Data Fabric Market Will Propel at a 24.5% CAGR | P&S Intelligence

Posted by Aryan on January 17th, 2024

The data fabric market was USD 1,711 million in 2022, which will increase to USD 9,874 million, powering at a 24.5% CAGR, by 2030.

Data creation has increased because of the arrival of internet platforms and the digital transformation they are leading. The surging internet utilization and the growing count of connected devices like smartphones, tablets, PCs, and laptops, have a direct influence on the variety and volume of business data produced in the electronic model.

For example, cameras as well as various other types of sensors constantly collect location-associated data for surveillance and analytic uses, with companies using data analytics for their advancement.

The services category, based on component, will advance significantly in the coming years. Industry players offer clients various services because of the need for real-time connectivity, conventional data incorporation can’t meet the requirements of today's businesses.

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North America led the industry, as the continent was the first to implement the technology. Furthermore, the U.S. accounted for over 85% share of the industry in North America, in 2022.

Due to the increasing utilization of databases across different BI tools and the rising penetration of digital technologies in the telecom & IT, BFSI, manufacturing, and healthcare industries, the acceptance of such solutions in this nation will expand rapidly during this decade.

APAC will propel at a significant rate during this decade, because of the extensive formation of data centers and a quick shift toward digitalization. Moreover, in terms of data center acceptance, behind the U.S., China is the second-largest nation globally.

With the mounting creation of unstructured as well as structured digital data, the data fabric industry will continue to advance in the years to come.