ID: MRFR/ICT/9033-HCR | March 2021 | Region: Global | 100 pages
The global data discovery market size is expected to register a robust CAGR during the forecast period.
Data discovery is the methodology to gain meaningful business insights by collecting and evaluating raw from various data sources. This usually is used to identify the trends and patterns in an organization. Data discovery involves collecting, cleansing, or organizing the data in a predefined data structure and sharing it throughout the organization for further analysis. The data discovery applications include security & risk management, sales & marketing management, asset management, supply chain management, and others.
The rising need to access sensitive information and maximize business productivity and compliance with data protection standard scontribute to the data discovery market growth.However, this market growth is hampered by the rise in incidents of data breaches across the globe. The integration of business operations with data-driven insight screate sopport unities that can further boost the growth of the data discovery market.
The global data discovery market has been segment edbased on component, deployment, organization size, functionality, application, and region.
By component, the global data discovery market has been divided into solution and services.The solution segment is further bifurcated into process, preserve, and present, identify, review, and analyze, and collect & produce. Additionally, the services segment is classified into professional and managed services.
Based on the deployment, the global data discovery market is categorized into on-premises and on-cloud.
By organization size, the global data discovery market has been divided into small & medium enterprise and large enterprise.
Based on functionality, the global data discovery market is segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation.
By application, the global data discovery market is segmented into security & risk management, sales & marketing management, asset management, supply chain management, and others.
The global data discovery market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The global data discovery market is projected to register arobust CAGR over the forecast period. The geographic analysis of the global data discovery markethas been conductedfor North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the dominating region in terms of the adoption of data discovery solutions & services. The North American market has been segmented into the US, Canada, and Mexico. The US is expected to lead the country-level market, while Canada is projected to be the fastest-growing segment during the forecast period. The US market is expected to report the highest market share, owing to the factors such as demand for advanced data discovery solutions such as augmented and visual data discovery that utilizes artificial intelligence and big data analytics. Additionally, the North American market for data discovery solutions is expected to grow further due to the presence of several key players in the region, including such asIBM Corporation (US), Microsoft (US), Oracle (US), Salesforce.com, inc. (US), SAS Institute Inc. (US), Google (US), Amazon Web Services, Inc. (US), Thales (US), Cloudera, Inc. (US), Alteryx, Inc. (US), PKWARE, Inc. (US), Spirion, LLC. (US), Egnyte, Inc. (US), and Netwrix Corporation (US).
The data discovery market in Asia-Pacific is projected to grow at the fastestrate over the forecast period, with the regional market segmented into China, Japan, India, and the rest of Asia-Pacific. This growth is attributed to the rapid economic developments and increasing awareness for data-driven insights in major countries, including China, Japan, and India, and the fast pace of data generation.
The global data discovery market is witnessing high growth due to the rising demand to underst and unstructured data discovering sensitive data, classification of data, risk management & regulatory compliance, andothers. Major players have opted for partnerships, acquisitions, and product enhancement as their key organic growth strategies to enhance their positions in the market and cater to the rapidly changing demands of data-driven enterprises. Additionally, the companies are focusing on providing accurate data discovery with enhanced control over the data discovery process, easy-to-operate platform & data visualization tools, independent of the operating system of the computing system, monitor data in real-time, and several other benefits. These benefits are expected to boost the demand for data discovery solutions across the globe.
Impact of COVID19
The global economyhas reported several disruptions in the day-to-day business operations across industry verticals due to the outbreak of novel coronavirus globally. The enforcement of lockdown and other movement restrictions for several months to prevent the spread of deadly viruses has impacted the rapid transformation in the working culture. The adoption of data discovery solutions to trace and monitor the health of COVID-19 infected patients has helped healthcare, pharmaceuticals, and governing bodies across the globe to tackle and boost the process of decision-making during the pandemic situation.
The key players in the global data discovery market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include IBM Corporation (US), Microsoft (US), Oracle (US), Salesforce.com, inc. (US), SAS Institute Inc. (US), Google (US), Amazon Web Services, Inc. (US), Micro Focus (UK), Thales (US), Cloudera, Inc. (US), Alteryx, Inc. (US), PKWARE, Inc. (US), Spirion, LLC. (US), Egnyte, Inc. (US), and Netwrix Corporation (US). The key strategies adopted by most of the players are partnerships, acquisitions, agreements, and collaborations.
Global Data Discovery Market, 2018–2026 (USD Billion)
Source: MRFR Analysis