Data Virtualization Cloud Market to Grow at an Exceptional CAGR of 25% as IT Sector Shift Towards Cloud-based Operations: Future Market Insights
The report attributes the growth of the market to the growing trend of business resilience, cost optimization, and Infrastructure as a Service (IaaS) in the IT sector, which in turn, is propelling the adoption of data virtualization cloud. Moreover, shifting preference from local servers to cloud systems for easier data management is expected to fuel the growth of the market.
Along similar lines, multi-cloud deployment models are gaining remarkable traction in the IT sector owing to increasing emphasis on enhancing operational efficiency while keeping up with digital advancements. In addition to application portability offered by multi-cloud deployment models, they focus on acquirement, risk mitigation, and functionality, thus increasing the overall efficiency.
"As end-users in the IT sector upgrade to data-driven architecture and resort to cloud for numerous operations, market players are capitalizing the trend to make progress," opines FMI analyst.
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Data Virtualization Cloud Market - Key TakeawaysThe global data virtualization cloud market is forecasted to expand at a stellar CAGR of 25% and surpass a valuation of US$ 5.6 Bn by 2030. By component, standalone software is forecasted to account for over 50% of global market share as they have a stronger focus on important domains such as HR and finance. Based on the deployment model, the public model will remain highly sought-out owing to their cost-effectiveness with 6 out of 10 companies opting for the public model. Among end-use industries, the BFSI sector is forecasted to channel the majority of revenue share on the back of a paradigm shift in operations from on-premise to cloud ecosystems.
Data Virtualization Cloud Market - Key TrendsArtificial intelligence (AI) and machine learning (ML) have emerged as lucrative trends as they increase labor efficiency and enable the development of smarter chatbots and other applications. The outbreak of COVID-19 has proven extremely fruitful to the data virtualization cloud market as several sectors shift their operations from physical to virtual, thus necessitating cloud solutions.
Data Virtualization Cloud Market - Regional AnalysisNorth America, led by the US, will continue to spearhead the regional landscape backed by the presence of market leaders and an advanced IT infrastructure in the region Backed by the presence of strong market players, the US is channeling a revenue 5X of Canada. Europe is anticipated to remain a crucial region, on the back of government regulations that have mandated organizations to back up their data in specific intervals. East Asia is projected to emerge as a lucrative region driven by growing adoption of cloud services among small and medium-sized enterprises (SME) in the region
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Data Virtualization Cloud Market - Competitive Landscape
Some of the major market players operating in the market include IBM Corporation, Denodo, Informatica, Oracle Corporation, SAP, Tibco Software, Microsoft Corporation, Datometry, and VMware among others. Market players are focusing on expanding their consumer base by equipping their services with features that effectively serve end-user needs.
Data Virtualization Cloud Market - Taxonomy
Component:Standalone Software Data Integration Tools Application Tool Solution
Data Consumer:Business Intelligence Tools Enterprise Applications Mobile and Web Applications
Deployment Model:Public Cloud Hybrid Cloud Private Cloud Multi-Cloud
End-use Industry:BFSI IT and Telecom Retail and e-Commerce Government and Defense Healthcare Manufacturing Others
Regional Outlook:North America Latin America Europe South Asia & Pacific East Asia Middle East & Africa (MEA)
Get Valuable Insights into the Data Virtualization Cloud Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global data virtualization cloud market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the data virtualization cloud market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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