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Data Catalog Market Growth Trends 2024: Future Projections and Key Factors
Data Catalog Market Growth
Data Catalog Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.67 Bn In 2028 At A CAGR Of 24.8% :
The data catalog market size has grown strongly in recent years. It will grow from $0.89 billion in 2023 to $1.10 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth in the historic period can be attributed to rise of big data, regulatory compliance requirements, data silos and fragmentation, shift to cloud computing, demand for self-service analytics.
The data catalog market size is expected to see strong growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%. The growth in the forecast period can be attributed to AI-driven metadata management, data governance and privacy enhancements, hybrid and multi-cloud data management, advanced data discovery and exploration. Major trends in the forecast period include data catalogs as a service (DCaaS), embedded data catalogs in analytics platforms, enhanced data collaboration features, data catalogs for dataOps and devOps integration, augmented data catalogs with natural language processing (NLP).
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Data Catalog Market Major Segments
The data catalog market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premise
3) By End-user Industry: Banking, Financial Services, and Insurance, Retail And E-commerce, Healthcare, Manufacturing, Other End-user Industries
Key Driver - Growth Trends In Data Loss And Cybercrime Boosts Data Catalog Market
Increasing cybersecurity threats are expected to propel the growth of the data catalog market going forward. Cybersecurity threats refer to potential risks or dangers that arise from vulnerabilities in computer systems, networks, and digital infrastructure. The reasons for rising cybersecurity threats include the proliferation of IoT devices with limited security features, new attack vectors, lack of robust cybersecurity measures, such as firewalls, antivirus software, intrusion detection systems, encryption, and access controls. Data catalogs support compliance efforts with data protection regulations, such as GDPR, CCPA, HIPAA, and PCI DSS, by providing visibility into data usage, storage, and access patterns. Organizations can use data catalogs to demonstrate compliance with regulatory requirements, implement data retention policies, and monitor data access for audit purposes. For instance, in March 2023, according to a report published by the FBI's Internet Crime Complaint Center (IC3), a US-based government, the IC3 received a total of 847,376 complaints in 2021, which is an increase compared to the previous year's 791,790 complaints in 2020, the total data loss has grown from $6.9 billion in 2021 to more than $10.2 billion in 2022. Therefore, increasing cybersecurity threats are driving the growth of the data catalog market.
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Prominent Trend - Data Integration And Analytics Is Driving Innovation In The Data Catalog Market
Major companies operating in the data catalog market are focusing on developing new technologies, such as a new data management service with machine learning capabilities to gain a competitive advantage in the market. The new data management integrates machine learning capabilities to enable organizations to govern, catalog, share, and analyze their data efficiently. For instance, in November 2022, Amazon Web Services, a US-based cloud computing company, launched Amazon DataZone, a new ML-based data management service. It enables data producers to populate a business data catalog with structured data assets from services such as AWS Glue Data Catalog and Amazon Redshift, while data consumers can search, subscribe to, and analyze these data assets. This service aims to streamline data management processes, enhance data discoverability, and facilitate efficient collaboration among teams for better insights and decision-making based on data analysis.
Data Catalog Market Players
Major companies operating in the data catalog market are Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Hitachi Vantara Corporation, Tableau Software LLC, Informatica LLC, TIBCO Software Inc., Alterynx Inc., Unifi Software Inc., QlikTech International AB, Altair Engineering Inc., Boomi Inc., Precisely Inc., Talend Inc., Alation Inc., Datawatch Corporation, Tamr Inc., BigID Inc., Zaloni Inc., Atlan Pte. Ltd. , Collibra Inc., Okera Inc., Apache Software Foundation, Waterline Data Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the data catalog market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data catalog market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Data Catalog Market Report Structure
3. Data Catalog Market Trends And Strategies
4. Data Catalog Market - Macro Economic Scenario
5. Data Catalog Market Size And Growth
…..
27. Data Catalog Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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