As per the report published by Fior Markets, the global Data Fabric market is expected to grow from USD 1 billion in 2020 and reach USD 6.47 billion by 2028, growing at a CAGR of 26.3% during the forecast period 2021-2028.
Data fabric is a set of architectural and data services installed on a range of platforms to make the challenges of managing data with multiple database management systems easier to handle. The data fabric operations platform has built-in frameworks for organizing, moving, and safeguarding data across various remote and incompatible data center deployments, such as on-premises to the cloud. Data Fabric is a software-based data management solution that allows a company to connect to and restructure data management across various storage systems. Furthermore, Data fabric satisfies data transfer requirements while also delivering advantages like a consistent data environment, data transfer dependability and security, and accessible cloud computing migrations, to name a few.
Change is happening at a rate and in various ways that humans can’t keep up with change. The data fabric functions as a unifier as new technologies, new types of data, and new platforms are added, doing the necessary translation and integration and obviating the need for manual techniques. It’s possible to govern and defend in a self-service deployment because it’s centralized and policy-based. In a distributed data environment, data fabric provides frictionless access and data sharing by establishing a highly adaptable data management system that adapts to changing technologies, data fabric can help to reduce disruption.
Growing pet adoption around the globe, increasing volume and variety of business data, the evolution of digital and intelligent technologies, growth in demand for data analytics, and increased requirement for business agility and immediate data accessibility are the factors driving the market. Lack of interaction with legacy systems, organizational culture, qualified staff with data fabric architectural understanding, and traditional approaches limit the market growth. Market growth prospects are likely to be provided by adopting data fabric across various applications, creating a full cloud-based suite, and reducing time and costs for onsite setup and management of software solutions.
Key players operating in the global Data Fabric market include Oracle Corporation, IBM Corporation, Denodo Technologies, Global IDs, SAP SE, Software AG, Dell Technologies, HP Enterprise, Teradata Corporation, TIBCO Software, Nexla, Starburst Data, HEXstream, CluedIn, and Cinchy. To gain a significant market share in the global Data Fabric market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The disk-Based segment dominated the market and held the largest market share of 57% in the year 2020
Based on type, the global Data Fabric market is segmented into Disk-Based and In-Memory. The disk-Based segment dominated the market and held the largest market share of 57% in 2020. This growth is attributed to the various rising features it provides, flexibility, scalability, replication, and others. Furthermore, it provides data access whenever applications require it.
The business Process Management segment dominated the market and held the largest market share of 30% in the year 2020
Based on business application, the global Data Fabric market is segmented into Fraud Detection and Security Management, Customer Experience Management, Business Process Management, and GRC Management. The business Process Management segment dominated the market and held the largest market share of 30% in 2020. This growth is attributed to the align business functions with customer needs, which helps executives determine how to deploy, monitor & measure company resources, and enhance efficiency, and productivity, reduce costs and minimize risk.
