Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Data Discovery market is showing important trends, reflecting the innovation scene's distinctive notion. Self-management skills in data discovery tools are becoming more important. Companies are increasingly realizing the value of letting business clients analyze data without IT help. This trend toward self-administration aligns with data democratization, allowing non-specialists to openly share essential experiences.
Another industry trend is the integration of simulated intelligence and AI (ML) into data finding tools. These devices can automate data analysis, predict trends, and make smart recommendations with this linking. Simulated intelligence and ML accelerate data discovery and help customers draw more accurate conclusions from complicated information.
The Data Discovery industry increasingly uses cloud-based solutions to address flexibility, adaptability, and openness issues. Cloud-based data discovery tools provide remote data analysis, easy transmitting, and lower framework expenses. Cloud services allow companies to handle growing data quantities and changing business needs.
Data Discovery devices also tend to integrate with business knowledge (BI) stages and data representation tools. This cooperation streamlines the investigative process, offering clients a uniform experience from data discovery to detailing and representation. As organizations seek a complete data analysis solution, interoperability is crucial for a cohesive and effective research environment.
Data Discovery market considerations include data security and protection. As data volumes and responsiveness increase, companies are focusing more on data categorization and integrity. In response to the changing administrative landscape, Data Discovery sellers are adding robust security features, encryption protocols, and consistency mechanisms.
Additionally, the business is shifting toward more cooperative and intelligent data discovery. Current data discovery devices merge highlights that operate together to let colleagues exchange experiences, comments, and discoveries. This cooperative strategy improves dynamic cycles and promotes data-driven coordinated effort in organizations.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The integration of business operations with data-driven insight create Opportunities that can further boost the growth of the data discovery market. |
Data Discovery Market Highlights:
Data Discovery Market Synopsis:
The data discovery market size is expected grow USD 112 Billion with a robust 4.5% CAGR during the forecast period 2022-2030.
Data discovery is a process that businesses can use as a framework to understand their data. It is frequently associated with business intelligence (BI) and helps to inform business decisions by getting together disparate data sources for being examined. Data discovery is the process of acquiring and analyzing data from many sources in order to detect trends and patterns in the data. It is utilized in the BFSI, telecommunications, and information technology (IT) industries, as well as in manufacturing, energy, utilities, retail, and other business verticals.
Software and services are the two main categories of data discovery. With the aid of the program, it is possible to compile and merge data from many sources in order to spot patterns and trends. Data preparation, data modeling, visual analysis, & advanced statistical analysis are the main features of data discovery software.
One of the main growth drivers for the worldwide data discovery market is the rising demand for the self-service data discovery or (SSDD) technologies. These technologies make it simple for business users to locate and analyze pertinent data without the aid of IT specialists. As a result, organizations of every size are using SSDD tools more frequently. Another significant element driving the expansion of the market is the emergence of big data. Organizations produce massive amounts of digital data every day, thus there is a better demand for effective ways to glean insightful information from this data. Data discovery solutions give businesses throughout the world an efficient means to accomplish this, and as a result, they are growing in popularity.
Market Segmentation:
The global data discovery market has been segmented based on component, deployment, organization size, functionality, application, and region.
By component, the global data discovery market has been divided into solution and services. The solution segment is further bifurcated into process, preserve, and present, identify, review, and analyze, and collect & produce. Additionally, the services segment is classified into professional and managed services.
Based on the deployment, the global market categorized into on-premises and on-cloud.
By organization size, the global data discovery market has been divided into small & medium enterprise and large enterprise.
Based on functionality, the market is segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation.
By application, the market is segmented into security & risk management, sales & marketing management, asset management, supply chain management, and others.
The global data discovery market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis:
The global data discovery market is projected to register arobust CAGR over the forecast period. The geographic analysis of the global data discovery market has been conductedfor North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the dominating region in terms of the adoption of data discovery solutions & services. The North American market has been segmented into the US, Canada, and Mexico. The US is expected to lead the country-level market, while Canada is projected to be the fastest-growing segment during the forecast period. The US market is expected to report the highest market share, owing to the factors such as demand for advanced data discovery solutions such as augmented and visual data discovery that utilizes artificial intelligence and big data analytics. Additionally, the North American market for data discovery solutions is expected to grow further due to the presence of several key players in the region, including such asIBM Corporation (US), Microsoft (US), Oracle (US), Salesforce.com, inc. (US), SAS Institute Inc. (US), Google (US), Amazon Web Services, Inc. (US), Thales (US), Cloudera, Inc. (US), Alteryx, Inc. (US), PKWARE, Inc. (US), Spirion, LLC. (US), Egnyte, Inc. (US), and Netwrix Corporation (US).
The Asia-Pacific is projected to grow at the fastestrate over the forecast period, with the regional market segmented into China, Japan, India, and the rest of Asia-Pacific. This growth is attributed to the rapid economic developments and increasing awareness for data-driven insights in major countries, including China, Japan, and India, and the fast pace of data generation.
Competitive Analysis:
The global data discovery markets is witnessing high growth due to the rising demand to underst and unstructured data discovering sensitive data, classification of data, risk management & regulatory compliance, andothers. Major players have opted for partnerships, acquisitions, and product enhancement as their key organic growth strategies to enhance their positions in the market and cater to the rapidly changing demands of data-driven enterprises. Additionally, the companies are focusing on providing accurate data discovery with enhanced control over the data discovery process, easy-to-operate platform & data visualization tools, independent of the operating system of the computing system, monitor data in real-time, and several other benefits. These benefits are expected to boost the demand for data discovery solutions across the globe.
Impact of COVID19:
The global economy has reported several disruptions in the day-to-day business operations across industry verticals due to the outbreak of novel coronavirus globally. The enforcement of lockdown and other movement restrictions for several months to prevent the spread of deadly viruses has impacted the rapid transformation in the working culture. The adoption of data discovery solutions to trace and monitor the health of COVID-19 infected patients has helped healthcare, pharmaceuticals, and governing bodies across the globe to tackle and boost the process of decision-making during the pandemic situation.
Key Players:
The key players in the global data discovery market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include:
- IBM Corporation (US)
- Microsoft (US)
- Oracle (US)
- Salesforce.com, inc. (US)
- SAS Institute Inc. (US)
- Google (US)
- Amazon Web Services, Inc. (US)
- Micro Focus (UK)
- Thales (US)
- Cloudera Inc. (US)
- Alteryx Inc. (US)
- PKWARE Inc. (US)
- Spirion LLC. (US)
- Egnyte Inc. (US)
- Netwrix Corporation (US)
The key strategies adopted by most of the players are partnerships, acquisitions, agreements, and collaborations.
Recent Developments
Microsoft had in May 2024 announced improvements to the Power BI platform, which included integration of new artificial intelligence-powered functionalities for telling data stories. This includes a "Storytelling Assistant” that proposes visuals and insights, as well as a “Live Q&A” feature that allows users to interact with data through natural language queries.
Google Cloud launched BigQuery Data Mesh in April 2024, aimed at simplifying the management of data in difficult cloud environments. This offering encourages decentralization by enabling business users to manage their data assets more independently while ensuring consistency and governance.
In March 2024, Amazon Web Services (AWS) revealed deeper connectivity between its Amazon Redshift enterprise data warehouse solution and its Amazon QuickSight data discovery service. By this means, querying and analyzing Redshift-stored information quickly becomes more streamlined within QuickSight’s software interface itself.
Looker, which is a Google-acquired data discovery and business analytics platform, released “Data Actions,” a new feature that allows users to trigger actions on external applications from Looker dashboards. Such methods simplify workflows and enable users to respond immediately based on insights gained from the information produced by reports.
Salesforce made further investments into the Einstein Analytics platform in January 2024, specifically addressing customer data analysis functionality. These features include enhanced customer segmentation capabilities and AI-powered customer journey mapping aimed at providing greater insight into businesses’ customers.
OneTrust LLC., a leading trust intelligence provider, unveiled additional connectors for the discovery of data, bringing the total number of out-of-the-box connectors it provides beyond two hundred (200). The purpose behind these connectors is to help organizations scan, classify, inventory, and fix various kinds of data, enhancing their capacity to manage it properly.
June 2022: Select Star officially partnered with dbt Labs. As of now, this has been one of the most important integrations for Select Star, having linked over fifteen thousand models and two hundred twenty-five thousand columns to date. Select Star was developed to assist firms in discovering required data that would enable them to make the most beneficial decisions. Therefore, both Select Star and Dbt Labs seek to empower analytics engineers to work with information better and keep accurate documentation so that business users and data analysts can trust their data completely.
Intended Audience:
- Reviewers
- Paralegals
- Litigation Support
- Technology consultants
- Investors and venture capitalists
- Project Management Staff
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
