How Has The Data Discovery Market Size Evolved In Recent Years?
The data discovery market has seen considerable growth due to a variety of factors.
• Recent years have seen a swift expansion in the size of the data discovery market. It's projected to escalate from $15.9 billion in 2024 to approximately $18.32 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.2%.
The historic growth can be traced back to factors such as the burgeoning volume and intricacy of data, the emergence of big data analytics, a shift towards self-service data interpretation, regulatory compliance necessities and the need for real-time analytics.
What is the Forecasted Market Size and CAGR for the Data Discovery Market?
The data discovery market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the data discovery market size is anticipated to witness tremendous growth, expanding to $38.4 billion by 2029, with a compound annual growth rate (CAGR) of 20.3%.
The key factors driving this growth during the forecast period are the focus on data governance and privacy, increased uptake among small and medium-sized enterprises, emphasis on data democratization, and advanced data visualization and storytelling. Noteworthy trends during the projection period encompass advancements in the domains of artificial intelligence (AI) and machine learning (ML), the advent of cloud computing, enhanced analytics, the incorporation of natural language processing (NLP), and self-service data exploration.
What Key Factors and Trends are Driving the Growth of the Data Discovery Market?
The expansion of the data discovery market is being propelled by the growing demand for both structured and unstructured data. Structured data is the information that is arranged into a sorted repository, while unstructured data lacks an organized data model or is not structured in a designated manner. By implementing data discovery tools, businesses can offer data access to all employees, enabling data teams and business analysts to understand and collaborate on data-related initiatives. For example, Techjury, a US-based software company, revealed in a 2022 article that 95% of companies acknowledge the difficulty of handling unstructured data, and 97.2% are investing in big data and artificial intelligence to boost growth within their businesses and brands. Thus, the increased utilization of both structured and unstructured data is pushing the growth of the data discovery market forward.
What are the Market 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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What Trends are Shaping the Data Discovery Market?
The primary trend emerging in the data discovery market is the creation of novel product innovations. Many leading firms in this market are focusing on creating technologically superior products to solidify their market standing. For example, in February 2022, DvSum, an American cloud-based data intelligence platform, introduced its cutting-edge Data Catalog solution. This tool simplifies the process of discovering, monitoring, and governing data through a smart, augmented, live Data Catalog. Unlike its competitors, the DvSum Catalog is smarter, more user-friendly, cost-effective, and designed for organizations and teams of all sizes. This platform merges simple metadata like data dictionaries with real-time data profiles and calculates data quality rankings, linking them with business definitions and attributes. Resultantly, users experience an unparalleled, all-round view of their data, which facilitates the provision of prompt and precise business insights.
Who Are the Key Players 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.
What are the Regional Insights into the Data Discovery Market?
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.
