Press release
Data discovery Market is expected to create a revenue pocket of USD16.4 billion, expanding at 14.6% by 2021 - 2027
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Keyplayers
IBM 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).
Overview of data discovery market
The practice of visually viewing data and utilizing advanced analytics to identify patterns, gain knowledge, respond to incredibly specific business questions, and extract value from corporate data is known as data discovery. The process of finding patterns in data that can be utilized to take action is known as data discovery. People or artificially intelligent devices perform the extraction. The data discovery solution reduces time to insights, handles a lot of different kinds of data with ease, and offers real-time analytics.
The Expanding need for sensitive data access and increased work efficiency with data safety regulations contribute to the growth of the data discovery market. Furthermore, the global increase in data leakage is affecting the market growth. The merging of companies with data-driven insights provides opportunities that can accelerate the development of the data discovery market.
Due to the global spread of the new coronavirus, there have been delays in daily company operations. To stop the virus spread, lockdowns and other restrictions were in effect for several months, which impacted workplace culture. Healthcare, pharma, and governing agencies all around the world have benefited from the deployment of data discovery solutions to track and monitor the health of COVID-19-infected people.
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The geographical analysis of the data discovery market
The data discovery market shows immense growth in regions like North America, the Middle East, Africa, South America, Europe, and Asia-Pacific.
The North American region is estimated to dominate the data discovery market in the forecast period. Canada is expected to have the quickest growth, while the US is predicted to dominate the global market. The US market is predicted to have the largest market share due to advanced data discovery solutions such as visual and augmented data discovery that uses big data analytics and artificial intelligence. The Asia-pacific region, which is divided into China, India, and Japan, is expected to grow at the fastest rate during the forecast period.
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Growth opportunities in the data discovery market
The global market is expanding rapidly due to the increasing demand for unstructured data, data classification, regulations, the discovery of sensitive data and risk management, and other services. Manufacturers have chosen product improvement, partnerships, and investments as their primary growth strategies to strengthen their market shares and meet the needs of data-driven enterprises. Furthermore, the companies focus on producing appropriate data insights with improved regulation over the discovery, simple application and data visualization tools, computer operating systems, real-time monitoring, and various other advantages. These advantages are expected to increase the demand for data analysis strategies globally.
The goal of the data discovery market is to present a general overview of the industry with thorough market segmentation by organization size (large, medium, and small), component (services and solutions), application (supply chain management, security & risk management, asset management, and sales & marketing management), deployment (on-cloud and on-premises), and geography. The global market for data discovery is predicted to grow rapidly in the forecast period.
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