Press release
Data Discovery Market to Reach USD 44.08 Billion by 2030 Amidst AI Integration
Data Discovery Market
The global Data Discovery Market is poised for significant growth, projected to expand from USD 12.37 billion in 2023 to USD 44.08 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 19.9% during the forecast period.
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Market Overview
Data discovery involves extracting actionable insights from vast datasets, enabling organizations to make informed decisions. The increasing volume and complexity of data, coupled with the need for real-time analytics, are driving the adoption of data discovery solutions. These tools offer agility, flexibility, and enhanced data visibility, making them indispensable across various industries.
Competitive Landscape
The data discovery market is characterized by the presence of several key players striving to enhance their market share through product innovation and strategic collaborations. Notable companies include:
IBM Corporation
Microsoft Corporation
Oracle Corporation
Salesforce, Inc.
SAS Institute Inc.
Google LLC
Amazon Web Services, Inc.
Cloudera, Inc.
MicroStrategy Incorporated
Qlik Technologies, Inc.
These companies are focusing on research and development to introduce advanced data discovery solutions and expand their global footprint.
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Regional Demand
North America held the largest market share in 2023, accounting for over 42% of global revenue, driven by early adoption of innovative technologies and the presence of major enterprises. However, the Asia-Pacific region is anticipated to exhibit the highest growth rate, propelled by increasing investments in technology infrastructure and rising awareness of data-driven decision-making in countries like China, Japan, and India.
Country-Specific Insights
Growth Opportunities in Vietnam
Vietnam is emerging as a significant player in the data discovery market, driven by government initiatives and increasing digitalization. The country's plans to add 10 new submarine cables by 2030 aim to enhance its data center industry, facilitating better data management and discovery capabilities.
Trends in Thailand
Thailand's data discovery market is expanding due to increased public and private sector investments in digital infrastructure. The government's focus on transforming the country into a digital economy is leading to higher adoption of data analytics and discovery tools across various industries.
Consolidation in Japan
Japan is experiencing consolidation in the data discovery market, with major technology firms merging to streamline operations and enhance product offerings. This trend is expected to improve the availability and affordability of data discovery solutions, catering to the country's growing demand for advanced analytics.
Updation in South Korea
South Korea's data discovery market is projected to reach USD 542.8 million by 2030, growing at a CAGR of 15.5% from 2024 to 2030. The country's emphasis on AI and IoT technologies is driving the adoption of data discovery tools, particularly in the telecom, media, and technology sectors.
Opportunities in Singapore
Singapore presents significant opportunities in the data discovery market, driven by its robust digital infrastructure and proactive government policies. The country's initiatives to enhance data governance and security are leading to increased demand for advanced data discovery solutions.
Growth in the United States
The United States remains a dominant player in the data discovery market, with a market share of over 42% in 2023. The country's early adoption of innovative technologies and the presence of major enterprises are propelling market growth.
Trends in China
China's data discovery market is expanding rapidly, driven by government initiatives to promote digital transformation and data-driven decision-making. The country's investments in AI and big data technologies are contributing to the increased adoption of data discovery tools across various industries.
Consolidation in Europe
Europe is witnessing consolidation in the data discovery market, with companies merging to enhance their product portfolios and expand their reach. Government campaigns promoting data-driven decision-making and mandatory data governance policies in certain countries are driving market expansion.
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Data Discovery Market Segmentation:
by Type
Software
Services
by Deployment Mode
On-premises
Hosted
The on-premise category had the greatest market share in 2023 based on deployment mode because of its advantages, which include cost savings, quick reaction times, and improved control over service level, which results in high performance and maintenance. An organisation that assists in hosting services such as software, networking, infrastructure, and more is known as an on-premise service provider. All transactions are handled by the client organisation, which is also in charge of setting up and maintaining their infrastructure.
by Application
Risk management
Social network analysis
Customer experience management
Cost optimization
Others
by Verticals
BFSI
Government
Healthcare and Life Sciences
Retail
Manufacturing
Others
In 2023, the Healthcare and Life Sciences category had the biggest market share based on verticals. The growing population and increased need in the healthcare and life science sectors are driving up demand for this category. In terms of advanced technology adoption and services, this category supports the verticals with the quickest rates of growth. Software asset management solutions can support the healthcare and life science industries, which is beneficial for market expansion. Regulations from regulating bodies must be adhered to by healthcare organisations that employ software asset management systems for operational tasks and medical device management.
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Recent Developments
In September 2022, Alation Inc. raised $123 million in funding to expand its data intelligence platform capabilities in data discovery, governance, and cataloging.
In 2022, Microsoft Corporation added new data discovery features to Azure Purview, including integration with Microsoft Power BI to find sensitive data faster.
In March 2022, Collibra acquired OwlDQ, a data quality start-up, to integrate automated data quality checks into its platform.
In November 2020, PKWARE acquired Dataguise, expanding its global footprint and enhancing its data discovery and protection capabilities.
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