Data Discovery Market

Global Data Discovery Market Size (2024 to 2029)

The global data discovery market is predicted to reach USD 11.62 billion in 2024 and USD 25.81 billion by 2029, growing at a CAGR of 17.30% during the forecast period.

Data discovery is a process of exploring data with the help of visual tools that can allow non-technical leaders to find the latest patterns and outliers to assist organizations in better understanding the insights their data has to offer, due to which every employee in the organization can make smart business decisions and continue in refine their approach. Data discovery lets the business step back from individual points, combine data from multiple sources, include external third-party data, and create a big picture, leading to a better decision-making strategy. Data discovery does not require data business users to create elaborate models. Most companies can use it as Business Intelligence software to have a complete view of their organization in a simple dashboard or visual format. Data discovery is a solution for fully identifying a company’s data and ensuring proper controls for best security practices and regulatory compliance measures. The increasing demand for data discovery in business organizations to make it easy for users to explore and work with an organization’s data is boosting the growth of the data discovery market.

Global Data Discovery Market Drivers:

The driving force of the Data Discovery Market is the increasing need to discover sensitive structured and unstructured data. Sensitive context exists in unstructured formats such as office documents, files, and images, distributed and released via file sharing, social media, and email. Most enterprises in various verticals are realizing the increasing importance of data mining and drawing meaningful analyses for driving business growth and building competitive advantages. The increasing need to generate insights from structured and unstructured data by combining them into specific formats to make them valid and understandable to the end-users is boosting the demand for data discovery solutions. Additionally, the rapid adoption of cloud computing and the rise of remote workers are increasing the demand for data discovery solutions. Moreover, enterprises increasingly demand comprehensive discovery platforms to process vast volumes of data in real-time to provide business insights. The growing importance of data-driven decision-making, the trend of self-service BI tools, and insight generation from a growing number of multi-structure data sources are some of the essential factors driving the demand of the Data Discovery Market.

Global Data Discovery Market Restraints:

Data discovery is prone to security and privacy threats. Cloud-based solutions may pose security threats due to extensive data collection stored by third parties. These challenges are hampering the growth of the data discovery market.

Impact of COVID-19 on the global data discovery market: 

Businesses providing data discovery solutions and services have experienced a minor decline in demand for data discovery solutions. However, the focus on vaccine development, adoption of work-from-home initiatives, and e-health led to a sudden increase in structured and unstructured data that needs to be discovered and controlled efficiently to derive insights. The data discovery market has showcased a minimal slowdown in 2020 and is estimated to have positive growth throughout the forecast period. The global spread of COVID-19 has led to numerous privacies, data protection, security, and compliance questions, and these challenges are leading to increasing the demand for knowledge discovery solutions for companies and organizations to secure and support data analysis for strategic business decisions.

REPORT COVERAGE:

This research report on the global data discovery market has been segmented and sub-segmented based on the components, organization size, deployment mode, application, functionality, end-users, and region.

Global Data Discovery Market - By Components:

• Solutions

• Services

• Managed Services

• Professional Services

• Support and Maintenance

• Deployment & Integration

• Consulting

Based on Components, the Global Data Discovery Market is segmented into Solutions, Services, Support and Maintenance, Deployment and integration, and Consulting. The service segment is going to dominate the market due to the growing complexity of operations and the increasing deployment of Business Intelligence platforms.

Global Data Discovery Market - By Organization Size:

• Large Enterprises

• Small-Medium-sized Enterprises

The Global Data Discovery Market is segmented by organizational size into large, Small, and Medium-sized Enterprises. Large Enterprises will dominate the market due to the large amount of data that needs to be managed through visual tools; thereby, the demand for data discovery solutions is rising in large enterprises.

Global Data Discovery Market - By Deployment Mode:

• On-Premises

• Cloud

Based on Deployment Mode, the Global Data Discovery Market is segmented into On-Premises and Cloud. The cloud segment is expected to rule the market during the forecast period due to the accessibility of easy deployment options and minimal capital and time requirements. Additionally, social distancing and the workforce due to the pandemic have hit industries, fueling the demand for data discovery solutions in the industries.

Global Data Discovery Market - By Application:

• Security and Risk Management

• Sales and Marketing Management

• Supply Chain Management

• Others

Based on Application, the Global Data Discovery Market is segmented into Security and Risk Management, Sales and Marketing Management, Supply Chain Management, and Others. Security and Risk Management are expected to dominate due to the increasing adoption and demand of data discovery software in the BFSI sector. Business organizations can minimize business risk by deploying data discovery software to uncover and get relevant data insights into the business.

Global Data Discovery Market - By Functionality:

• Visual Data Discovery

• Augmented Data Discovery

• Search-based Data Discovery

• Self-Service Data Preparation

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. Visual data discovery will dominate the market during the forecast period, enabling users to interact and view their data from every aspect and drill down to hyper-specific events.

Global Data Discovery Market - By End-users:

• BFSI

• Government

• Healthcare and Life Sciences

• Retail

• Manufacturing

• Media and Entertainment

• Telecommunications and IT

• Transportation and Logistics

• Others

• Education

• Energy and Utilities

•  Travel and Hospitality

Based on Functionality, the Global Data Discovery Market is segmented into Healthcare and Life Sciences, Retail, Manufacturing, Media and Entertainment, Telecommunications and IT, Transportation and Logistics, and Other Verticals (Education, Energy and Utilities, and Travel and Hospitality). The Healthcare and Life Sciences segment is predicted to grow at the most significant CAGR during the forecast period. During the pandemic, healthcare researchers and hospitals deal with enormous amounts of data, creating a significant need for data discovery efficiency and management. In data discovery solutions, data preparation and graphical user interface allow users to use embedded intelligence with automated data preparation tasks. BFSI is also expected to dominate the market due to the increasing demand for data discovery solutions for banking and finance services.

Global Data Discovery Market – By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America is anticipated to maintain the largest market share throughout the forecast period due to the early adoption of new and emerging technologies, considerable investment in cloud solutions, and significant business dominance in this region. So, the need for storage capability is increasing, which has become a massive opportunity for every significant enterprise in the area due to the continuous rise in data and respective solutions. Additionally, the development of mobile broadband, growth in cloud computing, and big data analytics are propelling the demand for new data infrastructure, i.e., data discovery software, which further propels the growth of the data discovery market growth. Furthermore, the declining prices of servers have enhanced the deployment of cloud computing businesses in North America and hit the demand for effective and sustainable data construction that boosts the growth of the data discovery market. Moreover, major companies like Google, Facebook, Microsoft, Apple, etc., are investing in green data centers to use power from renewable resources. Owing to the above factors, the use of data discovery software is increasing in North America, which will boost the growth of the Data Discovery Market in this region.

Asia-Pacific is expected to grow with the highest CAGR during the forecast period due to the growing demand for data security and privacy among organizations of significant countries like China, Japan, and India. Additionally, the commercialization of Artificial Intelligence and Machine Learning Technology is giving rise to increased data generation, and the need for advanced solutions of data discovery to leverage its benefits to the maximum are some of the factors that are expected to fuel the demand for the data discovery market over this period.

Europe is estimated to hold a significant share of the Data Science Platform Market due to rising data-driven digital transformation. A large number of industries that are adopting these technologies in their systems are driving the market's growth.

KEY MARKET PARTICIPANTS:

The major companies operating in the global data discovery market include IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), and PKWARE (US).

RECENT HAPPENINGS IN THE MARKET:

• In December 2020, Google announced that it has entered into a definite agreement to acquire Actifio to demonstrate Google Cloud’s commitment to helping enterprises protect workload on-premises and in the cloud.

• In November 2020, PKWARE announced that it had acquired Data Guise to provide enterprises with an unmatched, comprehensive solution to data security and privacy management.