Data Discovery Market: Current Analysis and Forecast (2021-2027)

Report Description

The Global Data Discovery Market is anticipated to grow with an elevated CAGR of around 17% over the forecast period (2021-2027). the growing prominence of IoT devices, increasing social media users and E-commerce customers are expected to drive the data discovery market. For instance, according to Shopify, in the year 2021, the total number of online buyers reached 824 million. Furthermore, the increasing importance of gaining data insights through advanced tools and techniques and recognizing meaningful analytics to drive business growth. In addition, an increasing need for data-driven decision-making, new strategies implemented by organizations to maximize productivity, constraints imposed by regulators to comply with data protection standards, and market entry.

Insights Presented in the Report

“Amongst Component, software segment holds the major share”

Based on component, the market is segmented into software and services. The software segment is expected to grow with a significant CAGR during the forecast period. Statistical software or statistical analysis software refers to tools that help you collect and analyze data to provide science-based insights into patterns and trends, they often use statistical analysis theorems and methodologies to perform data science, such as regression and time series analysis. An increase in efficiency from streamlined and automated business data analysis workflows are the major benefits that are expected to drive the market for this segment during the forecast period.

“Amongst Organisazation Size, large enterprises segment holds the major share”

Based on organization size, the market is segmented into large, small, and medium organizations. The large organization segment is expected to achieve a significant CAGR during the forecast period, the growth of the segment can be attributed to the volume of data that is required to be processed by these organizations. Furthermore, many large businesses use sensitive data discovery tools to locate vital data, mostly to comply with industry standards and legal frameworks. These frameworks include the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA),  Health Insurance Portability and Accountability Act (HIPAA), and ISO standards. The most sensitive data detection tools are installed and operated by the information security team.

Amongst Deployment, the cloud segment holds the major share”

Based on deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to achieve a considerable CAGR during the forecast period. The growing demand of cloud services can be attributed to the cost-effectiveness of cloud services. As, companies can eliminate unnecessary hardware or rigid on-premises assets and easily right-size computing resources according to their unique business requirements. Furthermore, the integration of cloud-based solutions and services helps organizations to reduce their operational cost significantly as they can be accessed from anywhere.

Amongst Industry Vertical, the BFSI segment holds the major share”

Based on industry vertical, the market is segmented into BFSI, government, healthcare, and life sciences, retail, manufacturing, media and entertainment, telecommunications and IT, and others. The BFSI segment is expected to grow with a robust CAGR during the forecast period banking and finance sector continually faces new regulations and cyber security threats and a consistently growing number of transactions and data volume. The BFSI sector is in consistent need of secure and scalable solutions that enable efficient delivery of the services. Further, these applications require to be updated at fairly regular intervals to match developments in technology and be equipped with the latest security features that protect against constantly evolving cyber security threats.

“North America represents one of the largest markets of data discovery market”

For a better understanding of the market dynamics of the data discovery market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, the North American region held a significant share in the data discovery market and is expected to witness exponential growth during the forecast period. This is mainly attributed to the presence of large players in the region who are investing heavily in the integration of such technologies coupled with the growing number of data-intensive organizations in the region is expected to drive the market. Furthermore, The adoption of data discovery solutions and services is projected to be fueled by a growing awareness of data security and privacy among enterprises in important nations such as the USA, and Canada. The region’s adoption of data discovery solutions is likely to be driven by the commercialization of AI and ML technologies, which has resulted in increasing data generation and the need for additional developments to maximize its benefits.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

The global data discovery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Data Discovery Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global data discovery market were the three major steps undertaken to create and analyze the adoption of the data discovery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global data discovery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the data discovery through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the data discovery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, organization size, deployment,and industry vertical. Further country-level analyses were conducted to evaluate the overall adoption of data discovery across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the data discovery. Further, we conducted factor analysis using dependent and independent variables such as component, organization size, deployment,and industry vertical. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the data discovery sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Data discovery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of data discovery across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the data discovery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the data discovery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas component, organization size, deployment, and industry vertical of the data discovery market.

The main objective of the Data Discovery Market Study

The current & future market trends of data discovery were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the data discovery in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component, organization size, deployment,and industry vertical
• Define and analysis of the regulatory framework for the data discovery industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the data discovery market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the Data discovery market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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