The global Data Fabric Market is estimated to be valued at US$ 2.27 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Data Fabric provides a platform for real-time data integration and support applications accessing various data sources through a unified interface. It improves flexibility, accelerates data accessibility, and supports new applications. Data Fabric also simplifies data management operations and helps enterprises make real-time decisions based on integrated data.
Market key trends:
The increased adoption of advanced technologies like big data, artificial intelligence, machine learning and internet of things has led to an exponential growth in data generation across industries. However, siloed data remains a key challenge for enterprises to derive maximum insights. As data gets generated from different tools and sources, there is a need for a technology that can integrate these disparate data sets in real-time. Data Fabric provides a single point of access to all organizational data across cloud and on-premise systems. It eliminates data silos and enables seamless data sharing across applications and tools. Enterprises are increasingly adopting data fabric solutions to build data ecosystems that support innovation, accelerate analytics use cases and drive better business outcomes.
Segment Analysis
The global data fabric market is dominated by the small and medium sized enterprise sub segment. These enterprises are rapidly adopting data fabric solutions to integrate disjointed applications and siloed data sources to get centralized visibility into their business operations. Data fabric solutions help SMEs overcome integration challenges and enable faster decision making by breaking down data silos.
Key Takeaways
The global Data Fabric Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis
The North America region currently dominates the global data fabric market with the highest market share. Rapid technological adoption and growing investments in big data and analytics technologies by enterprises across industries are fueling market growth in the region. The Asia Pacific region is expected to be the fastest growing regional market for data fabric during the forecast period owing to significant growth being witnessed in countries like China and India driven by industrialization and digitalization.
Key players
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.
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