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Data Discovery Market Research: A Deep Dive into Data Insights, Unraveling Trends, and Projections to Empower Strategic Decision-Making and Business Advancements
Data Discovery Market
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.
Market Overview -
Data discovery refers to the process of acquiring and analyzing data from many sources in order to detect trends and patterns in the data by taking a series of actions that businesses may use as a framework to comprehend their data, which is frequently associated with business intelligence (BI) and assists in informing business decisions by bringing together disparate data sources to be examined.
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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.
New Product Innovations Reshaping Data Discovery
New product innovations are the key trend gaining popularity in the data discovery market. Major companies operating in the data discovery market are focused on developing technologically advanced products to strengthen their market position. For instance, in February 2022, DvSum, a US-based cloud-based data intelligence platform, launched its next-generation Data Catalog solution that makes it much easier to discover, monitor, and govern data with the help of the smart, augmented, live Data Catalog. DvSum Catalog is smarter, easier to use, inexpensive, and intended for teams and companies of all sizes, unlike other data catalogue products on the market. This software combines basic metadata such as data dictionaries with real-time data profiles, computes data quality ratings, and connects them to business definitions and attributes. This provides users with an unrivaled, comprehensive, 360-degree perspective of the data, allowing them to provide timely and accurate insights into the business.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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