Considering these factors, analysts at Future Market Insights (FMI) have forecast global adoption data virtualization cloud solutions to rise by 25.2% CAGR during 2020-2030.
COVID-19 pandemic has boosted adoption of cloud-based platforms among businesses and small and medium-sized enterprises. Insights from recent studies reveal that over a third (38%) of companies are changing their focus to hybrid cloud structures as core component of their existing cloud strategy.
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Data Virtualization Cloud Market Size Study
- Standalone software to remain preferable component in data visualization cloud market
- Business intelligence tools to account for greater data consumption through 2030
- Public cloud model continues to generate significant demand over following decade
- Market players continue to view BFSI industry as target customer of data visualization cloud solutions
- Markets in North America and Europe will remain in vanguard, given presence of key players and well-established cloud infrastructure
“Cloud-based models have become commonplace and companies are strategically leveraging them to upgrade their applications for data-driven architecture. With this maturity, digital transition and subsequent cloud adoption has become substantially manageable than ever before. Innovative trends are coming forth to support slew of use cases in hybrid and multi-cloud ecosystems,” says analyst at FMI.
COVID-19 Impact on Data Virtualization Cloud Market
While the COVID-19 pandemic has exposed almost every industry to economic uncertainties, the global data virtualization cloud market has emerged in a position of strength from the pandemic.
With physical interaction no longer an acceptable form of communication in wake of social distancing measures, institutions and enterprises across the globe have implemented sudden shifts to digital solutions in order to mimic pre-crisis growth levels.
Companies from other industries are realizing the benefits and potential of cloud-based solutions, even ahead the immediate need for remote working triggered by COVID-19 pandemic. Many enterprises will kick start ramping up their digital transition efforts and invest heftily in cloud and IT resources in coming years.
As such, it appears highly unlikely that the public health crisis will affect bottom lines of players in data virtualization cloud market to significant degree.
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Data Virtualization Cloud Market – Competitive Intelligence
Presence of technology giants such as Microsoft Corporation, IBM Corporation, and SAP has intensified competitive landscape of global data virtualization cloud market. In order to survive cut-throat competition, market players are bringing advancements in existing solutions as well as are offering them at flexible pricing. For instance,
- Microsoft Corporation has developed Conduit, which is lightweight data virtualization solution that offers direct query to various data sources irrespective of their location though centralized security framework that allows de-centralized access while fulfiling five Cs – Combine, Connect, Collaborate, and Consume with Compliance.
- Taking advantages of Google Cloud’s flexible rent-by-hour licensing format, Denodo has developed platform for Google Cloud Platform (GCP) that is available at broad array of pricing options including number of data sources. Denodo Platform for GCP provides features identical to the elite Denodo Platform. Furthermore, Denodo Platform can be deployed on GCP as bring your own license (BYOL).
Want to Know More About Data Virtualization Cloud Market?
A new market research report published by Future Market Insights (FMI) on the global data virtualization cloud market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the data virtualization cloud market through five different segments – component, data consumer, deployment model, end-use industry, and region. The data virtualization cloud market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the development of data virtualization cloud and product adoption across several end-use industries.
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