Data Virtualization Market targets to reach $4.12 Billion by 2022

Northbrook, IL, USA, 2020-Apr-16 —

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, reduction in infrastructure costs, an increasing need to gain business insights, real-time availability of data, and an increasing demand for data integration software tools.

In the component segment, data integration solution is expected to hold the largest market size during the forecast period. The data virtualization platform with integration capabilities enables organizations to collect data from various sources on a single platform. Various industry verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare, and retail and eCommerce, are deploying data virtualization software and solutions to access and analyze large volumes of data, formulate various business strategies, and make business-critical decisions.

In the data consumer segment, the Business Intelligence (BI) tools subsegment is expected to hold the largest market size and to grow at the highest CAGR during the forecast period. The BI tools offer capabilities that help organizations in making real-time business decisions with maximum accuracy.

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The data virtualization market size 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. Large volumes of data generation and an increasing demand for data integration software tools are some of the major driving factors for the data virtualization market. Furthermore, the increasing demand for intelligent business processes and growing innovation across end users are expected to provide growth opportunities for the market.

The demand for data consumers is growing with the evolution of data virtualization technology. Specifically, BI tools are expected to record at the highest growth rate during the forecast period. Solutions offered by vendors need to be integrated to avail industry’s best practices for data virtualization solutions. The market for BI tools is expected to grow faster owing to the increasing need for deployment of data virtualization software and solutions either on cloud or on-premises.