The data fabric market value is set to progress at a CAGR of 24.5% during 2022–2030, to reach USD 9,874 million by 2030.
The market is driven by the quick growth in the volume of both structured and unstructured company information across a range of industries. Thus, the adoption of data fabric solutions is increasing in many sectors, including retail and e-commerce, healthcare, and BFSI, as is the demand for real-time data analysis. Big data fabrics are designed to streamline and decentralize the analysis process, thus producing priceless insights from an enormous volume of information.
The generation of data has been accelerated by digital transformation and the widespread usage of internet platforms. Businesses need to store information originating from various remote sources; thus, offering quick access to the data across these distant landscapes, AI/ML supports data management companies in accessing the most-appropriate and filtered data. Thus data management and integration become easier as a result of the wide variety and rising volume of business data solutions. In order to support management methods, data analytics businesses are investing in cutting-edge technologies.
As a result, there is a growing demand for data fabric architectures that are based on artificial intelligence or machine learning. AI/ML-powered solutions provide instant access to data, to assist firms in developing fresh marketing plans and identifying prospective customers. This way, improved sales rates are made possible by the 360-degree information extracted from the supplier and customer ends.
Data that is secure and reliable is important for efficient corporate operations and positive results. Between 80% and 90% of the consumers worldwide, including those in the U.S., Canada, China, India, and the U.K., are seeking more-reputable businesses to protect their personal data. Therefore, more-secure data management systems have become crucial for firms all over the world.
Moreover, an additional layer of security against unwanted access and data exploitation is provided by the data fabric. Additionally, by incorporating AI and ML, the architecture’s operational capabilities are enhanced.
The higher CAGR, of around 25%, is projected in the cloud mode during the forecast period. Businesses need the flexibility, efficiency, and choice that the cloud offers. Businesses are expanding their cloud-based advanced analytics and AI projects to make better data-driven decisions in a dynamically competitive sector. Hence, in order to provide a multi-cloud hybrid data management solution, NetApp Inc. launched the ONTAP data management platform in October 2021, which offers accelerated integration and high-performance cloud storage.
Similarly, SAP SE announced a new version of SAP Data Intelligence in December 2021. Additionally, a Teradata QueryGrid update was unveiled in July 2021, which increased Vantage's hybrid multi-cloud capabilities with more cloud-native features.
The most-significant data fabric market players are International Business Machines Corporation, SAP SE, Oracle Corporation, Informatica Inc, Talend, Denodo Technologies Inc., Hewlett Packard Enterprise Development LP, Dell Technologies Inc., NetApp Inc., and Teradata Corporation.