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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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 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.
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Covid-19 Scenario
- The COVID-19 pandemic impacted the data virtualization market positively. This is due to rise in adoption of cloud data virtualization solutions and application container by major enterprises to handle security concerns and provide secured information access when conducting remote operations.
- Growing interest in distributed computing innovation increased the demand for data virtualization during the lockdown.
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