May 28, 2024
Data Fabric Market

Data Fabric Market: Market Dynamics, PEST Analysis And Overview

The data fabric market involves technologies that help organizations gain insights from exponentially growing volumes of data generated across the IT landscape. Data fabric solutions provide a unified view of data spread across multiple internal and external silos by seamlessly integrating them on a real-time basis. They enable enterprises to build interconnected data services and efficiently manage data pipelines. Key use cases for data fabric include master data management, data governance, data discovery, analytics accelerators, security, and privacy.

The global data fabric market is estimated to be valued at US$ 2.62 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The accelerated growth of unstructured data volumes due to increased use of applications like IoT, AI, social media, and others has significantly boosted the adoption of data fabric technology. By providing real-time access to centralized data sources, data fabrics help organizations develop advanced big data analytics applications to gain deeper business insights. Another key driver fueling the demand is the growing need for enhanced data security and governance practices to address regulatory requirements concerning privacy protection. Data fabric solutions seamlessly integrate data security policies, access controls, usage guidelines to shield sensitive information across heterogeneous systems and environments. This unified approach streamlines compliance workflows while minimizing risks.

Segment Analysis
The global data fabric market can be segmented based on type, component, deployment type, organization size and end-use verticals. The component segment is further divided into software and services. The services segment dominates the market presently owing to the increasing demand for data fabric consulting, implementation and support services among organizations to smoothly integrate data fabric solutions and maximize returns on investment.

PEST Analysis
Political: Data security and privacy laws are consistently getting stricter across countries. This encourages organizations to closely monitor data access and ensure compliance using data fabric technologies.
Economic: The global recession due to the pandemic has increased focus on optimizing costs and generating more value from data assets. Data fabric helps improve ROI by enabling collaborative analytics across departments.
Social: Digital transformation and evolving consumer preferences are driving demand for real-time insights. Data fabric facilitates timely decision making by breaking data silos and powering diverse analytics use cases.
Technological: Growth of cloud, IoT, big data and AI are generating explosive data volumes and varieties. Data fabric provides the flexibility to process and analyze diverse datasets using these technologies.

Key Takeaways
Global Data Fabric Market Size is expected to witness high growth.

Regional analysis –

North America dominates presently led by strong technology adoption among enterprises in the US and Canada. The Asia Pacific region is anticipated to showcase the fastest growth through 2024 led by China, Japan and India on account of growing digitalization initiatives and increasing technology investments.

Key players analysis –

Key players operating in the data fabric market are Merck KGaA, Sanofi, AlpalifeB Inc, GenScript, Novartis International AG, Taisho Pharmaceutical Holdings Co., Ltd., Sino Biological, Inc., GeneMedi, Biocytogen, Abnova Corporation, NanoTag Biotechnologies, Avillion LLP, Capra Science, Numab Therapeutics, CUSABIO TECHNOLOGY LLC, Proteintech Group, Inc., GT Biopharma, Inc., Confo Therapeutics, R&D Systems, Inc., Abcepta Biotech Ltd. Co.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it