Data discovery involves collecting and evaluating data from a variety of sources and is commonly used to understand trends and patterns in data. It requires a set of steps that an organization can use as a framework for understanding data. Data discovery is typically associated with business intelligence (BI) and helps business decisions by bringing together data sources for analysis.
The data discovery process involves connecting multiple data sources, cleaning and preparing data, sharing data across your organization, and performing analysis to gain insights into your business processes.
According to UnivDatos Market Insights (UMI)’ research report “Global Data Discovery Market Analysis, 2021”, the data discovery market is projected to grow at a CAGR of ~17% during 2021-27F. The increasing demand for data discovery can be attributed to the increasing demand of businesses for visualization and explorative data analysis services, the growing importance of data-driven decision-making, growing trends in self-service business intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources. Furthermore, the increasing amount of user-generated data from various vertices like social media, eCommerce, etc. is expected to drive the data discovery market during the forecast period. For instance, Google, Facebook, Microsoft, and Amazon store more than 1,200 petabytes of information.
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Based on the Components, the market is segmented into software and services. The software segment is expected to grow with a significant CAGR during the forecast period. The growth of the software segment can be attributed to the growing need for data statistical analyzing software. statistical software, or statistical analysis software, refers to tools that assist in collecting and analyzing data to provide science-based insights into patterns and trends. they often use statistical analysis theorems and methodologies to perform data science, such as regression and time series analysis. Increases in efficiency from streamlined and automated business data analysis workflows are the major benefits that are expected to drive the market for this segment during the forecast period.
Based on the organization size, the market is segmented into large enterprises and small and medium enterprises. The large enterprise segment is expected to gain prominence during the forecast period. Many large businesses use sensitive data discovery tools to locate vital data, mostly to comply with the industry standards and legal frameworks. These frameworks include the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), Health Insurance Portability and Accountability Act (HIPAA), and ISO standards. The most sensitive data detection tools are installed and operated by the information security team. However, the privacy team can also request data from the report.
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Based on the deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to achieve a considerable CAGR during the forecast period. The growing demand of cloud services can be attributed to the cost-effectiveness of cloud services. As, companies can eliminate unnecessary hardware or rigid on-premises assets and easily right-size computing resources according to their unique business requirements. Furthermore, the integration of cloud-based solutions and services helps organizations to reduce their operational cost significantly as they can be accessed from anywhere.
Based on the Industry Vertical, the market is segmented into BFSI, government, healthcare, and life sciences, retail, manufacturing, media and entertainment, telecommunications and IT, and others. The BFSI segment is expected to significantly during the forecast period. The growth of the segment can be attributed to the growing number of transactions and an increase in the investment in the fintech sector by big market players is expected to drive the market for the segment.
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North America to Grab Lion’s Share, and witnessed Explicit Growth
The North American region is expected to hold the major share of the data discovery market during the forecast. Mainly because of developed economies such as the United States and Canada. The U.S. is a key market in the region due to the early adoption of sensitive data discovery solutions. The growth in the region can be attributed to the early adoption of new and emerging technologies, significant investments in cloud-based solutions, and the presence of a high number of businesses in this region. The need to increase storage capacity has become an opportunity for every major enterprise in the area, as there is a continuous rise in data and respective applications. The growing number of data-dependent/intensive companies is expected to drive the data discovery market in the region., as stated in UnivDatos Market Insights (UMI)’ research report “Global Data Discovery Market Analysis, 2021”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the data discovery market include Tableau Software, Alteryx Inc., Logi Analytics, Tibco Software, Pentaho Corporation, Qliktech International AB, Microsoft Corporation, MicroStrategy inc., Clearstory Data, SAS Institute Inc. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“Global Data Discovery Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for data discovery providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Component (Software, Services)
2. By Organisation Size (Large, Small, and Medium)
3. By Deployment (On-Premises and Cloud)
4. By Industry Vertical (BFSI, Government, Healthcare and Lifesciences, retail, Manufacturing, Retail,Media and entertainment, Telecommunications and IT and Others)
5. By Region (North America, Europe, Asia-Pacific, Rest of the World)
6. By Company (Tableau Software, Alteryx Inc., Logi Analytics, Tibco Software, Pentaho Corporation, Qliktech International AB, Microsoft Corporation, MicroStrategy inc., Clearstory Data, SAS Institute Inc.)
Key questions answered in the study:
1. What are the current and future trends in the data discovery industry?
2. How the industry has been evolving in terms of type and end-users?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the data discovery industry?
5. What is the customer orientation, purchase behavior, and expectations from the data discovery firms across various regions?
