The “Global Data Virtualization Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Deployment Mode (On-premises and Cloud), By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Data Virtualization Market size is expected to reach $10 billion by 2028, rising at a market growth of 18.6% CAGR during the forecast period.
Market Growth Factors
Increasing Demand for Advanced Virtualization Technology
In the last few years, there has been an increase in the quantity of data produced through several technologies like the Internet of Things (IoT) and other data sources. This huge amount of data consists of both organized and unorganized data. In order to manage large amounts of data and produce a well-knowledgeable presentation of statistics, organizations are choosing business intelligence software with high-tech technologies like artificial intelligence (AI).
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players in the market are adopting various strategies in order to cater to the demand coming from different industries. The key development strategies in the market are acquisitions, partnerships, and collaborations.
Requirement for Data Management
Data management has not always been as important as it is considered nowadays. This is due to the increased popularity of social media, the Web, big data, and cloud technologies. As a result, petabyte of information is distributed over the areas, both on and off-premises. Without reasonable visibility and management of corporate data, organizations could not afford to risk revenue and product failure.
On the basis of components, the data virtualization market is segmented into solutions and services. In 2021, the service segment procured a remarkable revenue share in the data virtualization market. It refers to services offered to businesses with the consideration of the conversion plan. Along with it, the service provides a finish-out facility that allows the enterprises to manage a whole data center operation and related services as an integrated entity.
Solution Type Outlook
Under solution type, the data virtualization market is classified into standalone software, data integration, and application tool solutions. In 2021, the standalone software garnered a significant revenue share in the data virtualization market. Software that works without the network connection of the software package is referred to as “standalone software.” When the core program does not need an internet connection in such a scenario, standalone software is required.
Deployment Mode Outlook
Based on deployment mode, the data virtualization market is fragmented into on-premise and cloud. In 2021, the on-premise software witnessed the largest revenue share in the data virtualization market. The on-premises software work internally from execution to processing of the solution where updates, protection, and care also take place natively. The company is accountable for the order to keep up the solution and associated procedure with the use of on-premises software.
Organization Size Outlook
On the basis of organization size, the data virtualization market is distributed between SMEs and large enterprises. In 2021, the SME segment will cover a considerable growth rate in the data virtualization market. Due to the amazing perks of using data virtualization like flexibility, enhanced safety & agreement, and less IT management expenditure, there is a rapid demand for data virtualization centers among small & medium-sized enterprises. The data virtualization software is appropriate for all small enterprises, like start-ups or freelancers, and also for large enterprises.
According to Vertical, the data virtualization market is classified into IT & telecom, retail, healthcare & life sciences, manufacturing, government & defense, BFSI, and education. In 2021, the IT and telecom segment registered the largest revenue share in the data virtualization market. This is due to its assistance to businesses in enhancing their artificial intelligence-based IT structure, securely handling charges, and consuming core competencies.