data fabric Market

The global data fabric market is projected to reach US$ 2,466.12 million by 2028 from US$ 1,241.04 million in 2021; it is estimated to register a CAGR of 10.3% during 2021-2028.

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 worldwide, 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. However, 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 leading analytics technology companies are developing a complete cloud-based suite that can enhance their digital properties. The cloud-based data fabric platform helps organizations save time and costs for the 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 allows 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.

Impact of COVID-19 Pandemic on Data Fabric Market

The COVID-19 pandemic has been affecting most of the business globally. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods.

The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.

The COVID-19 pandemic has forced businesses to find new alternatives for speedy recovery and attention to the urgent need to access enough data in crisis times. Further, banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. Grocery stores have shifted to online ordering and delivery as their primary business. Schools in many locales have adopted online learning and digital classrooms. These approaches have resulted in the rise of quantity and variety of business data. Thus, growing need for business agility and data accessibility and increasing demand for real-time streaming analytics are among the factors contributing to the growth of the data fabric market.

Based on deployment, the data fabric market is bifurcated into cloud and on-premises. In 2020, the cloud segment led the market and accounted for a larger market share. Based on component, the data fabric market is bifurcated into software and services. In 2020, the software segment accounted for a larger market share. Based on solution, the data fabric market is segmented into data discovery, data ingestion, data orchestration, fabric data access, data management, and fabric management. In 2020, the data management segment accounted for a larger market share. Based on end user, the data fabric market is segmented into BFSI, IT & telecom, retail, healthcare & pharmaceuticals, and others. In 2020, the BFSI segment accounted for a larger market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.

The overall data fabric market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the data fabric market with respect to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the data fabric market.

A few key companies operating in the data fabric market are Denodo Technologies; IBM Corporation; Informatica Corporation; K2View; NetApp, Inc.; Oracle Corporation; SAP SE; Software AG; Teradata; and Hewlett Packard Enterprise Development LP (HPE).