Data Virtualization Market

Rise in demand for advanced visualization technology & increase in investments in visualization platforms drive the growth of the data virtualization market

PORTLAND, PORTLAND, OR, UNITED STATE, March 5, 2024 /EINPresswire.com/ -- According to the report, the global data virtualization industry generated $3.2 billion in 2021, and is estimated to reach $22.2 billion by 2031, witnessing a CAGR of 21.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Expanding volume of data from various sources across enterprises, the increase in requirement for data integration tools, the rise in demand for advanced visualization technology and increase in investments in visualization platforms and business collaborations drive the growth of the global data virtualization market. However, absence of standards in business data management and high cost and security issues hamper the market growth. On the other hand, increase in demand for cloud-based solutions and increased use of business intelligence software present new opportunities for the market in the coming years.

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Data virtualization is a technique that allows systems to gather data from multiple sources and create a unified, logical view of customer information. This virtualized data can be accessed through user-friendly interfaces such as apps, dashboards, and portals, without needing to know technical specifics like the data's physical location or format. According to the National Institute of Standards and Technology (NIST), the adoption of comprehensive data virtualization products and services has increased, owing to numerous advantages. Various industries, including manufacturing, banking, and telecommunications, heavily leverage this solution.

For instance, global pharmaceutical and biotechnology giant Pfizer implemented Tibco's data virtualization solution to enhance data delivery speed for its researchers. Similarly, retail company City Furniture relies on Denodo's data virtualization solution to manage critical business data across its marketing, operations, supply chain, and other departments. One of the primary drivers expected to fuel the growth of the Data Virtualization Market in the forecasted period is the increasing volume of data from diverse sources within enterprises and the growing need for data integration tools. Furthermore, the rising demand for cloud-based solutions and the increased adoption of business intelligence software are anticipated to propel industry expansion and revenue growth within the Data Virtualization Industry.

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Based on region, North America held the largest market share in 2021, capturing more than two-fifths of the global data virtualization industry, and is expected to maintain its dominance by 2031. Due to the rise in competition between cloud-based service providers in North America, key players are providing more data management services by ensuring quick access and greater outreach of their services to their clients. However, Asia-Pacific is projected to manifest the fastest CAGR of 24.4% during the forecast period, owing to the rise in demand for visualization platforms in the region.

Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for Data virtualization solution among countries such as China, Japan, India, Australia, South Korea, and rest of Asia-Pacific fuel growth of the market. Moreover, Asia Pacific is experiencing strong adoption of visualization tools, specifically standalone visualization software. This increasing demand for visualization platforms in the Asia Pacific region is offering lucrative opportunities for software vendors. To leverage these opportunities, several visualization platform vendors are focusing on establishing their presence in the region through merger and acquisitions, company collaborations, and partnerships to extend their customer base. Such developments and investments by the companies are boosting the growth of Asia Pacific market.

Based on end user, the IT and telecom segment held the highest market share in 2021, accounting for more than one-fourth of the global data virtualization market, and is expected to maintain its lead position during the forecast period. It is because data virtualization helps organizations to optimize their artificial intelligence-powered IT infrastructure resource utilization core competency and save operating costs. However, the retail segment is projected to manifest the fastest CAGR of 25.1% from 2022 to 2031. This is because the retail sector uses data virtualization to reduce price for document generation, printing and dissemination. Moreover, a variety of printing and mailroom concerns can be resolved with data virtualization.

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Based on enterprise size, the large enterprises segment contributed to nearly three-fourths of the global data virtualization market in 2021 and is expected to maintain its dominance during the forecast period. Large enterprises across the globe widely adopt data virtualization that enables cloud providers to serve end-users with their existing physical computer hardware. However, the SMEs segment is projected to witness the fastest CAGR of 23.0% from 2022 to 2031. SMEs have been witnessing a rapid need to shift their focus from an on-premises model to cloud-based data management systems primarily to save a considerable amount of infrastructure and maintenance costs.

Based on deployment model, the on premise segment held more than half of the global data virtualization market share in 2021, and is expected to maintain its leadership 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 projected to witness the largest CAGR of 23.0% from 2022 to 2031, owing to the rise in adoption of mobile devices and the surge in demand for scalable and flexible solutions.

Post COVID-19, the Data virtualization market size is estimated to grow from $3,170 million in 2021 to reach $22,224.7 million by 2031, at a CAGR of 21.7%. It is projected that the COVID-19 outbreak will benefit the development of the data virtualization business. This is due to the fact that the implementation of COVID-19 will make it possible for businesses to handle security concerns and provide secured information access when conducting remote operations. In addition, the Data Virtualization Software market has seen a huge surge in demand for a secure and flexible cloud computing environment solution. However, lack of skill workforce availability across the world, halted, due to the economic slowdown and global lockdown. Subsequently, affecting the growth of data virtualization market during the year 2020. Countries across the globe has suffered major loss of business and revenue, owing to the shutdown of manufacturing or type units. But the rise in adoption of cloud computing or application container major enterprises across prime economics has offer significant opportunities for the growth of data virtualization market. Thereby, expected to hamper the growth of market in by the end of 2021.

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Leading 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 of 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 by every market player.

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