Northbrook, IL -- (SBWIRE) -- 08/15/2019 -- According to a new market research report "Data Fusion Market by Business Function (IT, Sales and Marketing, Operations, Finance, and HR), Component (Tools and Services), Deployment Model (On-Premises and On-Demand), Organization Size, Industry, and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Data Fusion Market estimated to grow from USD 7.62 Billion in 2017 to USD 15.92 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period.
The major factors driving the Data Fusion Market are rapid adoption of data-driven decision-making and introduction of Industrial Internet of Things (IIoT). The Data Fusion Market has grown rapidly due to the transformation from traditional data management techniques for collaboration of data from disparate data sources to advanced techniques and an enormous surge of structured and unstructured data.
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Human Resources is expected to grow at the highest CAGR
Data fusion tools and services cater to various business functions including Information Technology (IT), sales and marketing, finance, operations, and Human Resources (HR). HR business function is expected to witness the highest CAGR during the forecast period among all business functions due to the growth in need to manage and analyze HR data with minimal help from the IT team. Data fusion technologies are used for various operations across an organization. Moreover, it helps resolve operations related issues in real time and the streamline operations across industries.
Banking, Financial Services, and Insurance is estimated to have the largest market size in 2017
The Data Fusion Market is segmented by various industry verticals, such as BFSI, retail and consumer goods, telecom and IT, energy and utilities, government and defense, healthcare and life sciences, manufacturing, media and entertainment, transportation and logistics, and others (travel and hospitality and academia and research). Among these industry verticals, the adoption of data fusion is expected to be the largest in the BFSI vertical, as the volume and variety of data have increased on daily basis with the growing demand for collaborating data from various sources, such as financial transactions in banks and other financial services institutes.
North America is expected to dominate the Data Fusion Market during the forecast period
North America is expected to account for the largest share of the Data Fusion Market in 2017 due to the technological advancements and early adoption of data management systems in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2022. The primary driving factors for this growth are increase in technological adoption and huge opportunities across industry verticals in APAC region, especially India, China, and Japan.
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Furthermore, the report encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by major players to increase their share in the market. Some of the major technology vendors include AGT International (Switzerland), Esri (US), LexisNexis (US), Palantir Technologies (US), Thomson Reuters (Canada), InvenSense (US), Clarivate Analytics (US), Cogint (US), Merrick & Company (US), and INRIX (US)
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