Global data fabric market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Soaring Demand for Sophisticated Data Analysis Heightens the Scope of Growth for Data Fabric Market
Increased internet usage and the number of connected devices, including smartphones, laptops, tablets, and PCs have a direct impact on the volume and variety of corporate data. For instance, sensors and cameras continuously gather location information for surveillance. Data is gathered from the data fabric for analytics purposes, and businesses utilize data analytics because of the rising demand for sophisticated data analysis. Growing demand for data analysis will continue to drive the growth of data fabric market. Data generation has surged due to the rise of Internet platforms and the digital revolution. The companies retain the information and expertise obtained from diverse distant sources. Therefore, providing quick access to the data over vast terrains creates multiple challenges for providers of data management.
Businesses are more likely to embrace data fabric because of the dispersion and variety of their corporate data assets, which raises the difficulty of data management and data integration. Recent months have seen a lot of interest from scholars and practitioners in big data analytics. A million dollars have been invested globally in big data analytics from both public and private sources. The development and acceptance of technologies like AI, and IoT, as well as the rapid rise in data volume and complexity caused by growing cloud computing and mobile data traffic, are what are driving the demand for big data analytics tools, in turn fuelling the growth of data fabric market. Many of the tasks involved in data exploration, integration, ingestion, and preparation are projected to be automated as businesses construct a data fabric to power enterprise-wide data and analytics.
Data fabric also combines information from structured, semi-structured, and unstructured data sets during analysis. The expansion of digitalization across numerous corporate organizations is causing the type of business data and the number of data sets to grow every day. This will drive the expansion of fata fabric market. For instance, people spend US$1 Mn online, make 1.4 million voice and video conversations, share 150,000 Facebook messages, and watch 404,000 hours of Netflix content, according to Domo's Eighth-Annual Data. The total amount of data that needs to be managed is therefore enormous. As a result, data management utilises the data fabric. Data fabric makes it easier to combine data from many sources, store vast amounts of data, and analyse it all at once without any interruptions. As a result, there is an increasing need for data fabric to collect corporate information, thereby fostering data fabric market.
Data Fabric Market: COVID-19 Impact
Industries worldwide have been badly disrupted by the COVID-19 pandemic. Industries like manufacturing, banking, financial services, insurance (BFSI), healthcare, retail, and education, among others, are confronted with serious difficulties as a result of the disruption of production facilities and the supply chain, as well as capacity restrictions for internal staff and sluggish customer service. Thus, in the midst of the pandemic crisis, there is a tremendous change in remote working options and the digital revolution. Due to the pandemic, the tremendous push to digitization gave rise to unstable and new data sources. For businesses trying to manage large amounts of data, this caused chaos. For instance, Blackboard Inc. experienced an overnight surge in daily log volumes in 2020 when students all around the world migrated to online learning tools. As a result, several businesses included data management architecture in their workflow system to handle the exponential rise of data during pandemics. As a result, organizations all over the world started deploying the solutions quickly to expedite digital transformation.
Improved Data Security via Data Management Solution to Drive Data Fabric Market Growth
Data that is secure and reliable is crucial for effective corporate operations and positive results. By adhering to international rules that protect sensitive client or customer data, businesses can attain secure data. According to the Consumer Intelligence Series: Trusted Tech Report, 80%–90% of customers worldwide, including those in the US, Canada, China, India, the UK, and other nations, want their data to be protected by more reputable businesses. Therefore, adopting more secure data management systems has become crucial for businesses all over the world. An additional layer of security against unwanted access and data exploitation is provided by the well-structured architecture known as data fabric. Its ecosystem offers a secure-by-design architecture and offers dependable data management. Additionally, by incorporating AI and machine learning techniques, the architecture's operational capabilities are enhanced. To improve compliance and security capabilities, identity unification start-up Radiant Logic unveiled the RadiantOne Intelligent Identity Data Platform as the first Identity Data Fabric to be made available in December 2021. Therefore, it is anticipated that the solution's enhanced data security features will accelerate the growth of data fabric market.
Data Integration Tools with AI/ML Integration Fuel Data Fabric Market Growth
The process of generating data has been accelerated by digital transformation and the widespread use of internet platforms. The businesses keep the data from various remote sources as well as the insights that are gained from it. Thus, offering quick access to the data across these distant landscapes presents a number of issues for data management companies. Data management and integration become more challenging as a result of the increased spread and variety of business data assets. By 2020, organizations intended to automate 37% of data preparation tools and 49% of data integration tools. To support data management methods, data and analytics businesses are investing in cutting-edge technologies. As a result, there is a growing demand for data fabric architectures that are based on AI, or machine learning. The development of complicated data use cases is made possible by new tools and methods. Its demand for corporate survival is driven by its capacity to speed data and analytics design and provide transparent decision flow.
Lack of Data Control Continues to Hamper Data Fabric Market
Data is a crucial component of industries that are data-driven and serve a variety of applications. The architecture ties data directly to the operational facets of enterprises, including finance, sales, operations, and human resources. These connections, however, do not keep track of previous data transactions. Data scientists, business analysts, machine learning engineers, and other users may benefit from this transaction. Its architecture is missing the component needed to include this data. The inability to directly control data stored in the cloud also limits the visibility of such data. The lack of visibility is probably going to have an effect on how data is protected and governed, which will impede data fabric market expansion.
Solutions Most Sought-after in Data Fabric Market due to their Obstacle Reducing Ability
In 2021, the solution sector held a revenue share of over 80%, dominating the data fabric market. Throughout the projected period, the segment is anticipated to hold the most share. A rise in the popularity of data fabric platforms can be attributed to improvements in business data management. By reducing the obstacle created by data silos and enabling real-time streaming analytics, the architecture also supports business agility. During the projection period, the services sub-segment is anticipated to have exponential growth. Participants in data fabric market provide clients with expert services. Traditional data integration cannot satisfy the needs of today's enterprises due to real-time connectivity, self-service, automation, and universal business transformations. Although many companies can gather data from diverse sources, they often struggle to integrate, process, curate, and transform it.
With Increased Efficiency and Flexibility, Cloud Deployment to See the Fastest Growth Rate in Data Fabric Market
In 2021, the on-premises deployment segment of the data fabric market held the majority with a revenue share of more than 61%. At the end of the forecast period, on-premises deployment appears to have a smaller market share than cloud due to its high upfront capital costs as well as ongoing support and operating expenses. In addition, because the program must be installed on distinct servers and machines, the implementation process takes longer. For instance, SAP released SAP Data Intelligence 3.1 in December 2020. This upgrade includes intelligent processing, governance and metadata pipeline modelling, integration and connectivity, and delivery and deployment. It is a version of the SAP Data Intelligence system that is installed on-site. The quickest CAGR is projected for cloud during the projection period. Businesses need the flexibility, efficiency, and choice that the cloud offers. Businesses are expanding their cloud-based advanced analytics and AI projects to help them make better data-driven decisions in a dynamically competitive sector. For instance, to provide a multi-cloud hybrid data management solution, NetApp Inc. launched the ONTAP data management platform in October 2021. It offers accelerated integration and high-performance cloud storage.
Led by the US, North America Remains Dominant in Data Fabric Market
In 2021, North America had the biggest revenue share of over 46%. The North American area controls a lion's share of the data fabric industry due to the large number of companies offering data management solutions in the US. The area is also known for being among the first to adopt cutting-edge technologies. The main driving forces behind the US data fabric market are the presence of most of data centers and the increase in the collection of data from unstructured sources. Asia Pacific is projected to see the fastest growth in data fabric market. Some of the factors that can encourage the use of the data fabric solution in the Asia Pacific include a rapid trend toward digitalization and an increase in the number of data centers. In terms of the adoption of data centers, the United States is the first-place global leader, followed by China. The report predicts that China's big data business will continue to expand steadily in the years to come.
Global Data Fabric Market: Competitive Landscape
In September 2021, TIBCO Software Inc. unveiled TIBCO DQ, a new product as well as updates to Data Virtualization and Unify. The software assists businesses in setting up an agile tool on any cloud. Additionally, it has features for automated detection and monitoring using AI and ML. Moreover, in December 2021, NetApp Inc. and Kyndryl signed a deal with BMW Group to supply the automaker's data infrastructure. The company's novel discoveries are accelerated by NetApp's fabric.
Few of the players in data fabric market include Atlan Pte. Ltd, IBM, Oracle, Talend, SAP, Informatica Inc., Cloudera Inc., TIBCO Software Inc., Amazon Web Services, Inc., and data.world, Inc.
Global Data Fabric Market is Segmented as Below:
By Enterprise Size
By Business Applications
Key Elements Included In The Study: Global Data Fabric Market
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