The worldwide Data Fabric Market is expected to increase significantly by 2023, reaching $2.43 billion. This increasing trend is predicted to continue, with a Compound Annual Growth Rate (CAGR) of 15.54%, propelling the market to an outstanding $10.29 billion by 2033.
This phenomenal expansion is largely due to the increased use of big data analytics. Data fabric solutions enable the co-location of many data sources, resulting in seamless analytics and data accessibility. As organizations prioritize agility and data availability, the need for data fabric systems grows.
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Attractive Market Opportunities
Demand for Data Availability and Company Speed has Increased.
Businesses choose big data solutions that organize data and provide instant access to information. The capabilities of big data platforms are gradually opening up new opportunities for sectors. Data accessibility has replaced the necessity for big data platform adoption with quick data accessibility solutions like data fabric.
Data fabric has grown in popularity because it provides a holistic strategy for handling data safely, effectively, and in a future-proof manner. This considerably enhances firm agility and data accessibility, spurring the global data fabric market expansion in the coming years.
Significant Market Constraint
Data Management is Inadequate
Data is an essential component of data-driven enterprises that perform a range of functions. The design rapidly connects data to corporate functional areas such as finance, human resources, sales, and operations, among others. Nevertheless, these linkages do not remember past data transactions. This bargain may be valuable for data scientists, business analysts, and machine learning developers.
The component required to include this information is absent from its design. The inability to directly manage data stored in the cloud limits the data’s visibility. The lack of visibility may have an impact on the governance and security of stored data, slowing the data fabric market development.
Regional Viewpoints
- Due to the vast number of businesses offering data management solutions in the United States, North American region dominates the data fabric market. The region has reputation for being among the first to adopt cutting-edge ideas.
- The presence of the majority of data centers and the growth in the collection of data from unorganized sources are the main factors influencing the United States data fabric industry.
- The rapid transition to digitization and the rise in data centers are two reasons that can promote the use of the data fabric solution in Asia Pacific. The United States comes in first place globally for data center usage, followed by China. According to the analysis, China’s big data business may continue to grow steadily.
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Key Takeaways
- The solution sector is anticipated to garner an 81% revenue share by component segment, commanding the data fabric market in 2023.
- In terms of deployment, the on-premises market group is estimated to prevail with a 62% data fabric sales share in 2023.
- The disk-based sub-segment is likely to rule the data fabric type sector with a revenue share of more than 78.7% in 2023.
- The large enterprise business section in the enterprise size category is likely to witness lucrative market share in 2023, with a revenue share for data fabric of more than 69.5%.
- The fraud detection sector in the business application category had a strong revenue share for data fabric of nearly 27%.
- In 2023, the BFSI sector is likely to get a strong income share of over 23% in the industry category.
- North America data fabric industry is likely to record an income share of around 47% in 2023.
- Asia Pacific data fabric industry is expected to have rapid expansion.
Innovating Data Management Technology and Services to Gain Market Share
The data fabric manufacturers work together to combine their technological know-how in analytics, cloud integration, and AI to give customers the best insights tailored to their needs. Similar to other firms, these are funding innovations and advancements to increase their market presence. A new product, service, or improvement to an existing product may be considered an innovation if it aims to satisfy data fabric demand and meet the demands of customers.
Launch
- TIBCO Software Inc. unveiled TIBCO DQ in September 2021, along with updates to its Data Virtualization and Unify products. Organizations can build the agile tool on any cloud with the aid of this product. It also provides tools for AI and ML-powered automated detection and monitoring.
Agreement
- BMW Group and NetApp Inc. signed a deal in December 2021 for the latter company to supply data infrastructure to the former. The company’s novel discoveries are accelerated by NetApp’s fabric.
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Key Segments
By Component
- Solution
- Services
By Deployment Type
- On-premise
- Cloud
By Type
- Disk-based Data Fabric
- In-memory Data Fabric
By Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
By Business Applications
- Fraud Detection and Security Management
- Governance, Risk and Compliance Management
- Customer Experience Management
- Sales and Marketing Management
- Business Process Management
- Other Applications
By Industry
- BFSI
- Telecommunications & IT
- Retail & Ecommerce
- Healthcare
- Manufacturing
- Transportation & Logistics
- Media & Entertainment
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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