The data virtualization cloud market is expected to grow at a compound annual growth rate (CAGR) of 25.2% through 2030, according to a report by Future Market Insights (FMI). “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 have become substantially more manageable than ever before. Innovative trends are coming forth to support a slew of use cases in hybrid and multi-cloud ecosystems,” said the report.
The COVID-19 pandemic has played a significant role in boosting the adoption of cloud-based platforms, with recent studies indicating that more than a third (38%) of companies are now focusing on hybrid cloud structures as a core component of their existing cloud strategy. “Many enterprises will kick start ramping up their digital transition efforts and invest heftily in the cloud and IT resources in the coming years,” the report said.
Several key factors influencing the growth of the data virtualization cloud market such as standalone software is expected to remain the preferable component in the data visualization cloud market, while business intelligence tools are expected to account for greater data consumption through 2030. Additionally, the public cloud model is likely to generate significant demand over the following decade, with market players continuing to view the BFSI industry as a target customer of data visualization cloud solutions.
North America and Europe are expected to remain at the forefront of the data virtualization cloud market, given the presence of key players and well-established cloud infrastructure. “Innovative trends are emerging to support a slew of use cases in hybrid and multi-cloud ecosystems,” said the report.
The COVID-19 pandemic has exposed almost every industry to economic uncertainties, but the global data virtualization cloud market has emerged in a position of strength from the pandemic. “As such, it appears highly unlikely that the public health crisis will affect the bottom lines of players in the data virtualization cloud market to a significant degree,” said the FMI report.
The presence of technology giants such as Microsoft Corporation, IBM Corporation, and SAP has intensified the competitive landscape of the global data virtualization cloud market.
“To survive cutthroat competition, market players are bringing advancements in existing solutions as well as offering them at flexible pricing,” says expert. For example, Microsoft Corporation has developed Conduit, a lightweight data virtualization solution that offers direct queries to various data sources irrespective of their location through a centralized security framework that allows de-centralized access while fulfilling five Cs – Combine, Connect, Collaborate, and Consumes with Compliance.
Similarly, taking advantage of Google Cloud's flexible rent-by-hour licensing format, Denodo has developed a platform for Google Cloud Platform (GCP) that is available at a broad array of pricing options including a number of data sources.
