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“The data virtualization market is projected to grow at a CAGR of 21.1% during the forecast period”
The market for data virtualization is expected to grow from USD 1.58 billion in 2017 to USD 4.12 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. The generation of large volumes of data is a major factor driving the growth of the data virtualization market. To formulate business strategies, organizations need to access large volumes of data stored at heterogeneous sources to gain business insights and to enhance the decision-making process. To achieve efficiency across business processes, enterprises need to design and layout a plan of action. This can be done by properly implementing data virtualization solutions into its operations.
Lack of standardization in enterprise data management is expected to be a major restraint for the growth of data virtualization market. A predefined set of rules and regulations needs to be considered, while accessing the data. However, emerging economies are witnessing slow digitalization growth. It results in a slow growth rate of the data virtualization market.
“Data integration solution component is expected to hold the largest market size during the forecast period”
The component in the data virtualization market includes standalone software, data integration solution, and application tool solution. The data integration solution component helps various organizations to optimize their strategy and operational efforts by providing a unified 360-degree view of data. Moreover, the data integration solutions are beneficial to integrate data from external and internal storage systems of organizations. To meet these requirements, various companies are deploying data virtualization software and solutions to get maximum benefits of the technology.
“Asia Pacific (APAC) is expected to witness the highest growth rate during the forecast period”
APAC is expected to grow at the highest CAGR in the global data virtualization market during the forecast period. Factors, such as rapid expansion of domestic enterprises, massive growth of data generation from all industries in this region, and higher development of infrastructure, are driving the data virtualization across different end-user segments. The North American region is expected to hold the largest market size during the forecast period. Major driving factors for the market are an increasing need for data virtualization solutions, automation, need to access large volumes of data stored across various systems to get a consolidated view, focus on reducing infrastructure costs, an increasing need to get business insights and real-time availability of data, and growing demand for data integration software tools.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
- By Company Type - Tier 1 – 20%, Tier 2 – 47%, and Tier 3 –33%
- By Designation – C-level – 47%, Director-level – 36%, and Others – 17%
- By Region – North America – 21%, Europe– 45%, APAC - 27%, and the Rest of the World (RoW)- 7%
Major data virtualization vendors include International Business Machines Corporation (IBM; US), SAP SE (Germany), Informatica (US), Denodo Technologies (US), Oracle Corporation (US), TIBCO Software (US), Microsoft Corporation (US), Red Hat (US), SAS Institute (US), and Information Builders(US).
The data virtualization market has been segmented on the basis of components (standalone software, data integration solution, and application tool solution), deployment modes, data consumers, enterprise sizes, end users, and regions. The data virtualization solutions help data virtualization software and platform providers; initial public offering/venture capitalists/angel investors; IT directors and consultants; BFSI, healthcare, retail, manufacturing, and government organizations to improve business operations, enhance decision–making, and reduce costs.. The deployment modes in the data virtualization market are cloud and on-premises. Data consumers are segmented into Business Intelligence (BI) tools, enterprise applications, and mobile and web applications. The enterprise size in the data virtualization market are large enterprises and Small and Medium-sized Enterprises (SMEs) The end-users segment includes BFSI, manufacturing, healthcare, retail and eCommerce, research and academia, media and entertainment, telecom and IT, government and defense, and others (transportation and oil and gas). On the basis of regions, the data virtualization market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report will help the market leaders and new entrants in the data virtualization market in the following ways:
- The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split into different application areas and regions.
- The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
- The report helps in understanding competitors better and gaining more insights to strengthen the organization’s position in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.