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Data Discovery Market Opportunities And Strategies 2024-2033 | Insights, Demand, Outlook
Data Discovery Market
The Business Research Company offers in-depth market insights through Data Discovery Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Data Discovery Tools And The Rise Of Data Access
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.
Competitive Landscape:
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.
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Top Trend - Onetrust's Data Discovery Revolution
Major companies operating in the data discovery market are launching new data discovery connectors to increase their profitability in the market. Data discovery connectors are tools or components designed to facilitate the discovery of data by establishing connections with various data sources. For instance, in June 2023, OneTrust, a Georgia-based company that specializes in trust intelligence launched new data discovery connectors. OneTrust broadens data discovery with connectors for 200+ sources, covering on-premises, cloud, structured, unstructured data, and more. The platform offers AI-driven classification, regulatory insights, and policy enforcement for automated data security and governance. This solution integrates consent, preference, and privacy controls, empowering contemporary enterprises to uphold ethical data practices across the entire data journey.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Data Discovery Market Characteristics
3. Data Discovery Market Trends And Strategies
4. Data Discovery Market - Macro Economic Scenario
5. Data Discovery Market Size And Growth
…..
27. Data Discovery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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