Press release
Global Data Discovery Market: Potential Growth of $38.4 billion by 2029 with a CAGR of 20.3%
Data Discovery Market
Driven by Rising Demand for Structured and Unstructured Data, AI & Machine Learning Integration and Advancements in Cloud Computing
What Is The Projected Market Size Of The Global Data Discovery Market And Its Growth Rate?
• The data discovery market size was $15.9 billion in 2024 and is expected to grow to $18.32 billion in 2025 at a CAGR of 15.2%. This growth is due to the increasing volume and complexity of data, shift towards self-service analytics, compliance with regulations and the need for real-time analytics.
• The market size is projected to further expand to $38.4 billion in 2029, growing at a CAGR of 20.3%. The growth factors include a focus on data governance and privacy, adoption in SMEs, data democratization and enhanced data visualization.
What Is Driving The Growth In The Data Discovery Market?
The surge in demand for structured and unstructured data is a key driver in the data discovery market's expansion. Structured data is organized in a formatted repository, while unstructured data lacks a predefined data model. With data discovery tools, firms can extend data access to all employees, allowing for better understanding and collaboration on data-related topics. For example, in 2022, Techjury reported that 95% of firms cited managing unstructured data as a challenge and 97.2% are investing in big data and AI to boost their business growth.
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Who Are the Key Players Driving Data Discovery Market Growth?
• Amazon.com lnc.
• Alphabet Inc.
• Microsoft Corporation
• Hitachi Ltd.
• IBM Corporation
• Oracle Corporation
• SAP SE
• Micro Focus International plc
• Tableau Software LLC
• Tibco Software Inc.
• Cloudera Inc.
• Qlik Technologies lnc.
What Are The Key Trends In The Data Discovery Market?
Key trends include:
• Advancements in Artificial intelligence and Machine Learning
• Emergence of Cloud Computing
• Augmented Analytics
• Integration of Natural Language Processing
• Self-service Data Exploration
What Are The Segments Of The Global Data Discovery Market?
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: BFSI, Telecommunications and IT, Retail and E-Commerce, Manufacturing, Energy and Utilities
Which Region Leads The Data Discovery Market?
North America held the largest market share in the data discovery sector in 2024. However, the fastest-growing region is anticipated to be Asia-Pacific. The geographic regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Data Discovery Market Global Market Report?
- Market Size Analysis
- Market Segmentation Analysis
- Key Player Focus
- Growth Trends Analysis
- Market Contribution
- Growth Drivers
- Industry Challenges
- Competitive Developments
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