Data fabric provides an integration layer management system for all enterprise data, ensures data security and governance, and enables real-time access and analytics across data types and sources. It brings together data from disparate systems and applications, breaks down information silos that limit accessibility and insight, and provides users with a unified view of critical business information. The growing need for getting a centralized view of data for faster decision making and insights across organizations is driving the demand of data fabric market.
The global Data Fabric Market is estimated to be valued at US$ 2.62 Bn in 2024 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 key trends:
Semantic data analytics is driving increased adoption of data fabric technology. Semantic data analytics involves analysing relationships and meanings between entities and concepts within data to gain deeper insights. It provides a common way to represent, exchange and integrate data across systems using standardised categorisations and identifiers. This allows data from various sources to be linked together, queried and analysed as a single fabric. Data fabric powered by semantic capabilities enables businesses to extract sharper intelligence from data by understanding context and applying domain knowledge. It is able to handle vast amounts of structured and unstructured data from diverse sources and languages, helping businesses make context-aware decisions based on connected insights. This is propelling many organisations to implement data fabric technologies integrated with semantic analytics capabilities.
SWOT Analysis
Strength: Data Fabric offers better data management through integration of structured and unstructured data from various sources. It helps organizations gain valuable insights from their data assets.
Weakness: Implementation of Data Fabric solutions can be complex and costly for organizations due to its dependency on various technologies. Privacy and security concerns related to data also pose challenges.
Opportunity: Growing need to gain insights from massive volumes of data generated across organizations is driving the demand for Data Fabric. Increasing digital transformation initiatives will further propel the market growth.
Threats: Stiff competition from open source and in-house data integration tools can hamper the adoption of commercial Data Fabric solutions. Lack of skilled professionals also poses a threat.
Key Takeaways
Global Data Fabric Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 2.62 Billion.
Regional analysis:
North America region dominates the global Data Fabric market currently due to growing digital transformation activities. Several major players in the market also have their presence in this region. Asia Pacific region is expected to offer lucrative growth opportunities owing to increasing investments in cloud-based technologies by organizations in countries like China and India.
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. These players are focusing on new product launches and collaborations to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it