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Weaving a Smarter Network: Global Data Fabric Market Report 2024
Data Fabric Market Size
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According to The Business Research Company's, The data fabric market size has grown exponentially in recent years. It will grow from $2.24 billion in 2023 to $2.78 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to real-time data requirements, digital transformation initiatives, data governance and compliance, increasing data volumes, data complexity..
The data fabric market size is expected to see exponential growth in the next few years. It will grow to $6.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to advanced data security measures, graph database integration, augmented data management, exponential data growth in industries, data mesh architecture.. Major trends in the forecast period include hybrid and multi-cloud adoption, data integration and interoperability, real-time data processing and analytics, self-service data management, metadata management and cataloging, edge computing integration..
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Market Drivers and Trends:
The rising demand for cloud computing is expected to propel the growth of the data fabric market going forward. Cloud computing is a technology that enables the delivery of various computing services over the internet and is used by organizations and individuals to invest in and manage physical hardware and software infrastructure. Cloud computing uses data fabric to maintain data security and compliance by enforcing encryption, access controls, and data auditing across cloud services. For instance, in January 2023, according to Google LLC, a US-based technology company, 76% of people used the public cloud in 2022, an increase of 56% from 2021. Therefore, the rising demand for unstructured data is driving the growth of the data fabric market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Denodo Technologies Inc., IBM Corporation, Informatica Software Company Inc., NetApp Inc., Oracle Corporation, SAP SE, Software AG Group, Splunk Inc., Talend S. A., Dell Technologies Inc., Hewlett-Packard Enterprise Company, Teradata Corporation, TIBCO Software Inc., VMware Software Private Limited., K2View LLC., Precisely Holdings LLC., CluedIn ApS., Idera Inc., Nexla Inc., QOMPLX Inc., Starburst Data Inc., Stardog Union Inc., Trifacta Inc., Atlan Pte. Ltd., Cloudera Inc., Hitachi Vantara LLC, MapR Technologies Inc., Rubrik Inc., Nutanix Inc., data. world Inc.
Data Fabric Market 2024 Key Insights:
• The data fabric market size is expected to see exponential growth in the next few years. It will grow to $6.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%.
• Cloud Computing Soaring Demand Fuels Growth In The Data Fabric Market
• Technological Advancements Reshaping The Data Fabric Market
• North America was the largest region in the data fabric market in 2023
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