Northbrook, IL 60062 -- (SBWire) -- 08/04/2023 --The global Data Discovery Market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period, according to research report by MarketsandMarkets™.
Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, growing adoption of cloud-based data discovery solutions to improve security compliance and governance within data and the growing importance of data utilization during COVID-19 scenario among organizations are expected to drive the adoption of the data discovery market.
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Businesses providing data discovery solutions and services are expected to witness a minor decline in their growth for a short span of time. However, the focus on vaccine development, adoption work from home initiatives, and eHealth are leading to explosion of structured and unstructured data, which needs to be discovered and managed efficiently to derive insights. The market would witness a minimal slowdown in 2020, followed by positive growth during the forecast period. The global spread of COVID-19 has led to numerous privacy, data protection, security, and compliance questions. These challenges are driving the need for companies and organizations to ensure their data discovery solutions not only secure but also support data analysis for strategic business decisions.
The cloud segment to grow at a higher CAGR during the forecast period
The data discovery market by deployment mode has been segmented into on-premises and cloud. Cloud is further segmented by type in a public cloud, private cloud, and hybrid cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and lack of workforce hit the industry and are expected to drive the adoption of cloud-based data discovery solutions. Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based data discovery solutions.
The services segment to grow at a higher CAGR during the forecast period
The data discovery market is segmented on the basis of components into solutions and services. Services are further segmented into professional and managed services. Professional services include consulting, deployment and integration, and support and maintenance services. The demand for professional services is expected to rise due to a rise in tailored demand for customers. Customers are coming up with customization requirements in the already installed data discovery solutions to enhance the overall performance. By 2021, considering the pandemic comes under control, a massive generation of data from the deployment of sensors and an increase in the use of IoT devices would pave the way for the adoption of data discovery solutions to support the massive data growth.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The data discovery market is segmented on verticals into BFSI, government, healthcare, and life sciences, retail, manufacturing, media and entertainment, telecommunications and IT, transportation and logistics, and other verticals (education, energy and utilities, and travel and hospitality). The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. During the COVID-19 pandemic, healthcare researchers and hospitals are dealing with enormous data, which has created a massive need for efficient data discovery and management. Data preparation and graphical user interface facilitate the users to utilize embedded intelligence with automated data prep tasks.
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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global data discovery market. The region is witnessing significant developments in the data discovery market. Many data discovery solution providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness for data security and privacy among organizations in key countries, such as China, India, and Japan, is expected to fuel the adoption of data discovery solutions and services. The commercialization of the AI and ML technology, giving rise to increased data generation, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of data discovery solutions in the region.
Major vendors in the global data discovery market include IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), AWS (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), PKWARE (US), Alteryx (US), Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital Guardian (US), Exonar (UK), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore), BigID (US), Explorium (US), 1touch.io (US), Congruity360 (US), and Concentric (US).
Key Dynamic Factors For Data Discovery Market:
The data discovery market was experiencing significant growth and evolution driven by several dynamic factors.. Here are some of the key dynamic factors that were influencing the Data Discovery Market:
Increasing Data Volume and Complexity: To properly handle and analyse enormous amounts of data, advanced data discovery technologies are required due to the exponential growth of data coming from many sources, including social media, IoT devices, and enterprise applications.
Growth of Self-Service Analytics: Data discovery systems enabled non-technical people to explore and analyse data without requiring intensive IT support. Across organisations, this tendency democratised data insights, facilitating quicker decision-making and more autonomy powered by data.
Artificial intelligence and machine learning advancements: The incorporation of AI and ML technologies into data discovery tools improved data analysis capabilities, allowing for more accurate predictions, pattern identification, and anomaly detection.
Integration with Business Intelligence and Analytics systems: By integrating data discovery solutions with current business intelligence and analytics systems, a seamless end-to-end data analysis and visualisation experience is provided.
Data Governance and Compliance: Data discovery solutions required to include strong data governance capabilities to assure data security, compliance, and accountability as data privacy standards (such as the GDPR, CCPA) become increasingly strict.
Cloud Adoption: The move of data and analytics to the cloud sparked a desire for cloud-based data discovery solutions that provided scalability, flexibility, and cost-efficiency.
Focus on Data Visualisation: As users were able to get insights fast and communicate discoveries clearly, user-friendly and interactive data visualisation skills became vital in data discovery tools.
Real-time Data Discovery: As real-time analytics became more and more important, data discovery technologies had to change to offer almost instantaneous data processing and insights.
Industry-specific Solutions: As they addressed the distinct data difficulties and requirements of each sector, data discovery solutions targeted to certain industries, such as healthcare, finance, retail, and manufacturing, grew in popularity.
Vendor Consolidation and Innovation: As larger technology businesses looked to diversify their data analytics services, the data discovery market saw mergers and acquisitions. Smaller firms launched specialised data discovery solutions at the same time and kept innovating.
Initiatives towards data democratisation and data literacy: Organisations have emphasised the value of democratising access to data while fostering a data-driven culture among staff members.
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Competitive and Segmentation Analysis:
The data discovery market, as of my most recent update in September 2021, was split to address different business demands and industrial verticals and was characterised by fierce competition. A wide range of businesses, from well-known digital juggernauts to nimble startups, crowded the market and were all vying for a piece of the quickly expanding data analytics pie. The deployment options, business size, industry vertical, and geographic location were some of the major elements that influenced market segmentation for data discovery.
Based on the deployment style of data discovery solutions, the first segmentation element was created. The software might be housed and controlled within an organization's infrastructure with on-premises solutions, or it could be hosted and managed on cloud servers with cloud-based solutions. Businesses desiring the greatest level of control over their data and sensitive information favoured on-premises solutions. The scalability, affordability, and ease of use of cloud-based choices, in contrast, have helped them become more popular and are a desirable option for businesses looking to cut IT costs and quickly roll out data discovery capabilities.
Business size was an essential segmentation criterion. Small and medium-sized businesses (SMEs) and large corporations both have unique demands and resources that have been catered for in data discovery solutions. Because of their smaller size and lack of technical know-how, data discovery technologies for SMEs are frequently more user- and cost-friendly. Data discovery platforms for big businesses, on the other hand, provided complete functions to manage enormous datasets and give powerful analytics capabilities, assuring they could fulfil the intricate requirements of enterprise-level data analysis.
Industry vertical-specific solutions were a significant market sector in the data discovery space. Each industry faced particular data problems, had rules for compliance, and had particular uses for data analytics. Because of this, data discovery vendors created specialised products to meet the special requirements of sectors like healthcare, banking, retail, manufacturing, government, education, telecommunications, energy, and media.
The segmentation of the data discovery market was also significantly influenced by geographic region. Based on elements including technology development, programmes for digital transformation, and regulatory frameworks, adoption rates vary across different countries. Data discovery market growth and acceptance varied significantly across key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In this fiercely cutthroat market, numerous established businesses and forward-thinking startups looked to set themselves apart with distinctive products and features. Market leaders with powerful data discovery and analytics systems included Tableau (bought by Salesforce), Qlik, Microsoft, SAS, and MicroStrategy. Parallel to this, firms like ThoughtSpot, Alteryx, Domo, Sisense, and TIBCO Spotfire provided new views to data analysis and visualisation, spurring innovation and escalating competition.
It was anticipated that the competitive environment and market segmentation would alter even more as the data discovery industry developed further, driven by technical improvements and changing consumer needs. For the most recent information, businesses looking for insights into the competition and segmentation analyses of the data discovery market are urged to consult the most recent industry studies and market research.
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Data Discovery Market: Current and Future Scenario, Future Demand by 2025
This research report categorizes the Data Discovery Market based on components, deployment mode, organization size, application, vertical, and region.