Global Data Fabric Market Demand to Increase Owing to Large Unstructured Data Volumes
Data fabric market growth is a single architecture comprising services or technologies that maintain and organize data. It can connect multiple locations, data sources, types, and methods for accessing data securely. Major applications of data fabric are sales and marketing optimization, product development, and forecasting. The global data fabric market report by Market Research Future (MRFR) provides opportunities and niches for corporations and enterprises for optimizing on large data structures for the period of 2020 to 2027 (forecast period). The COVID-19 pandemic and its implications on the industry are explained in a comprehensive manner.
Market Scope
The global data fabric market is expected to grow at a CAGR of 25.90% over the forecast period. Major drivers of the market are emergence of cloud service firms, increasing virtualization of infrastructure, and growth in processing and commutation techniques. Data fabric allows companies to gain leverage from the large amount of data and convert it into actionable insights.
Developments in data mining and support for discrete data structure can support its integration in network architectures by large companies. The use of cloud computing for retrieval and management of large volumes of data can bode well for the market. The digital transformation of all major companies and increased spending budget can bolster the demand for the technology.
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Segmentation
On basis of type, the segment is further classified into disk-based and in-memory.
Major applications include governance, risk management, and compliance (GRC) management, business process management, customer experience management, fraud detection, and security management.
By services, it is segmented into managed and professional services.
By vertical, it is segmented into energy and utilities, healthcare, BFSI, retail and e-commerce, automotive, media and entertainment, and others. The healthcare vertical is expected to gain precedence in the market owing to data fabric management playing a pivotal role in meeting demands of patients. Netapp developed a data fabric management software which adheres to data governance policies and data security policies. It can assist healthcare organizations in keeping up with large data volumes and integrate with on-premise services. On the other hand, the retail vertical can also contribute to the global data fabric market by attaining consumer insights for building a personalized experience and developing a supply chain that responds to real-time analytics.
Regional Analysis
The global data fabric market is being led by North America, followed by Europe and Asia Pacific. The technological advancements and early adoption of data management systems in North America is likely to lead the market. In addition, the integration of data fabric software by healthcare organizations for connecting separate departments, improving supply chains, and controlling access to substances.
The market in Asia Pacific is expected to grow rapidly over the forecast period. Increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan are major drivers of the market. Rising use of data analytics and minimizing risks during businesses can bode well for the market. Establishment of big data platforms and high returns on investments can be opportune for players offering data fabric services.
Competitive Outlook
IBM Corporation, Syncsort Inc., Splunk Inc., Denodo, SAP SE, Teradata Corporation, Oracle Corporation, Informatica, K2 View, and Global DS are notable names in the global data fabric market.
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