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Associations are realizing the value of overloading data for informed guidance, changing the data discovery industry. Recent interest in data discovery arrangements has been spurred by the rapid growth of data quantities and the need to gain valuable insights from them. Many firms provide devices and stages to locate, analyze, and imagine data in this sector.
Business needs are a key market driver. As firms try to stay relevant in a fast-changing environment, they realize that traditional data analysis methods are insufficient. Data discovery tools allow clients across business capabilities to study and manage data without IT, speeding up dynamic cycles. Self-administration research is transforming the industry, with merchants focusing on simple interfaces and natural aspects to serve a wider audience.
Data discovery systems are increasingly using cutting-edge technologies like artificial intelligence and AI (ML). These breakthroughs automate repetitive tasks, uncover secrets, and provide prophetic research. The integration of AI and ML in data discovery is becoming a key differentiator among arrangement vendors as companies want to extract valuable insights from their data.
Another important factor shaping the data discovery business is the distributed computing viewpoint. Organizations are moving their data discovery processes to the cloud due to its scalability, agility, and cost-effectiveness. This transition affects data storage and retrieval and the competitive environment as new contenders with cloud-local contributions emerge.
Basic interoperability and assimilation skills affect data discovery market aspects. Companies want solutions that seamlessly integrate with their data foundation to ensure easy changes and data source compatibility. Sellers are responding to this interest by focusing on open designs and interoperable arrangements to cooperate across data situations.
Market components are also emerging from data security concerns. With data breaches and administrative consistency requirements rising, companies are concentrating on data discovery and sensitive data security. Data discovery tools with strong security, encryption, and consistency systems have improved, influencing companies' purchases.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | by Component, Deployment |
Data Discovery Market Highlights:
Data Discovery Market Synopsis:
The data discovery market size is expected grow USD 112 Billion with a robust 4.5% CAGR during the forecast period 2022-2030.
Data discovery is a process that businesses can use as a framework to understand their data. It is frequently associated with business intelligence (BI) and helps to inform business decisions by getting together disparate data sources for being examined. Data discovery is the process of acquiring and analyzing data from many sources in order to detect trends and patterns in the data. It is utilized in the BFSI, telecommunications, and information technology (IT) industries, as well as in manufacturing, energy, utilities, retail, and other business verticals.
Software and services are the two main categories of data discovery. With the aid of the program, it is possible to compile and merge data from many sources in order to spot patterns and trends. Data preparation, data modeling, visual analysis, & advanced statistical analysis are the main features of data discovery software.
One of the main growth drivers for the worldwide data discovery market is the rising demand for the self-service data discovery or (SSDD) technologies. These technologies make it simple for business users to locate and analyze pertinent data without the aid of IT specialists. As a result, organizations of every size are using SSDD tools more frequently. Another significant element driving the expansion of the market is the emergence of big data. Organizations produce massive amounts of digital data every day, thus there is a better demand for effective ways to glean insightful information from this data. Data discovery solutions give businesses throughout the world an efficient means to accomplish this, and as a result, they are growing in popularity.
Market Segmentation:
The global data discovery market has been segmented based 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 market 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 market is segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation.
By application, the 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.
Regional Analysis:
The global data discovery market is projected to register arobust CAGR over the forecast period. The geographic analysis of the global data discovery market has 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 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.
Competitive Analysis:
The global data discovery markets  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 economy has 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.
Key Players:
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)
- Netwrix Corporation (US)
The key strategies adopted by most of the players are partnerships, acquisitions, agreements, and collaborations.
Recent Developments
February 2023- A recent patent for artificial intelligence driven unstructured data discovery and protection technologies was obtained by DryvIQ, Inc. The leader in unstructured data management, DryvIQ, lately disclosed that their artificial intelligence-driven data classification & protection solution has been granted a patent (U.S. Patent 11531640). Clients can now correctly and automatically protect their sensitive data, pay less for storage, and run their businesses more efficiently. By automating the identification, classification, and transfer of unstructured data across key file storage repositories & business applications, DryvIQ's A.I. and machine learning technologies covered by the patent reduce the compliance and data security concerns.
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