November 14, 2024
Data Fabric Market
Ict

The Data Fabric Market Is Expected To Be Flourished By Growing Need For Data Integration.

The data fabric market enables organizations to integrate, process and analyze data across multiple domains and sources through a common set of tools and services. Data fabric involves real-time connectivity and exchange of data among different operational systems, applications and databases to gain organizational insights. Tools for data fabric provide a consistent configuration model and common metadata management to ingest, catalogue, govern, transform and enrich data as per business needs. Industries are increasingly adopting data fabric to facilitate data integration to run analytics across multiple data sources.

Fabric market size was valued at US$ 1.83 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 25.1% from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing need for data integration across disparate systems is a key driver fueling the adoption of data fabric tools and services. Modern enterprises are generating data from multiple lines of business through various operational systems like customer relationship management, enterprise resource planning, supply chain management and others. This data is currently fragmented and lacks correlation, making it difficult for organizations to obtain a unified view for business analytics and decision making. Data fabric provides a centralized approach to integrate such diverse datasets through common metadata and governance capabilities.

Another driver is the increasing demand for real-time access and exchange of data. With digital transformation initiatives, enterprises need to breakdown information silos and enable applications with a free flow of contextual and correlated data. Data fabric delivers seamless data movement and connectivity in real-time to support analytics and predictive use cases. The ability of data fabrics to efficiently integrate diverse data sources is augmenting its demand across industries.

Segment Analysis

The global Data Fabric Market can be segmented based on type, component, application, deployment model, and organization size. The solution segment is expected to dominate the market and grow at a highest CAGR during the forecast period. This is mainly because data fabric solutions help in effective data management by collating data from multiple sources and simplifying the overall analytical process for organizations.

PEST Analysis

Political: Stringent government regulations around data privacy and security are driving many organizations to adopt data fabric solutions to ensure compliance.
Economic: Increasing data volumes across organizations and need to optimize business processes is propelling organizations to invest in advanced data fabric technologies to gain real-time insights.
Social: Growing digitalization and usage of smart devices are generating huge amounts of data daily, creating the need for centralized and integrated management of organizational data.
Technological: Advent of technologies like cloud, big data analytics, and artificial intelligence are supporting the growth of data fabrics by providing scalable platforms for real-time data processing and advanced analytics.

Key Takeaways

The global Data Fabric Market Share is expected to witness high growth over the forecast period. The North America region is expected to dominate the market owing to heavy investments in big data technologies by organizations across industries.

Regional analysis comprises: The adoption of data fabric solutions is highest in the North America region mainly due to early technological advancements and presence of major vendors. The United States holds the largest market share in this region.

Key players related content comprises: Key players operating in the data fabric market are Merck KGaA, Sanofi, AlpalifeB Inc, GenScript, Novartis International AG, Taisho Pharmaceutical Holdings Co., Ltd., Sino Biological, Inc., GeneMedi, Biocytogen, Abnova Corporation, NanoTag Biotechnologies, Avillion LLP, Capra Science, Numab Therapeutics, CUSABIO TECHNOLOGY LLC, Proteintech Group, Inc., GT Biopharma, Inc., Confo Therapeutics, and R&D Systems, Inc., Abcepta Biotech Ltd. Co. These players are focusing on organic and inorganic growth strategies like partnerships, collaborations and new product launches to gain competitive advantage in the market.

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

About Author - Priya Pandey
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Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn ProfileĀ 

 

About Author - Priya Pandey

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn ProfileĀ   

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