The data fabric market size projected to reach $2,466.12 million by 2028 from $1,241.04 million in 2021 to register a CAGR of 10.3% during 2021–2028.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Data fabric Market: Key Insights
According to our latest market study on “Data Fabric Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud), Component (Software and Services), Solution (Data Discovery, Data Ingestion, Data Orchestration, Fabric Data Access, Data Management, and Fabric Management), and End User (BFSI, IT and Telecom, Retail, Healthcare and Pharmaceuticals, and Others),” the market was valued at US$ 1,241.04 million in 2021 and is projected to reach US$ 2,466.12 million by 2028; it is expected to register a CAGR of 10.3% from 2021 to 2028.
Data fabric Market: Competitive Landscape and Key Developments
Denodo Technologies; IBM Corporation; Informatica Corporation; K2View; NetApp, Inc.; Oracle Corporation; SAP SE; Software AG; Teradata; and Hewlett Packard Enterprise Development LP (HPE) are among the major players operating in the data fabric market. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global data fabric market and its ecosystem.
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A few of the latest developments in the data fabric market are as follows:
In June 2021, Bidtellect, a programmatic digital advertising platform, chose HPE Ezmeral Data Fabric to assist in streamlining native ad buying, selling, and delivery across the internet, according to Hewlett Packard Enterprise. Bidtellect will be able to analyze the massive volumes of data using the HPE Ezmeral Data Fabric to provide its clients with optimized and high-performing advertising campaigns.
In November 2020, IBM Corporation announced new capabilities for IBM Cloud Pak for Data. The update will help companies drive innovation across their expanding environments and accelerate digital transformations. The platform runs on Red Hat OpenShift. So, it can be deployed and managed in any cloud environment.
A data fabric is an architecture and set of data services that offer capabilities across multiple endpoints spanning hybrid multi-cloud environments. It is a robust architecture that standardizes data management practices across cloud, on-premises, and edge devices. Data fabric helps establish data visibility and business insights, data access and control, data protection, and security. It helps an organization meet business demands and gain a competitive edge. In addition, data fabric allows an IT organization to better harness the power of a hybrid cloud, build a hybrid multi-cloud experience, and modernize storage through data management capabilities.
Factors such as rising quantity and variety of business data and growing demand for real-time analytics drive the growth of the data fabric market. Moreover, the increasing number of internet users across the world and surging adoption of cloud platform would fuel the market growth in the coming years. However, the security and privacy concerns restrain the market growth.
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With the digital transformation, the use of the cloud-based platform is increasing due to the simplification of the deployment time and the reduction in the deployment cost. Further, the internet infrastructure has matured in developed countries and is flourishing in several developing countries across the world, which allows components in these countries access to the cloud-based platform. The adoption of data fabric across several applications is associated with the varying end user requirements. Technological advancements also play a vital role in enhancing the adoption trend by companies and customers. For instance, many financial institutions use financial analytics to gain insights, ensure optimal performance, and make crucial decisions. Financial analytics helps the banking sector enhance the customer experience and assists in risk management. For these analytics, the data is extracted from the data fabric solution. Most of the leading analytics technology companies are developing a complete cloud-based suite that can enhance its digital properties. The cloud-based data fabric platform helps organizations in saving time and costs for onsite deployment of software solutions. For instance, IBM Corporation offers IBM Cloud Pak platform that enables a distributed data fabric that is hybrid and multi-cloud. IBM Cloud Pak for data enables just-in-time access to the right data across any cloud and on premises, at the optimum cost and with the appropriate level of governance. Hence, the increasing adoption of cloud technologies across industries is expected to drive the growth of the data fabric market during the forecast period.
Rising Quantity and Variety of Business Data:
Increase in the internet usage and rise in the several connected devices, such as smartphones, laptops, tablets, and computers, directly increase the quantity and variety of business data. For instance, cameras and sensors are used for monitoring purposes and continuously gather location data. The increasing need to derive meaningful insights from the gathered data fuels the adoption of data analytics among businesses. For analytics purpose, the data is extracted from data fabric.
Further, while analyzing, data fabric integrates data from structured, semi-structured, and unstructured data sets. The variety of business data and the quantity of the data sets are increasing day-by-day due to the evolution of digitalization across several business organizations. For instance, according to Domo’s Eighth-Annual Data, consumers spend US$ 1 million online, make 1.4 million video and voice calls, share 150,000 messages on Facebook, and stream 404,000 hours of videos on Netflix. Thus, collective data that needs to be managed is in a huge quantity. Therefore, the data fabric is used for data management. Data fabric helps integrate data from various sources, store large amounts of data, and analyze it seamlessly in one place. Therefore, the demand for data fabric is growing for gathering business information.
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Data fabric Market: End User Overview
Based on end user, the market is segmented into BFSI, IT and telecom, retail, healthcare and pharmaceuticals, and others.
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