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| Date : October 25, 2023 Company : Intellectus Corp.
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| DATA FABRIC INDUSTRY OVERVIEW
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| The market for data fabric is divided into various segments based on type, component, business application, deployment mode, organization size, and industry verticals. Analyzing the growth within these segments provides valuable insights into the factors contributing to overall market growth. This information enables businesses to develop strategies that identify key application areas and target distinct market variations.
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| - Type: In-Memory vs Disk-Based - The data fabric market is segmented into in-memory data fabric and disk-based data fabric. With a revenue share of more than 78.7% in 2021, the disk-based sub-segment currently tops the data fabric sector [1]. Disk-based data fabrics are typically optimized for handling large volumes of data and are more cost-effective for long-term storage compared to in-memory data fabrics. However, in-memory data fabrics excel in scenarios that demand real-time data processing and low-latency access, and therefore, rapid development is currently expected in this area. It is projected that many organizations will move towards a hybrid model utilizing both types in the future.
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| - Component: Solutions and Services The data fabric market is segmented into software solutions and services. Services is further sub-segmented into managed services and professional services (consulting, integration, support, and maintenance). While the solutions market dominates with over 81% of the revenue, services are expected to have the highest compound annual growth rates in the future.
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| - Business Application The data fabric market is segmented by the type of applications that are built to support fraud detection and security management, customer experience management, governance, risk, and compliance management, sales and marketing management, business process management and others.
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| In 2022, business process management dominated the data fabric market, accounting for 29% of the market share. It leverages data fabric to optimize and streamline business processes by seamlessly integrating and analyzing data across different systems and departments. Following closely is security management functionality, holding the second highest market share at 26% in 2022. In fact, with businesses encountering significant security challenges, security management is projected to experience the highest growth rate over the next five years due to strong demand, loss mitigation, and increased need to satisfy regulatory compliance.
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| - Deployment Mode - The data fabric market is segmented into on-premise and cloud computing. Cloud deployments have been gaining significant traction in recent years due to their easy access, reduced infrastructure maintenance and costs, and the ability to leverage cloud-native services. With the growing adoption of cloud computing and the increasing demand for data-intensive applications, the cloud deployment mode is expected to continue experiencing the fastest growth in the data fabric market. On the other hand, on-premises deployments still hold importance, particularly for organizations with strict data governance and compliance requirements, sensitive data, or specific infrastructure needs. Some industries, such as healthcare and finance, may continue to keep data on-premises for security and regulatory reasons.
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| - Organization Size - The data fabric market is segmented into small and medium-sized enterprises (SMEs) and large enterprises, with large enterprises dominating the market and into the near future as well.
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| - Industry Verticals - The data fabric market is segmented into banking, financial services, and insurance (BFSI), telecommunications and IT, retail and e-commerce, healthcare and life sciences, manufacturing, government as well as many others. Data fabric organizations often start by focusing on a specific industry, honing their expertise, and understanding of its unique requirements. By initially specializing in one industry, data fabric organizations acquire valuable expertise and insights that enable them to expand their offerings to other industries while maintaining a competitive advantage in terms of expertise and affordability.
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| As of 2022, the BFSI (Banking, Financial Services, and Insurance) sector accounted for the largest income share, exceeding 23% and will continue to be one of the fastest growing industries in the next 5 years along with the Healthcare industry which is primarily driven by the sector's need to integrate and analyze extensive volumes of patient data sourced from diverse systems.
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| - By Region – Regionally, North America holds 47% of the data fabric market share followed by Europe at 25% and Asia Pacific at 21%. The fastest growing market is expected to be in the Asia Pacific region with a compound annual growth rate of 24.9% expected each year throughout 2030.
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| - By Global Revenue – The global data fabric market size was evaluated at USD 2.1 billion in 2022 and it is projected to increase to USD 8.9 billion by 2032 – a 15.54% CAGR during the 10-year forecast period 2023 to 2032.
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| References |
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| [1] Market Report. (2022). Data fabric market size, share & trends analysis report by component, by deployment, by type, by enterprise size, by business applications, by industry, by region, and segment forecasts, 2022 – 2030. Grand View Research. https://www.grandviewresearch.com/industry-analysis/data-fabric-market-report [2] Market Report. (2023). Data Fabric Market Size, Share & COVID-19 Impact Analysis. Fortune Business Insights. https://www.fortunebusinessinsights.com/data-fabric-market-105979 [3] Market Report. (2023). Data Fabric Market – Global Industry Analysis. Precedence Research. https://www.precedenceresearch.com/data-fabric-market
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Date : October 25, 2023
Company : Intellectus Corp.
[1] Market Report. (2022). Data fabric market size, share & trends analysis report by component, by deployment, by type, by enterprise size, by business applications, by industry, by region, and segment forecasts, 2022 – 2030. Grand View Research. https://www.grandviewresearch.com/industry-analysis/data-fabric-market-report
[2] Market Report. (2023). Data Fabric Market Size, Share & COVID-19 Impact Analysis. Fortune Business Insights. https://www.fortunebusinessinsights.com/data-fabric-market-105979
[3] Market Report. (2023). Data Fabric Market – Global Industry Analysis. Precedence Research. https://www.precedenceresearch.com/data-fabric-market