FMI predicts 25% CAGR for data virtualization cloud market
A recent report by Future Market Insights (FMI) analysts forecast global adoption of data virtualization cloud solutions to rise by 25.2% CAGR during 2020-2030.
The COVID-19 pandemic has boosted the 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 a core component of their existing cloud strategy.
The key takeaways from FMI's data virtualization cloud market study include stand-alone software to remain the preferable component in the data visualization cloud market. Moreover, business intelligence tools will account for greater data consumption through 2030. The public cloud model will continue to generate significant demand over the following decade. Market players will continue viewing the BFSI industry as a target data visualization cloud solutions customer. And markets in North America and Europe will remain in the vanguard, given the 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 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," says an analyst at FMI.
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 the wake of social distancing measures, institutions and enterprises across the globe have implemented sudden shifts to digital solutions to mimic pre-crisis growth levels.
Companies from other industries realize the benefits and potential of cloud-based solutions, even ahead of the immediate need for remote working triggered by the COVID-19 pandemic. As a result, many enterprises will kick start ramping up their digital transition efforts and invest heftily in the cloud and IT resources in the coming years.
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.
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 cut-throat competition, market players are bringing advancements in existing solutions and offering them at flexible pricing.
"For instance, Microsoft has developed Conduit, which is 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," says FMI.
"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. In addition, Denodo Platform for GCP provides features identical to the elite Denodo Platform. Furthermore, the Denodo Platform can be deployed on GCP as bring its own license (BYOL)," conclude researchers at FMI.
