Press release
Data Discovery Market Key Trends And Forecast Report 2024-2033
Data Discovery Market
The Business Research Company presents an extensive market research report on the Data Discovery Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The data discovery market size has grown rapidly in recent years. It will grow from $13.95 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to increasing volume and complexity of data, rise of big data analytics, shift towards self-service analytics, regulatory compliance requirements, demand for real-time analytics.
The data discovery market size is expected to see rapid growth in the next few years. It will grow to $31.53 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to focus on data governance and privacy, expanded adoption in small and medium enterprises (semes), focus on data democratization, enhanced data visualization and storytelling. Major trends in the forecast period include advancements in artificial intelligence (AI) and machine learning (ML), emergence of cloud computing, augmented analytics, integration of natural language processing (NLP), self-service data exploration.
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Key Market Players:
Major companies operating in the data discovery market report are Amazon.com lnc., Alphabet Inc., Microsoft Corporation, Hitachi Ltd., IBM Corporation, Oracle Corporation, SAP SE, Thales Group S.A., Micro Focus International plc, Tableau Software LLC, Tibco Software Inc., Proofpoint Inc., Cloudera Inc., Qlik Technologies lnc., Varonis Systems, Netwrix Corporation, DataSunrise lnc., BigID Inc., Digital Guardian, Immuta Inc., Datawatch Corporation, 1TOUCH.IO CORPORATION, Solix Technologies lnc., SolarWinds Corporation, Datameer Inc., Nightfall AI lnc., DataGrail lnc., Clearstory Data lnc., Dathena Science SAS, Platfora lnc., Microstrategy Inc., RAMP Holdings Inc.
Market Drivers:
The increasing need for structured and unstructured data is driving the growth of the data discovery market going forward. Structured data refers to information that has been organized into a formatted repository, whereas unstructured data is information that lacks a predefined data model or is not organized in a predefined way. Enterprises may extend data access to all employees by integrating data discovery tools, allowing data teams and business analysts to comprehend and cooperate on data-related topics. For instance, in 2022, according to the article by Techjury, a US-based software company, the requirement to manage unstructured data is cited by 95 percent of firms as a challenge, and 97.2 percent of businesses are investing in big data and artificial intelligence for the growth of their businesses and brands. Therefore, increasing the use of structured and unstructured data is driving the data discovery market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/data-discovery-global-market-report
The data discovery market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment Model: Cloud-Based, On Premises
3) By Organization Size: Large Enterprises, Small Enterprises
4) By Industry Verticals: Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and E-Commerce, Manufacturing, Energy and Utilities, Other Industry Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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