Portland, OR, Aug. 07, 2022 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled “Data Virtualization Market by component (solution, services), by deployment model (on-premises, cloud), by enterprise size (large enterprise, SMB), by end user (IT & Telecom, BFSI, Government & Defense, Healthcare & Life Sciences Life, Retail, Manufacturing, Education, Others): Global Opportunities Analysis and Industry Forecast, 2021-2031. According to the report, the global data virtualization industry generated $3.2 billion in 2021 and is expected to reach $22.2 billion by 2031, growing at a CAGR of 21.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, key investment pockets, value chain, regional landscape and competitive scenario.
Drivers and opportunities
The increase in the volume of data from various sources in enterprises, the increase in the need for data integration tools, the increase in demand for advanced visualization technologies and the increase in investment in platforms visualization tools and business collaborations are driving the growth of the global data virtualization market. However, lack of standards in enterprise data management and high cost and security issues are hampering the growth of the market. On the other hand, increasing demand for cloud-based solutions and increased usage of business intelligence software presents new opportunities for the market in the coming years.
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Covid-19 scenario
- The COVID-19 pandemic has had a positive impact on the data virtualization market. This is due to the growing adoption of cloud data virtualization solutions and application containers by large enterprises to manage security concerns and provide secure access to information when performing remote operations.
- The growing interest in distributed computing innovation has increased the demand for data virtualization during lockdown.
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The solution segment to rule the roost during the forecast period
Based on components, the solutions segment was the largest market in 2021, contributing more than three-quarters of the global data virtualization market, and is expected to maintain its leading status during the forecast period, due the high demand for maintenance of internal systems. cyber threats and risks, such as unauthorized access, data theft, etc. However, the services segment is expected to experience the largest CAGR of 24.2% from 2022 to 2031. Data virtualization services manage and secure accounts that have system access beyond that of a standard user to secure the confidentiality of data servers.
The on-site segment to maintain its leading status during the forecast period
Based on the deployment model, the on-premises segment held more than half of the global data virtualization market share in 2021 and is expected to maintain its leading status during the forecast period. This is due to the need for tightly controlled data security platforms to secure highly confidential or sensitive information. However, the cloud segment is expected to experience the highest CAGR of 23.0% from 2022 to 2031, owing to the increase in adoption of mobile devices and increasing demand for scalable and flexible solutions.
Large enterprise segment leading over the forecast period
Based on enterprise size, the large enterprise segment contributed almost three quarters of the global data virtualization market in 2021 and is expected to maintain its dominance during the forecast period. Large enterprises around the world are widely adopting data virtualization which allows cloud providers to serve end users with their existing physical computing hardware. However, the SMB segment is expected to experience the fastest CAGR of 23.0% from 2022 to 2031. SMBs have witnessed a rapid need to move from an on-premises model to data management systems based on the cloud, mainly to save a considerable amount. infrastructure and maintenance costs.
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The IT and telecom segment to maintain its leading position during the forecast period
On an end-user basis, the IT and telecommunications segment held the highest market share in 2021, accounting for more than a quarter of the global data virtualization market, and is expected to maintain its leading position over the course of the forecast period. This is because data virtualization helps organizations optimize their core competency of using artificial intelligence-based IT infrastructure resources and reduce operational costs. However, the retail segment is expected to show the fastest CAGR of 25.1% from 2022 to 2031. This is because the retail industry is using data virtualization to reduce the price of generating, printing and distribution of documents. Additionally, various printing and mailroom problems can be solved through data virtualization.
North America will maintain its revenue dominance by 2031
Based on region, North America held the largest market share in 2021, capturing more than two-fifths of the global market data virtualization industry, and is expected to maintain its dominance by 2031. Due to increasing competition among cloud-based service providers in North America, major players are providing more data management services ensuring fast access and more great scope of their services to their clients. However, Asia-Pacific is expected to show the fastest CAGR of 24.4% during the forecast period, owing to the increasing demand for viewing platforms in the region.
Main market players
- Adaptive insights
- Alteryx Inc.
- ChartBlocks Ltd.
- Cluvio GmbH
- Domo inc.
- Tableau Software Inc.
- QlikTech International AB
- Oracle Corporation
- IBM
- Cisco Systems, Inc.
- SAP SE
- SAS Institute Inc.
- Microsoft Corporation
- Denodo Technologies Inc.
- Informatica inc.
- OpenLink Software Inc.
The report analyzes these key players in the global data virtualization market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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