July 19, 2024
Data Fabric Market
Ict

AI And Machine Learning Is Fastest Growing Segment Fueling The Growth Of Data Fabric Market

The global Data Fabric Market is estimated to be valued at US$ 2.27 Bn or 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 decentralized data access model that provides a single point of reference for distributed data. It acts as an abstraction layer that brings together diverse data sources into the single cohesive view. With the use of data fabric, multiple applications can access consolidated real-time data from various data sources.

Market key trends:
The increasing use of advanced analytics for data-driven business decisions is expected to drive the growth of the data fabric market over the forecast period. Data fabric architectures consolidate data from across the enterprise and make it available to support advanced analytics initiatives. This enables organizations to gain better insights from their data to optimize business operations. Furthermore, increasing adoption of advanced technologies like AI and machine learning is also fueling the demand for data fabric solutions as they require access to large volumes of consolidated real-time data from different sources for model training and other processes.
Segment Analysis
Global Data Fabric Market Growth is segmented into deployment, verticals and region. Based on deployment, managed services segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is mainly due to the growing need of organizations to focus on their core offerings rather than managing infrastructure.

Based on verticals, BFSI segment accounted for the largest share in 2022 due to increasing adoption of advanced technologies to gain real-time insights from high volumes of data. Retail segment is expected to grow at a highest CAGR during the forecast period owing to rapidly growing e-commerce industry and need to provide personalized experience to customers.

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 real-time access and navigation across vast amounts of complex enterprise data.

Regional analysis – North America dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to presence of major vendors and growing adoption of advanced big data technologies across industries in the US and Canada. Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period owing to rapid digital transformation and focus of enterprises on leveraging analytics to gain business insights from data.

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. Key players are focusing on partnerships, new product launches and acquisitions to gain competitive advantage in the market and meet growing demand from various industries. For instance, in 2022 IBM acquired Databand to enhance its data fabric solutions for cloud and hybrid environments.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it