Data Discovery
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What Is the Expected CAGR for the Data Discovery Market Through 2025?
The size of the data discovery market has seen significant expansion in the past few years. It is projected to grow from a value of $15.9 billion in 2024 to $18.32 billion in 2025, which accounts for a compound annual growth rate (CAGR) of 15.2%. This previous growth can be linked to the increasing volume and complexity of data, the expansion of big data analytics, a move towards self-service analytics, regulatory compliance needs, and a rising demand for real-time analytics.
What’s the Projected Size of the Global Data Discovery Market by 2029?
The market size for data discovery is projected to experience robust growth in the next few years. By 2029, it is predicted to reach $38.4 billion, with a compound annual growth rate (CAGR) of 20.3%. The growth in this period is expected to be fuelled by factors such as an emphasis on data governance and privacy, increased use in small and medium enterprises (SMEs), the drive towards data democratization, and enhanced data visualization and storytelling. Key trends for this period would be the advancement in artificial intelligence (AI) and machine learning (ML), the rise of cloud computing, augmented analytics, integration of natural language processing (NLP), and self-service data exploration.
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Top Growth Drivers in the Data Discovery Industry: What’s Accelerating the Market?
The escalating demand for structured and unstructured data is propelling the expansion of the data discovery market. Structured data is information that is systematically arranged in a formatted repository, whereas unstructured data lacks a predetermined data model and does not follow a predefined systematic arrangement. By incorporating data discovery tools, businesses can provide all employees with data access, facilitating understanding and collaboration on data-related matters among data teams and business analysts. As indicated by an article written by Techjury, a US-based software company, in 2022, the difficulty of managing unstructured data has been acknowledged by 95 percent of companies as a challenge. Furthermore, 97.2 percent of businesses are making investments in big data and artificial intelligence to bolster their businesses and brands. Thus, the rising employment of structured and unstructured data is fueling the growth of the data discovery market.
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What Trends Will Shape the Data Discovery Market Through 2029 and Beyond?
The data discovery market is seeing a surge in popularity for new product innovations. Major players within the market are keenly focusing on creating technology forward products to fortify their market standing. Take for example, DvSum, an American cloud-based data intelligence platform, introduced in February 2022, its upgraded Data Catalog solution. This product simplifies data discovery, monitoring, and governance through an advanced, intelligent, real-time Data Catalog. Unlike its market counterparts, DvSum Catalog is designed to be smarter, more user-friendly, cost-effective and suitable for teams and businesses of all dimensions. This unique software pairs simple metadata like data dictionaries with real-time data profiles, measures data quality ratings, and links them to business terminologies and attributes. Users are therefore equipped with an unparalleled, inclusive, 360-degree view of the data, enabling them to deliver prompt and precise business insights.
What Are the Main 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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Which Top Companies are Driving Growth in the Data Discovery Market?
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.
Which Regions Will Dominate the Data Discovery Market Through 2029?
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.
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