Data Fabric Market to Expand at 21.2% CAGR During 2024-2032; Integration of AI/ML in Data Fabric Tools to Aid Market Growth

The global data fabric market size was valued at USD 2.29 billion in 2023. Fortune Business Insights™ in its report titled “Data Fabric Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By Type (Disk-based and In-memory), By Application (Fraud Detection & Security Management, Governance, Risk & Compliance Management, Customer Experience Management, Sales & Marketing Management, Business Process Management, and Others), By Enterprise Type (Large Enterprise and Small & Medium Enterprise (SME)), By Industry (BFSI, IT & Telecom, Retail & E-Commerce, Healthcare & Life Sciences, Manufacturing, Government, Energy & Utilities, Media & Entertainment, Education, and Others), and Regional Forecast, 2024-2032” observes that the market is projected to grow from USD 2.77 billion in 2024 and reach USD 12.91 billion by 2032, exhibiting a CAGR of 21.2% during the forecast period.

Talend Adds New Capabilities to its Data Fabric Offering to Improve Data Analytics 

Talend integrated new innovations to Talend Data Fabric to provide data professionals with high-performance integrations to leading cloud intelligence platforms, collaborative data governance capabilities, a self-service API portal, and private connections between Microsoft Azure and Amazon AWS to ensure data security. The company has improved data sharing and analysis significantly through these developments as it provides native integration with AWS EMR 6.2 and Databricks 7.3 on Apache Spark 3, which helps organizations to perform advanced analytics at scale while enjoying easier use, faster performance, and greater flexibility of Spark 3. The company also extended its single-sign-on and multi-factor authentication to meet security best practices and provide an easier user login experience to cloud users at no additional cost.

Rising Digitization and Shift Toward Remote Working Amid COVID-19 to Drive Market

Closure of manufacturing facilities, labor shortages, and supply chain disruptions significantly impacted the healthcare, retail, BFSI, and education sectors amid the pandemic. People worldwide were encouraged to work remotely from home to curb the rising number of COVID-19 cases. Rising trend of working from home and growing digitization resulted in the creation of new data sources and managing the vast amount of data became a major concern. This boosted the demand for data management software aiding market proliferation amid the pandemic.

Integration of AI/ML in Data Fabric Tools to Aid Market Growth 

The rising adoption of online platforms has drastically increased the amount of data generated. Enterprises usually store the data and its derived insights across different sources. Thus, data management providers face challenges in providing quick access to the data across these distributed landscapes. Moreover, the data and analytics industries are investing in modern technologies to support data management strategies, thus aiding the market growth. Also, the surging demand for adopting machine learning and artificial intelligence to help companies in targeting new customers and planning new marketing strategies is also driving market augmentation. AI offers 360-degree insights regarding the suppliers and customers and helps companies in improving sales rates.  

On the other hand, lack of visibility when storing data on cloud will pose as a challenge for businesses operating in this domain.

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https://www.fortunebusinessinsights.com/data-fabric-market-105979

Partnerships Between Leading Companies to Aid Market Augmentation

Leading companies in the global market are participating in tactical moves such as partnerships, mergers and acquisitions, and product launches to expand product portfolio and geographical reach and meet changing consumer needs. For example, in August 2021, IBM Corporation joined forces with Cloudera to provide Cloud Pak for Data capabilities to the Cloudera Data Platform. Cloudera's incorporation with IBM fabric will help organizations in lowering costs, optimizing data access, security, and governance.

Notable Industry Development

• December 2021: Kyndryl and NetApp Inc. signed an agreement with BMW Group to provide data infrastructure to the automotive sector. Further, NetApp's data fabric helps in accelerating the company's inventive insights. 

List of Key Companies Profiled in the Report:

• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Hewlett Packard Enterprise Company (U.S.)
• SAP SE (Germany)
• NetApp, Inc. (U.S.)
• TIBCO Software Inc. (U.S.)
• Talend Inc. (U.S.)
• Denodo Technologies Inc. (U.S.)
• Cloudera, Inc. (U.S.)
• CluedIn (Denmark)

Further Report Findings

• Based on deployment, the cloud segment led the market in 2022 as it offers the choice, efficiency, and flexibility that enterprises need. Moreover, companies are scaling up their advanced analytics and artificial intelligence projects on the cloud, thus boosting segment growth.
• By type, the disk-based segment held the largest market share rising need for data integration and management and less cost of ownership.
• Regionally, North America held a significant data fabric market share in 2022 due to the presence of many data management solution providers in the U.S. Also, the region is known for the early adoption of next-generation technologies, which will further aid the regional market.

Table of Segmentation