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Data Discovery Tools And The Rise Of Data Access: An Emerging Driver Transforming The Data Discovery Market Landscape
Data Discovery
What Is the Data Discovery Market Size and Projected Growth Rate?
In recent times, the data discovery market size has expanded swiftly. It is projected to surge from $15.9 billion in 2024 to $18.32 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 15.2%. Factors contributing to growth during the historical period can be traced back to escalating volume and intricacy of data, the upward trend of big data analytics, a shift towards self-service analytics, regulatory compliance necessities, and the rising need for real-time analytics.
The data discovery industry is projected to experience substantial expansion in the forthcoming years. By 2029, the market is anticipated to surge to $38.4 billion with a CAGR of 20.3%. This growth trajectory throughout the forecast period can be credited to the increased concerns on data governance and privacy, amplified implementation in small and medium-sized enterprises (SMEs), emphasis on data democratization, improved data visualisation, and narrative generation capabilities. Significant trends for the forecast period encompass advancements in AI and ML, the rise of cloud computing, augmented analytics, the incorporation of natural language processing (NLP), and self-guided data exploration capabilities.
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What Are the Major Segments in the Data Discovery Market?
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
Subsegments:
1) By Software: Data Visualization Tools, Data Integration Tools, Data Preparation Tools, Data Governance Tools, Self-Service Analytics Tools
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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What Are The Driving Data Discovery Market Evolution?
The growth of the data discovery market is being propelled by the surge in demand for both structured and unstructured data. Structured data is information sorted into an organized format, while unstructured data lacks a set data model and is not neatly ordered. Utilizing data discovery tools, companies can offer data access to all employees, facilitating better understanding and collaboration on data-related issues among data teams and business analysts. As an example, a 2022 article from Techjury, a US-based software firm, revealed that 95 percent of companies acknowledge the difficulty in managing unstructured data. Concurrently, a staggering 97.2 percent of companies are pouring investments into big data and artificial intelligence to boost their business and brand development. Thus, the escalating use of both structured and unstructured data is propelling the growth of the data discovery market.
Which Firms Dominate The Data Discovery Market Segments?
Major companies operating in the data discovery market include 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., Varonis Systems, Netwrix Corporation, DataSunrise lnc., BigID Inc., Digital Guardian, Immuta Inc., Datawatch Corporation, 1TOUCH.IO CORPORATION, Solix Technologies lnc., Datameer Inc., Nightfall AI lnc., DataGrail lnc., Dathena Science SAS, Microstrategy Inc.
What Trends Are Driving Growth in The Data Discovery Market?
The pivotal trend taking center stage in the data discovery market is the introduction of new, innovative products. Dominating companies in this sector are zeroing in on launching technologically sophisticated products to cement their stance in the market. For example, in February of 2022, the US-based organization, DvSum, best known for its cloud-based data intelligence platform, rolled out its avant-garde Data Catalog solution. This tool simplifies the process of data discovery, monitoring, and governance, with a smart, live, and augmented Data Catalog. Unlike its market counterparts, the DvSum Catalog is designed to be more intelligent, user-friendly, cost-effective, and is suitable for both small and large teams or companies. The software amalgamates baseline metadata such as data dictionaries with real-time data profiles, and calculates data quality ratings, associating them with business definitions and attributes. This delivers a unique, comprehensive, and 360-degree view of the data to users, enabling them to generate precise and timely insights for the business.
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Which Is The Largest Region In The Data Discovery Market?
North America was the largest region in the data discovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Data Discovery Market?
2. What is the CAGR expected in the Data Discovery Market?
3. What Are the Key Innovations Transforming the Data Discovery Industry?
4. Which Region Is Leading the Data Discovery Market?
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