by The Data Fabric Market is estimated to be valued at US$ 2.27 Bn or US$ 2.27 Billion in 2023 and is expected to exhibit a CAGR of 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Data fabric is a software architecture that allows organizations to discover, manage and unlock insights from all their internal and external data sources. It helps in simplifying data integration, enabling self-serve data access and analytic workflows, with improved security, governance and performance. Data fabric unifies and orchestrates all data sources, both within and beyond the traditional data warehouse. The key advantages are simplified data integration, data virtualization, centralized metadata management, enhanced data governance and improved analytics.
Market key trends:
One of the key trends driving the growth of data fabric market is the rising demand for self-service analytics. Organizations are increasingly adopting self-service business intelligence and analytics tools to democratize data access and enable knowledge workers to perform their own analytics without IT’s involvement. Data fabric provides a consistent view of data from multiple sources, allowing business users to easily access and analyze data on their own through a self-service interface. This empowers lines of business and speeds up the analytics process without overburdening IT. The virtual centralized metadata and semantic layer provided by data fabric solutions improves data discovery and makes it easier for business users to find and access required data for self-service analytics and reporting.
Porter’s Analysis
Threat of new entrants: The Global Data Fabric Market Growth needs a huge amount of investment for R&D which makes it difficult for new players to enter the market. Bargaining power of buyers: With a large number of established players in the market, buyers have high bargaining power to demand lower prices. Bargaining power of suppliers: Suppliers have moderate bargaining power as the components required for data fabric solutions are easily available with many suppliers. Threat of new substitutes: There are no close substitutes for data fabric solutions currently. Competitive rivalry: Intense competition between existing players.
SWOT Analysis
Strength: Data fabric solutions help organizations gain deeper insights through a unified view of data. Weakness: Implementation and management of data fabric solutions require specialized skills that are in short supply. Opportunity: Growing adoption of cloud and big data technologies is driving demand for data fabric. Threats: Security concerns around centralized data storage pose a challenge for adoption.
Key Takeaways
The global data fabric market is expected to witness high growth, exhibiting CAGR of 25% over the forecast period, due to increasing demand for central location of data. The North America region dominates the market currently due to significant technology adoption. Asia Pacific region is expected to grow at the highest CAGR due to growing digitalization.
Key players operating in the data fabric market are Denodo Technologies, Talend, Global IDs., Splunk Inc., Hewlett Packard Enterprise Company, Software AG, IBM Corporation, SAP SE, NetApp, and Oracle Corporation. Denodo Technologies and IBM Corporation have the largest market shares currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
