The data mesh market generated a value of USD 1,290.4 million in 2023, and it will rise to USD 3,794.3 million, advancing at a 16.9% compound annual growth rate, by 2030. This can be mainly because of the increasing acceptance of cloud advances, the need for data democratization & accessibility, and the presence of strict security and administrative standards. Moreover, tailored data pipelines allow flexibility and innovation in line with the exact type and application of business.
The increasing need for data accessibility and democratization is a major factor in the growth of the industry. In the system of data mesh model, this requirement indicates a shift toward providing various partners in an association with secure and reliable access to important data.
The human resources category, based on business function, will advance at an 18% CAGR in the coming years. This can be because of the increasing focus on employee-centric programs, which need more personalization and greater awareness of employee data.
Moreover, HR departments are utilizing these systems to manage the complications of different electronic knowledge sources, including performance statistics, worker engagement measures, and skills inventories.
The healthcare & life science category, based on vertical, will advance at the fastest rate in the data mesh market, with a 17% CAGR, during this decade. This is because of the increasing volume of healthcare data, such as patient records, research data, and genomic information.
Enhanced analysis and integration across different sources of information are facilitated by the decentralized structure of the data mesh for various domains in life sciences and healthcare. The fine-grained category, on the basis of approach, will advance at a 15% CAGR in the years to come. This approach focuses on granular and complex data management, which allows for meeting the increasing needs of companies for definite and exact data control. Moreover, data diversity and complexity are constantly rising, which, coupled with the need for other data handling at small levels, boosts the category growth.
In 2030, North America will be the largest contributor to the industry, with a 40% share. Various businesses in the continent are accepting the data mesh technology, realizing its capability to address complex data issues. The rise of dedicated platforms as well as tools personalized to these standards is a substantial trend.
Moreover, the continent is home to many developed sectors, including technology, healthcare, finance, and manufacturing. The existence of research & development centers and technology centers, particularly Silicon Valley, builds a beneficial environment for the acceptance of novel technologies.
It is because of the surge in acceptance of cloud advances, the data mesh industry will continue to advance in the years to come.
SOURCE: P&S Intelligence