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| Global Data Fabric Market Growth |
The global Data Fabric Market is estimated to be valued at US$ 2.27 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Data fabric is a software architecture that allows enterprises to gain complete
visibility across their data environments. It does this by breaking down
barriers between departments, enabling consistent data governance, and
integrating systems and data flows. The data fabric aggregates data and
applications across enterprise technology including data warehouses, data
lakes, APIs, and applications. This provides end-users with a unified view of
all enterprise data.
The growing demand for big data analytics across industries is driving the need
for data fabric solutions. Organizations require a consolidated framework to
derive intelligence from diverse datasets in real-time. Data fabric helps
integrate data silos, thereby enhancing analytics capabilities. It enables
organizations to capture value from large volumes of structured and unstructured
data generated across disparate sources. Industries such as BFSI, healthcare,
retail, and manufacturing are increasingly leveraging data fabric to gain
actionable insights.
Market Key Trends:
The Global
Data Fabric Market Growth is witnessing significant growth driven by
the adoption of advanced technologies. One of the key trends is the rapid
adoption of cloud-based data fabric solutions. Traditional data management has
become complex due to exponential data growth. Cloud-based data fabrics provide
agility, scalability and centralized data management. They allow enterprises to
store, process and analyze workloads on cloud platforms.
Another major trend is the integration of data fabric with artificial
intelligence and machine learning tools. AI/ML models require large volumes of
high-quality data for training purposes. Data fabric facilitates data
preparation and centralization of data lakes/warehouses. This fuels the
development of more accurate AI/ML applications across sectors. Additionally,
growing demand for data governance, data security and privacy is propelling
vendors to develop advanced data discovery and cataloging capabilities within
the data fabric architecture. The real-time analysis of distributed multi-cloud
data is also emerging as an area of focus. Overall, data fabric is playing a
pivotal role in digital transformation strategies of enterprises.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the data fabric market is
moderate. High initial investments and presence of established players make
entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers
have choice of various competing products available, which gives them moderate
bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
presence of many suppliers in the market.
Threat of new substitutes: Threat from substitutes is low as there are limited
alternatives to data fabric solutions.
Competitive rivalry: Competition in the market is high due to presence of
various global and regional players offering similar solutions.
Key Takeaways
The global data fabric market is expected to witness high growth, exhibiting CAGR of 25% over the forecast period,
due to increasing demand for self-service analytics and data integration.
Regional analysis
North America dominates the global data fabric market owing to rapid adoption
of advanced technologies and presence of key players in the region. Asia
Pacific is expected to exhibit the highest growth rate during the forecast
period due to growing digitalization and increasing investments by enterprises.
Key players
Key players operating in the data fabric market are Denodo Technologies,
Talend, Global IDs., Splunk Inc., Hewlett Packard Enterprise Company, Software
AG, IBM Corporation, SAP SE, NetApp, and Oracle Corporation. Denodo
Technologies offers data integration and data virtualization solutions. Talend
provides intuitive data integration solutions for various industries.
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