Data Fabric Market To Reach USD 28.4 Billion By 2032 | DataHorizzon Research
The data fabric market size was valued at USD 2.9 Billion in 2023 and is expected to reach a market size of USD 28.4 Billion by 2032 at a CAGR of 28.5%.
Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) --
The surge in cloud computing adoption is a significant catalyst driving the expansion of the data fabric market. As companies migrate their data and applications to the cloud, an increasing demand for scalable and adaptable data management solutions arises. Data fabric solutions, tailored for seamless integration with multiple cloud platforms, offer a cloud-friendly approach, enabling businesses to capitalize on the scalability and flexibility inherent in cloud infrastructure. For instance, a study conducted by Flexera revealed that 96% of enterprises are embracing hybrid or multi-cloud strategies, underscoring the growing dependence on cloud infrastructure that fuels the need for cloud-centric data fabric solutions.
Moreover, the pervasive digital transformation initiatives across diverse industries represent another pivotal driver for the data fabric market growth. With businesses endeavoring to harness data to gain competitive advantages and enhance decision-making processes, the imperative for real-time data access and analytics intensifies. Data fabric emerges as a pivotal framework, empowering organizations to dismantle data silos, amalgamate disparate data sources, and extract actionable insights. By facilitating such comprehensive data management capabilities, data fabric aids in optimizing operational efficiency, fostering innovation, and elevating customer experiences. Consequently, it encourages a culture of data-driven decision-making and promotes collaborative efforts across functional domain.
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Segmentation Overview:
The data fabric market has been segmented into type, deployment type, enterprise size, application, industry, and region.
Business process management is the leading application segment.
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Based on the market segmentation by application, the business process management segment accounted for the dominant market share in 2023. Data fabric solutions can help businesses strive for operational efficiency and aid businesses in streamlining workflows, automating tasks, and gaining better visibility into their processes.
The disk-based segment accounted for a significant market share.
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The disk-based segment held the largest market share in 2023 based on the market segmentation by type. Disk-based solutions have been the traditional approach to data storage and management, offering cost-effective and scalable options for handling large volumes of data.