by The data fabric market has experienced significant growth in recent years due to rising adoption of cloud-based services across various industry verticals. Data fabric is a software architecture that helps in seamless data sharing across various data management tools and applications. It enables organizations to discover, manage and govern all data and metadata spread across multiple storage systems through a centralized platform. Key applications of data fabric include data virtualization, data integration, data quality and governance, master data management, data migration and archiving. For example, a data fabric platform can connect an organization’s cloud data lake with other critical data sources like cloud data warehouses, data marts, data meshes, data streams and data APIs to provide a unified view of data for analytics and insights.
The global data fabric market is estimated to be valued at CAGR of 7.5% in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The growing adoption of cloud-based applications and services is a major driver for the growth of data fabric market. Cloud computing offers on-demand access to shared computing resources on pay-per-use basis over the Internet. With more industries transitioning towards cloud for flexible and scalable infrastructure, data fabric has become critical to manage hybrid environments spanning public/private clouds and on-premises infrastructure.
Market Dynamics
As mentioned in the heading, rising cloud adoption is spurring the growth of data fabric market. According to research, 93% of organizations currently use cloud services in some capacity and spending on public cloud is forecast to grow by 23.1% in 2023 to total $474 billion. The ability of data fabric to connect both cloud and on-premises data sources through a flexible architecture makes it an ideal solution for organizations embracing hybrid multi-cloud journeys. Another major driver is the growing need for centralized data management and governance across distributed data landscapes. With data silos proliferating due to multiple cloud migrations and applications, data fabric provides a common platform to discover, catalog and understand data spread across departments and environments. This saves costs associated with redundant data silos while meeting compliance requirements through consistent policies.
Segment Analysis
The data fabric market is segmented into five categories: component (platform and services), deployment (on-premises, cloud), organization size (large enterprises and SMEs), application (fraud detection and risk management, sales and marketing management, customer experience management and operational intelligence), and industry vertical (BFSI, IT and telecom, healthcare, manufacturing, government). Among these segments, the services component segment is dominating as a majority of organizations are investing significantly in services like professional and managed services to maximize the return on investment from data fabric solutions.
PEST Analysis
Political: Government initiatives to promote digital transformation and adoption of advanced analytics are driving the demand for data fabric solutions. Some countries have formulated laws and regulations around data privacy and security that are positively impacting the market.
Economic: Growth in global GDP and economic development are increasing the spending capability of organizations on advanced data and analytics solutions for competitive advantage. The growth of cloud computing is reducing IT costs and allowing companies to adopt data fabric platforms.
Social: Rising focus on customer experience, demand for personalized experiences, and proliferation of digital channels are compelling organizations to adopt data fabric to get a unified view of customers. Social media analytics is creating need for consolidated customer insights.
Technological: Developments in big data, cloud computing, machine learning, and artificial intelligence are empowering data fabric platforms to deliver deeper insights. Technologies like graph databases and streaming analytics are augmenting the capabilities of data fabric.
Key Takeaways
The global Data Fabric Market Size is expected to witness high growth in the coming years due to rapid digital transformation across industries.
Regional analysis: North America is dominating the market with over 35% share due to increasing investments by enterprises in data analytics, presence of major vendors, and government initiatives to promote advanced technologies. Asia Pacific market is growing at the fastest pace led by China, India, and other developing nations adopting digitalization and looking for consolidated data insights.
Key players: Key players operating in the data fabric market are Nanya PCB (Taiwan), Tripod Technology Corporation (Taiwan), Unimicron Technology Corporation (Taiwan), Ibiden Co., Ltd. (Japan), Compeq Manufacturing Co., Ltd. (Taiwan), TTM Technologies, Inc. (United States), Kingboard Holdings Limited (Hong Kong), Shennan Circuits Company Limited (China), AT&S Austria Technologie & Systemtechnik AG (Austria), and Multek (a subsidiary of Flex Ltd.) (United States). These players are focusing on developing innovative platform capabilities and amplifying cloud adoption to expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
