According tomarket research report "Data Fabric Market by Type (Disk-Based,In-Memory), Business Applications (Fraud Detection and Security Management,Customer Experience Management, Business Process Management, GRC Management),Service, Vertical and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Data Fabric Market size to grow from USD 1.0 billionin 2020 to USD 4.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of26.3% during the forecast period.
Various factors such as increasing volume and variety of business data,emerging need for business agility and accessibility, and growing demand forreal-time streaming analytics are expected to drive the adoption of the datafabric solutions and services.
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The COVID-19 pandemic has forced businesses to find new alternatives forspeedy recovery and attention to the urgent need to access enough data incrisis times. Disparate data stores hamper the efforts of business leaders tomake fully informed decisions. Using a modern data architecture approach calleddata fabric, Ernst & Young (EY) developed Business Resiliency Data Fabricthat enables access to data wherever it lives. Data fabric supports rapidtechnological change while increasing data entropy. To help alleviate theconsequences of COVID-19, Denodo launched the Coronavirus Data Portal (CDP), acollaborative initiative that leverages data virtualization to unify criticaldatasets originally exposed in different formats from multiple sources andcountries and make the unified data open to everyone. Using the CDP and thedata virtualization capabilities of the Denodo Platform, pmOne created detailedreports and AI analysis, seamlessly orchestrating all the information streamsin the pmOne Share Cockpit. The collaboration of Denodo and pmOne provided theglobal community with trustworthy, up-to-date data about COVID-19 that can beused to develop new intelligence about COVID-19 and reduce its impact. Bankshave transitioned to remote sales and service teams and launched digitaloutreach to customers to make flexible payment arrangements for loans andmortgages. Grocery stores have shifted to online ordering and delivery as theirprimary business. Schools in many locales have pivoted to 100% online learningand digital classrooms. Doctors have begun delivering telemedicine, aided bymore flexible regulation. These approaches have resulted in the rise of volumeand variety of business data, the rise in need for business agility and dataaccessibility, and increasing demand for real-time streaming analytics,contributing to the growth of the Data Fabric Market
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The services segment to hold higher CAGR during theforecast period
Based on components, the Data Fabric Market is segmented intosoftware and services. Data fabric makes the movement of data between cloud,storage systems, and data centers smoother, with low latency contributing tothe adoption of data fabric software. The services segment, on the other hand,has been bifurcated into consulting services, support and maintenance, and educationand training services. The services segment is expected to account for higherCAGR during the forecast as services are required by organizations to bringabout effective data fabric implementation strategies that can be handled bythird-party companies, and the organizations can concentrate on their corebusinesses.
The large enterprises segment to hold largest market size duringthe forecast period
The Data Fabric Market has been segmented by organization sizeinto large enterprises and SMEs. The market share of large enterprises ishigher; however, the market for SMEs is expected to register a higher CAGRduring the forecast period. The demand for data fabric is accelerating due toits cost-effective and time-efficient feature; its growth is specifically highin large enterprises, where low-cost solutions are in demand.
The cloudsegment to have higher CAGR during the forecst period
Based on deployment mode, the market has been segmented intoon-premises and cloud. The on-premises segment is expected to hold largestmarket size while the cloud segment is expected to account for higher CAGRduring the forecast period due to the ease of using only the functionalitieswithout knowing the implementation. The cloud deployment mode is being widelyadopted by enterprises in all regions where data security is a major concern.
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Banking, Financial services, and Insurance segment to havethe largest marketsize during the forecast period
The Data Fabric Market by vertical has been categorized into 9different verticals, namely, BFSI, telecommunications and IT, retail ande-commerce, healthcare and life sciences, manufacturing, government, energy andutilities, media and entertainment, and others. The other verticals comprisetransportation and logistics, travel and hospitality, and education. The marketsize of BFSI segment is expected to be the largest as data fabric can helpfinancial institutions by providing a flexible means for ingesting data fromenterprise and external systems, storing data securely, generating insights,and providing access through data services (APIs) while maintaining costefficiency. This leads to its adoption in the BFSI sector.
North America to hold largest market size during the forecastperiod
North America has been at the forefront in driving the majorportion of the revenue generated by the data management and analytics vendors.State-of-the-art infrastructure, high funding opportunities, widespreadcustomer base across several industries, and availability of a highly-skilledworkforce have been major contributors to the innovation and early adoption ofvarious technologies such as big data and related technologies, analytics, andIoT. Rapid digitalization across industry verticals, increasing adoption ofIoT-enabled technologies, and technological advancements are fueling theadoption of data fabric in North America.
Major vendors in the global DataFabric Market include Denodo Technologies (US), Global IDs (US), IBMCorporation (US), Informatica (US), NetApp (US), Oracle Corporation (US), SAPSE (Germany), Software AG (Germany), Splunk (US), Talend (US), DellTechnologies (US), HP Enterprise (US), Teradata Corporation (US), TIBCOSoftware (US), Precisely (US), Idera (US), Nexla (US), Stardog (US), Gluent(US), Starburst Data (US), HEXstream (US), QOMPLX (US), CluedIn (Denmark),Iguazio (Israel), and Cinchy (Canada).
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