Data fabric is a distributed data management platform that enables organizations to integrate various data management processes including data access, data discovery, data orchestration, data processing, data ingestion, data analytics, and data visualization. Data fabric automatically brings together disparate data sets, both historical and real-time, and processes them in in an efficient way. Data fabric is an aggregation of multiple big data components which deliver a comprehensive view of customer and business data across an organization. Data fabric offers crucial benefits to enterprises, such as cutting inevitable losses, creating new opportunities, saving costs by ensuring uninterrupted operations, and increasing efficiency by integrating various data sources together.
MarketsandMarkets forecasts the global data fabric market to grow to USD 2,125.1 million by 2022, at a Compound Annual Growth Rate (CAGR) of 26.6%. Major growth drivers of the data fabric market include increasing volume and variety of business data, emerging need for business agility and accessibility, and growing demand for real-time streaming analytics.
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Many organizations across various sectors have been utilizing data fabric to manage customer and business data for seamless operations. However, there are two specific aspects of industries that make data fabric a perfect fit. Firstly, the growing market pressures such as global rivalry, regulations, slender margins, and quickened design cycles, which compel organizations to have the capacity to take quick data-driven decisions in real-time. Secondly, owing to rapid digitization, more data is being generated by systems, devices, equipment, automation, and products than ever before, which requires thorough storage mediums for real-time analysis. Thus, organizations are adopting data fabric to gather valuable insights that would simplify and streamline the decision-making process in the industry in real-time.
Some of the major applications of data fabric include fraud detection and security management; governance, risk, and compliance management; customer experience management; sales and marketing management; and business process management. Business process management is expected to witness the highest CAGR during the period 2017–2022. Data fabric software and services are widely used by major industry verticals globally, such as Banking, Financial Services, and Insurance (BFSI), telecommunications and IT, retail and ecommerce, healthcare and life sciences, government, manufacturing, energy and utilities, and media and entertainment. Manufacturing is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potential, and market forecast on the basis of component, service, data fabric type, business application, deployment model, organization size, and industry vertical. Asia Pacific (APAC) is expected to be the fastest-growing region in the data fabric market during the forecast period.
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