Author: Himanshu Patni
20 November 2022
The Global Data Discovery Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 17% during the forecast period (2021-2027F). The increasing demand for data discovery can be attributed to the increasing demand of businesses for visualization and explorative data analysis services, the growing importance of data-driven decision-making, growing trends in self-service business intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources. Furthermore, the increasing amount of user-generated data from various vertices like social media, eCommerce, etc. is expected to drive the data discovery market during the forecast period. For instance, Google, Facebook, Microsoft, and Amazon store more than 1,200 petabytes of information.
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.
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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 the 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.
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.
For a detailed analysis of the type of Data Discovery browse through – https://univdatos.com/report/data-discovery-market/
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.
For a better understanding of the market adoption of the data discovery, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. The North American region is expected to achieve the largest share of the data discovery market, which can be attributed to the presence of large players in the region who invests largely in the refinement of such technologies and the growing number of data-intensive organizations in the region is expected to drive the data discovery market in the region. 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.
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Tableau Software, Alteryx Inc., Logi Analytics, Tibco Software, Pentaho Corporation, Qliktech International AB, Microsoft Corporation, MicroStrategy inc., Clearstory Data, SAS Institute Inc, are some of the key players operating in the global data discovery market. Several M&As along with partnerships have been undertaken by these players to develop various types of data discovery.
Global Data Discovery Market Segmentation
Market Insight, by Component
Market Insight, by Organisation Size
Market Insight, by Deployment
Market Insight, by Industry vertical
Market Insight, by Region
Top Company Profiles
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