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(IT-NEWSWIRE.COM, May 26, 2022 ) The 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”, size to grow from USD 1.0 billion in 2020 to USD 4.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 26.3% 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 for real-time streaming analytics are expected to drive the adoption of the data fabric solutions and services.
The services segment to hold higher CAGR during the forecast period
Based on components, the data fabric market is segmented into software and services. Data fabric makes the movement of data between cloud, storage systems, and data centers smoother, with low latency contributing to the adoption of data fabric software. The services segment, on the other hand, has been bifurcated into consulting services, support and maintenance, and education and training services. The services segment is expected to account for higher CAGR during the forecast as services are required by organizations to bring about effective data fabric implementation strategies that can be handled by third-party companies, and the organizations can concentrate on their core businesses.
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The large enterprises segment to hold largest market size during the forecast period
The Data fabric market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. The demand for data fabric is accelerating due to its cost-effective and time-efficient feature; its growth is specifically high in large enterprises, where low-cost solutions are in demand.
The cloud segment to have higher CAGR during the forecst period
Based on deployment mode, the market has been segmented into on-premises and cloud. The on-premises segment is expected to hold largest market size while the cloud segment is expected to account for higher CAGR during the forecast period due to the ease of using only the functionalities without knowing the implementation. The cloud deployment mode is being widely adopted by enterprises in all regions where data security is a major concern.
Banking, Financial services, and Insurance segment to have the largest market size during the forecast period
The Data fabric market by vertical has been categorized into 9 different verticals, namely, BFSI, telecommunications and IT, retail and e-commerce, healthcare and life sciences, manufacturing, government, energy and utilities, media and entertainment, and others. The other verticals comprise transportation and logistics, travel and hospitality, and education. The market size of BFSI segment is expected to be the largest as data fabric can help financial institutions by providing a flexible means for ingesting data from enterprise and external systems, storing data securely, generating insights, and providing access through data services (APIs) while maintaining cost efficiency. This leads to its adoption in the BFSI sector.
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North America to hold largest market size during the forecast period
North America has been at the forefront in driving the major portion of the revenue generated by the data management and analytics vendors. State-of-the-art infrastructure, high funding opportunities, widespread customer base across several industries, and availability of a highly-skilled workforce have been major contributors to the innovation and early adoption of various technologies such as big data and related technologies, analytics, and IoT. Rapid digitalization across industry verticals, increasing adoption of IoT-enabled technologies, and technological advancements are fueling the adoption of data fabric in North America.
Major vendors in the global data fabric market include Denodo Technologies (US), Global IDs (US), IBM Corporation (US), Informatica (US), NetApp (US), Oracle Corporation (US), SAP SE (Germany), Software AG (Germany), Splunk (US), Talend (US), Dell Technologies (US), HP Enterprise (US), Teradata Corporation (US), TIBCO Software (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).
IBM Corporation (US) and Oracle Corporation (US) are Leading Players in the Data Fabric Market
IBM is a multinational technology and consulting corporation founded in the year 1911 and it is headquartered in New York, US. It offers infrastructure, hosting, and consulting services and operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. It caters to various industry verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, MEA, and APAC and clients in more than 175 countries. In the Data fabric market, IBM offers IBM Cloud Pak for Data and Palantir for IBM Cloud Pak for Data in the data fabric market. IBM Cloud Pak for Data platform accelerates the AI journey of transforming business operations with an open, extensible data and cloud-native AI platform.
Oracle was founded in the year 1977 and it is headquartered in Texas, US. It is a global leader in delivering a broad spectrum of products, solutions, and services designed for meeting the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various size, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through the worldwide sales force and Oracle Partner Network, respectively. It specializes in developing; manufacturing; and marketing hardware systems, databases, and middleware software, and application software. It operates through three business segments, which include cloud and license, hardware, and services, in more than 175 countries. It caters to 430,000 customers across industry verticals, such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. The company offers its solutions to customers present in more than 145 countries across the Americas, Europe, APAC, and MEA. In the data fabric market, Oracle offers a queryable data fabric, namely Oracle Coherence.
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