Data Fabric Market to Reach $4,546.9 Million by 2026
Data Fabric Market
Cloud-based data sources are one of the major factors that are expected to drive the growth of the global data fabric market during the forecast period.
PORTLAND, OR, UNITED STATES, October 11, 2021 /EINPresswire.com/ — Data fabric is a converged platform with architecture and a set of data services that provision diverse data management needs to deliver accurate IT service levels across unstructured data sources and infrastructure types. In the digital transformation era, data analytics has become a vital process that allows seamless flow of information and enables new customer touchpoints through technology. Therefore, data fabric has emerged as an innovative opportunity to enhance business agility.
Growth in cloud space has compelled services providers to rearchitect their storage platforms. The rearchitected storage was opted to meet the demands of the services providers enterprise customers for high capacity, durability, performance, and availability, while still preserving their security posture of data storage and transfer. Data fabric is highly adopted as a rearchitect solution in form of an infrastructure-as-a-service (IaaS) platform, owing to its benefits such as flexibility, scalability, replication, and others. This is a major factor that drives the growth of the global data fabric market during the forecast period.
According to a recent report published by Allied Market Research, titled, “Data Fabric Market by Deployment, Type, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the data fabric market size was valued at $812.6 million in 2018, and is projected to reach $4,546.9 million by 2026, growing at a CAGR of 23.8% from 2019 to 2026.
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Based on deployment, the cloud segment dominated the overall data fabric market in 2018 and is expected to continue this trend during the forecast period. This is attributed to rising in the number of cloud deployments across the globe among various industry verticals as a scalable and on-demand data storage option. As data fabric can encompass a wide variety of data sources on disparate locations the deployment of data fabric solutions for cloud data is expected to rise significantly in the coming years among cloud service providers. This is expected to boost the data fabric market growth.
Banking, financial services, and insurance (BFSI) is a dominating sector in terms of technology adoption to gain the highest competitive advantage. With the rise in the need to make smart decisions on the basis of heterogeneous data analysis which is gathered from a variety of sources, such as smartphones, IoT devices, social networks, rich media, and transaction systems, BFSI is embracing innovative solutions that deliver services at ease and speed. This has proliferated the demand for data fabric as it is capable to fulfill the needs of modern analytic, applications, and operational use cases that incorporate data from diverse sources such as files; tables; streams; logs; messaging; rich media, i.e., images, audio and video, and containers. Moreover, the retail sector is expected to embrace the modern architecture functionality that offers scalable data analysis as the e-commerce activities are increasing the volume of data silos generated by these activities. This in turn creates lucrative opportunities for the players operating in the data fabric market trends.
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Key Findings of the Data Fabric Market :
• By deployment, the cloud segment dominated the data fabric market. However, the On-premise segment is expected to exhibit significant growth during the forecast period in the data fabric industry.
• Based on type, the disk-based data fabric segment accounted for the highest revenue dominated the data fabric market share in 2018.
• Depending on enterprise size, the large enterprises generated the highest revenue in 2018. However, the small and medium enterprises segment is expected to witness considerable growth in the near future.
• Based on industry vertical, the BFSI segment generated the highest revenue in 2018. However, manufacturing is expected to witness considerable growth in the near future.
• Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the upcoming years.
Some of the major players profiled in the data fabric market analysis include Denodo Technologies, Global IDs., Hewlett Packard Enterprise Company, IBM Corporation, NetApp, Oracle Corporation, SAP SE, Software AG, Splunk Inc., and Talend. Major players operating in this market have witnessed high growth in demand for cross-platform data management solutions especially due to growing disparate data sources in the digital era.
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October 11, 2021, 18:08 GMT
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