Over the recent years, technological advancements in Artificial Intelligence (AI), Internet of Things (IoT), cloud computing, and edge computing have led to the rapid growth of big data, increasing complexities and obstacles for data management among enterprises, resulting in security risks, difficulties in decision making and data silos. To cater to this problem, many organizations are adopting advanced solutions such as data fabric. Data management agility has been a top priority for organizations to reduce human errors and overall costs.
Data fabric is an end-to-end integration and management solution, consisting of an architecture that is adaptive, secure, and flexible and facilitates self-service data consumption. It automates data discovery, consumption, and governance, enabling enterprises and organizations to use data for maximizing their value chain by providing the right data at the right time regardless of its location. Various leading companies are heavily investing in research and development activities. This has led to various upgradation such as addressing integrating complexities, integration of micro-databases in real-time, hyper-automation, hybrid clouds, and storage-agnostic data management.
The global data fabric market size reached USD 1.14 Billion in 2020 and is predicted to register a CAGR of 27.2% and reach market valuation worth USD 7.72 Billion in 2028, consistent with latest analysis by Emergen Research. Rising volumes and variation of organizational data and increasing adoption of cloud services are some key factors driving global data fabric market revenue growth. Rapid developments in in-memory computing are factors also expected to spice up revenue growth of the market to a significant extent.
Top Companies in Data Fabric Industry:
SAP SE, Informatica, Inc., Global Ids, Inc., International Business Machines Corporation, NetApp, Inc., Oracle Corporation, Splunk, Inc., Teradata Corporation, Idera, Inc., and TIBCO Software, Inc.
Factors such as rapid advancements in in-memory computing, and rising demand for storing and managing large data across various sectors including BSFI, IT and telecom, manufacturing, healthcare, media and entertainment, education, travel and hospitality, and energy among others are expected to drive global market revenue growth during the forecast period. In addition, increasing demand for cloud services, rising investments in developing advanced data fabrics, and growing need for real-time streaming analytics are other factors expected to drive global market growth going ahead.
However, increasing concerns about data integration, low awareness about data fabrics, shortage of skilled professionals to operate advanced tools and software, and unwillingness to invest in novel technologies are some key factors that can hamper revenue growth of the global market to a certain extent during the forecast period.
Key Highlights From Data Fabric Study:
- Service segment revenue is predicted to expand at a significantly steady CAGR during the forecast period owing to rising need for integration, consultancy, support, and maintenance services to ease implementation and operation of knowledge fabric solutions.
- Small and medium-sized enterprise segment is predicted to register a significantly robust revenue growth rate over the forecast period owing to increasing adoption of data fabric solutions and services among small and medium-sized enterprises globally.
- On-cloud segment is predicted to register a steady revenue growth rate. Rising adoption of cloud services among end-users may be a key factor expected to continue to fuel revenue growth of this segment.
- North America market is predicted to register considerably fast revenue CAGR than other regional markets due to robust presence of domestic and international companies offering data fabric solutions and services including Informatica, Inc., Global Ids, Inc., International Business Machines Corporation, NetApp, Inc., Oracle Corporation, and Splunk, Inc. among others in countries within the region.
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