The global data mesh market is set for explosive growth, with projections indicating a surge to $4.27 billion by 2031. This remarkable expansion, driven by the growing demand for democratization among businesses, increasing adoption of hybrid and multi-cloud environments.
NEW YORK, Oct. 30, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global data mesh market is observing significant growth owing to the rising strategic initiatives by market players. Major corporate businesses store data on clouds and on-premises platforms in different business units. This requires data mesh solutions that support businesses to streamline the process of linking and analyzing these diverse data sources, allowing data consumers to interact with a consistent and unified picture of customer and operational data. The growing demand for data mesh solutions among businesses encourages market players to take strategic initiatives for developing advanced solutions.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the data mesh market comprises a vast array of solution, deployment, application, and industry vertical which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Data Mesh Market Growth: According to an exhaustive report by The Insight Partners, the Data Mesh Market is experiencing significant growth, driven by unlocking fine-grained supervision for data governance and integration with cloud-native technologies. The market, valued at $1.28 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.3% during 2023-2031.
The global data mesh market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. Firstly, growing demand for democratization among businesses. Many businesses across the world are dismantling conventional methods of storing large data by creating an atmosphere to freely access, understand, and use specific data and responsibilities. This democratized approach facilitates faster decision-making by enabling instant access to contextualized and real-time data and encourage collaboration among teams and businesses.
Unlocking Fine-Grained Supervision for Data Governance and Integration with Cloud-Native Technologies: The federated computational governance context makes it possible to establish federated data ownership to ensure the security, quality, and privacy of data. This context is used by domain-specific experts rather than a central governing body for appropriately managing the large amount of data in a specific domain of an organization, including marketing & sales, human resources, finance & accounting, research & development, and others.
Increasing Need for Federated Computational Governance: Key players are focusing on creating awareness related to the benefits provided by data mesh solutions and the implementation of federated computational governance using Open Policy Agent (OPA) and policy-as-code. This provides organizations an insight into their data and supports them in scaling up without creating bottlenecks. Additionally, decentralized governance architecture supports the investigation of novel data use cases, stimulating data-driven decision-making, fostering the quick prototyping of new ideas, and increasing the use of federated computational governance frameworks among organizations across the globe.
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Demand for Domain-Oriented Data Architecture: Domain-oriented data architecture (DODA) enables domain teams to assume complete responsibility for their data, including collection, storage, processing, and sharing, bringing data management closer to domain expertise. This approach encourages teams to prioritize data quality, usability, and value for consumers, which increases the adoption among data scientists and engineers to improve the quality, relevance, and usability of data products by saving time.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. North America is expected to register the highest CAGR during the forecast period.
Data Mesh Market Segmentation, Applications, Geographical Insights:
- Based on solution, the market is divided into data integration and delivery, federated data governance, data operations, data transformation and orchestration, and others. The data integration and delivery segment held the largest share of the data mesh market in 2023.
- Based on deployment, the market is bifurcated into on-premises and cloud. The cloud segment held the largest share of the data mesh market in 2023.
- Based on application, the market is categorized into customer experience engagement, data privacy management, IoT monitoring, and others. The data privacy management segment held the largest share of the data mesh market in 2023.
- Based on the industry vertical, the market is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, government and utilities, and others. The BFSI segment held the largest share of the data mesh market in 2023.
- The data mesh market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Data Mesh Market is characterized by the presence of several major players, including:
- SAP SE
- Microsoft Corp
- Alphabet Inc
- Oracle Corp
- International Business Machines Corp
- Amazon.com Inc
- Dremio Corp
- QlikTech International AB
- Confluent Inc
- Hitachi Vantara Corp
- Snowflake Inc
- K2view Ltd
- Denodo Technologies, Inc
- Informatica Corp
- Estuary Technologies, Inc.
- Databricks Inc
- Cisco Systems Inc
- TIBCO Software Inc.
- Autodesk Inc
- Adobe Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Data Mesh Market Recent Developments and Innovations:
- "Microsoft unveiled a unique approach to remote collaboration with the launch of Microsoft Mesh. This new feature allows employees' avatars to convene in a shared virtual space, fostering a sense of connection even when individuals are geographically dispersed. The platform is seamlessly integrated into Microsoft Teams, offering a new dimension to the remote work experience."
- "International Business Machines Corporation (IBM) announced the launch of its Hybrid Cloud Mesh. This SaaS offering is designed to enable enterprises to bring management to their hybrid multi-cloud infrastructure."
- "Scania collaborated with Snowflake Inc to use data mesh for driving transport sustainability."
- "SAP SE announced SAP Datasphere, a comprehensive data service that aims to deliver seamless and scalable access to crucial business data. It is built on the SAP Business Technology Platform (SAP BTP) that enables every data professional to deliver seamless and scalable access to mission-critical business data."
- "International Business Machines Corp's Cloud Pak for Data team announced the general availability of Cloud Pak for Data (CPD) version 4.8. The updated version of Cloud Pak for Data (CPD) 4.8 focuses on serviceability for enhancing the management and maintenance of the CPD Platform and services. Version 4.8 also offers a wide range of capabilities that provide more information about the platform and proactively ensure a stable environment for CPD production workloads."
- "JPMorgan Chase & Co introduced a "Securities Services Data Mesh" solution for institutional investors. The securities service data mesh solution enables investors to retrieve critical investment data by using numerous cloud-native channels such as Snowflake Financial Services Data Cloud, Jupyter notebooks, and REST APIs."
- "Oracle Corp and Microsoft Corp expanded their partnership by launching Oracle Database Azure, a new solution that delivers Oracle Database services at Azure data centers. Oracle Database Azure provides users the benefits of direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and deployed in Azure datacenters. This provides customers with more flexibility in running and managing their workloads."
- "Informatica Inc launched the intelligent data management (IDMC) cloud in Amazon Web Services (AWS) Japan region to support their customers in data-led cloud modernization. The IDMC supports Informatica Inc in accessing, managing, and accelerating data transformation for business insights by complying with the data residency requirements of their customers in the country."
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Data Mesh Market Drivers, Challenges, Future Outlook and Opportunities:
Data integration and delivery refers to the procedure and technologies used to combine data from various sources, transforming data, and deliver it to the intended systems or users. The data integration and delivery process consist of cleansing, validation, and enrichment of data by ensuring the reliability and quality of integrated data. This increases the demand among businesses for extracting large amounts of data from their main source. Moreover, data integration and delivery solutions significantly support businesses in extracting insights from their data, making informed decisions, and achieving business objectives, driving the data mesh market growth during the forecast period.
The US data mesh market is projected to expand at a significant rate during the forecast period. The market in the US contributes a noteworthy share to the global data mesh market owing to the wide presence of major players such as Microsoft Corp, Amazon Web Services Inc, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, Hewlett Packard Enterprise Development LP, SAS Institute Inc, and Snowflake Inc. These companies are continuously engaged in developing IoT, AI, and big data analytics tools and technologies to increase their market share and fuel the data mesh market growth. The market players are incorporating these technologies with data mesh strategies to support businesses in managing their own data products, allowing users to make informed decisions, which is expected to fuel the data mesh market growth during the forecast period.
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Conclusion:
The data mesh architectural framework provides greater governance practices by enforcing data standards for domain-agnostic data and access controls for sensitive information. This guarantees that firms follow government requirements, such as Health Insurance Portability and Accountability Act (HIPPA) limits, and the data ecosystem's structure facilitates compliance by enabling data audits. Log and trace data in a data mesh architecture introduces observability into the system, allowing auditors to determine which users are accessing specific data and at what frequency. This also supports businesses to know the real-time status of their department's data. The increasing investment in AI, ML, IoT, and big data analytics tools and technologies is driving the data mesh market. Moreover, the rising adoption of data integration and delivery solutions among consumers worldwide is expected to create opportunities for the data mesh market growth during the forecast period.
With projected growth to $4.27 billion by 2031, the Data Mesh Market represents a significant opportunity for component providers, system technology integrators, investors, system manufacturers, and industry stakeholders. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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