Rise in need for business agility & data accessibility, and mounting demand for real-time streaming analytics fuel the growth of the global data fabric market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 8, 2024 /EINPresswire.com/ -- In a recent report released by Allied Market Research, it was revealed that the market size for data fabric was valued at $812.6 million in 2018 and is anticipated to reach $4,546.9 million by 2026, with a projected compound annual growth rate (CAGR) of 23.8% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing global data fabric market trends.
Data fabric represents a unified platform equipped with an architecture and array of data services designed to cater to diverse data management requirements, ensuring precise IT service levels across various data sources and infrastructure categories. In the era of digital transformation, data analytics plays a pivotal role in facilitating seamless data flow and enabling new customer interaction points through technology. Consequently, data fabric has emerged as an innovative avenue to bolster business agility.
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The expansion of the cloud domain has prompted service providers to redesign their storage platforms. This redesign was undertaken to meet the needs of enterprise customers, ensuring high capacity, durability, performance, and availability, all while maintaining stringent data security standards for storage and transmission. Data fabric has been widely embraced as a re-engineered solution, particularly in the form of infrastructure-as-a-service (IaaS) platforms, owing to its advantages such as flexibility, scalability, and replication capabilities. This significant adoption of data fabric is a key driver fueling the growth of the global market throughout the forecast period.
Concerning deployment, the cloud segment dominated the overall data fabric market in 2018 and is poised to sustain this dominance in the forthcoming years. This dominance can be attributed to the escalating adoption of cloud deployments across various industry verticals worldwide, offering a scalable and on-demand data storage option. Given that data fabric can encompass a diverse array of data sources across disparate locations, the deployment of data fabric solutions for cloud data is expected to witness substantial growth in the ensuing years, particularly among cloud service providers, thus bolstering the market's expansion.
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In terms of industry verticals, the banking, financial services, and insurance (BFSI) sector stands out as a leader in technological adoption, aiming to gain a competitive edge. With the increasing need to make informed decisions based on heterogeneous data analysis sourced from various outlets such as smartphones, IoT devices, social networks, and transaction systems, BFSI entities are gravitating towards innovative solutions that streamline services with efficiency and speed.
This surge in demand for data fabric stems from its ability to meet the requirements of modern analytical, application, and operational use cases, integrating data from diverse sources such as files, tables, streams, logs, messaging, rich media, and containers. Furthermore, the retail sector is anticipated to embrace modern architectural functionalities offering scalable data analysis, as e-commerce activities continue to generate a significant volume of data silos. This trend creates lucrative opportunities for stakeholders operating within the data fabric market.
Based on type, the disk-based data fabric segment garnered the highest share in 2018, holding three-fifths of the global market. At the same time, the in-memory data fabric segment portray the fastest CAGR of 26.1% during the study period.
Based on geography, North America accounted for more than two-fifths of the total market share in 2018, and is expected to lead the trail by 2016. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 26.0% from 2019 to 2026. The report also analyzes the market across Europe and LAMEA.
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Some of the major players profiled in the data fabric market analysis include Denodo Technologies, Global IDs., Hewlett Packard Enterprise Company, IBM Corporation, NetApp, Oracle Corporation, SAP SE, Software AG, Splunk Inc., and Talend. Major players operating in this market have witnessed high growth in demand for cross-platform data management solutions especially due to growing disparate data sources in digital era.
Impact of Covid-19 on Data Fabric Market:
• With adoption of a “work-from-home” approach by organizations operating in the IT and other sectors during the lockdown, the demand for data fabric has been increased significantly.
• Many organizations have undergone digital transformation to ensure business continuity and avail data accessibility from anywhere. This augmented the implementation of data fabric technology.
• The healthcare sector has adopted this technology in a rapid pace to carry out remote monitoring and consultation of patients suffering various conditions as hospital and clinic visits have been restricted to extreme cases only.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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