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 is the hike in the quantity of data produced through several technologies like the Internet of Thing (IoT) and other data sourced. This huge data consists of both organized and un-organized data. In order to manage large amount 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 of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Requirement for Data Management
Data management has not always been more important as it is being considered nowadays. This is due to the increased popularity of social media, Web, big data, and cloud technologies that petabytes of information are distributed over the areas, both on-premises and off-premises. Without reasonable visibility and management of corporate data, organizations could not afford risking the revenue and productivity failure.
On the basis of component, the data virtualization market is segmented into solution and services. In 2021, the service segment procured a remarkable revenue share in the data virtualization market. It refers to service offered to the businesses with the consideration of the conversion plan. Along with it, the service provides a finish-out facility which allows the enterprises to manage a whole data center operation and related services as an only integrated entity.
Solution Type Outlook
Under solution type, the data virtualization market is classified into standalone software, data integration, and application tool solution. In 2021, the standalone software garnered a significant revenue share in the data virtualization market. The software which works without the network connection of the software package is referred as standalone software. When the core program does not need an internet connection in such 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 into SMEs and large enterprises. In 2021, the SMEs segment covered 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.
By Vertical, the data virtualization market is classified into IT & telecom, retail, healthcare & life sciences, manufacturing, government & defense, BFSI and education. In 2021, the IT & telecom segment registered the largest revenue share in the data virtualization market. This is due to its assistance to businesses to enhance their artificial intelligence-based IT structure, secure handling charges, and consuming core competency.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis – Global
Chapter 4. Global Data Virtualization Market by Component
Chapter 5. Global Data Virtualization Market by Deployment Mode
Chapter 6. Global Data Virtualization Market by Organization Size
Chapter 7. Global Data Virtualization Market by Vertical
Chapter 8. Global Data Virtualization Market by Region
Chapter 9. Company Profiles
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