Covid-19 Impact on Data Discovery market :
This Covid-19 pandemic led lockdown and mobility restrictions across the world imposed by countries caused supply chain disruptions, remote working, and sudden downturn of all the markets including global data discovery market. Some industries have faced downfall, and some industries have experienced positive effects due to this pandemic.
At a compound annual growth rate of 15.5%, the size of the worldwide The Data Discovery market is projected to reach USD 21.5 Billion in 2028.
This report offers an overview global data discovery market, business changing environment, investment opportunities, challenges facing the market as well as risks that market players may face, market projections, segment study, and more such aspects are studied in detail in the report.
The data discovery market witnessed some positive effects due to this pandemic. Data discovery solutions were adopted to trace and monitor covid-19 infected patients which significantly helped healthcare, government, and other relevant industries tackle, design better strategies, and improve decision making during the pandemic.
Segment by Components :
The Data Discovery market is classified into solutions and services on the basis of components. The solution sub-segment is further segmented into the process, present, preserve, identify, analyze, review, and collect & produce.
Segment by Deployment:
The Data Discovery market is classified into on-premises and on-cloud on the basis of Deployment model. The cloud segment is estimated to be adopted heavily and account for maximum market share due to factors such as minimal requirements of capital, simpler deployment options than traditional options like on-premise data discovery tools. The on-premises segment is driven by its attributes like high secure data encryption, data visibility, etc.
Segment by Verticals:
The Data Discovery market is segmented into Healthcare, Government and Defense, IT and Telecom, Banking, Financial Services, and Insurance (BFSI), Transportation and Logistics, Retail and e-commerce, Media and Entertainment, and Others. The BFSI vertical is estimated to dominate the data discovery market during the forecast period. The healthcare and life sciences vertical is estimated to grow at the highest CAGR during the forecast period.
Segment by Regions:
The Data discovery market is segmented into Europe, North America, Asia Pacific, South America based on geography. Among the segmented regions, North America is leading the market. North America is expected to have dominating position during the forecasted period. Asia Pacific region is expected to grow at the fastest rate during the forecasted period.
Data discovery is the process of extracting, cleaning, and organizing data sets through visual tools and sharing it to organizations for better understanding the insights the data offers and make well-informed decisions. An attempt is made to extract an actionable pattern from this collected data. Extraction of patterns from data is done by either artificial intelligence systems or humans. Data discovery offers meaningful insights by extracting data from various sources. Data discovery solutions offer flexibility, agility, ease of use, quicker insights, easy handling of data, and provides real-time analytics. Data discover is used I various applications such as security & risk management, asset management, etc.
The increasing usage of IoT devices, monitoring devices has led to generation of large volume of data. The factors increasing importance of gaining data insights through advanced tools and techniques, awareness for drawing meaningful analysis for driving business growth are boosting the global data discovery market. Additionally, the increasing need for data-driven decision making, new strategies implemented by organizations to maximize productivity, restrictions of regulatory bodies to comply with data protection standards, self-service BI tools coming up in the market are also some other factors of the growth of global data discovery market.
For the data discovery market, capturing the data is one of the essential things. But organizations often fail to extract insightful data and evaluate business opportunities. This practice hampers this market growth. Rising numbers of data breaches also restrain data discovery market growth. With technological advancement upgrade in the skills of the workforce is also required. The lack of a skilled workforce has dampened data discovery market growth. Failure in managing large amount of data (petabytes and exabytes) has raised data security and data loss concerns. The three main challenges for the Data discovery market are data brokerage, data breaches, and data discrimination.
Nevertheless, the pandemic led market disruption enabling organizations to adopt data discovery tools and solutions for gaining insightful data, changing weather patterns, changing business trends, changing consumer behavior patterns, rising crime rate is increasing the demand of data discovery tools and solutions. Data discovery tools allow better data management and enable businesses and governments to unlock new business opportunities, better governance strategies, etc. Increasing awareness about this market is an ample opportunity for the data discovery market.
The major players in global Data Discovery market are IBM, Microsoft, Concentric, Congruity360, MicroStrategy, 1touch.io, Explorium, BigID, Securiti, Nightfall, Exonar, Egnyte, Spirion, Dathena, Thales, Alteryx, PKWARE, Varonis, Cloudera, Micro Focus, AWS, Digital Guardian, Google, DataGrail, SAS Institute, Netwrix, Salesforce, and Oracle among others.
Latest Trends :
- In November 2020, PKWARE acquired Dataguise, a company with innovative technology for businesses to protect and discover personal data stored across diverse IT systems and environments and systems. The acquisition will expand PKWARE's global footprint as it continues Dataguise's operations in the US, Canada, Europe, India, and Canada.
- In November 2020, Exonar partnered with Roc Technologies to assist organizations in understanding and uncovering the data landscape to add value to the critical infrastructure, lifesciences, and higher education sectors.
- In June 2020, SAS Institute released a new enhancement for SAS Viya named SAS Viya 4. The enhancement is designed to be updated and delivered continuously; the new architecture helps bring powerful analytics to everyone, everywhere.
Data Discovery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 21.5 Billion|
|Growth Rate||CAGR of 15.5% during 2021-2028|
|Segment Covered||By Organization, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Oracle Corporation, SAP, Micro strategy, Inc., Qlik Technologies, Inc., Tibco Software Inc., Platfora, Datameer Inc., Cloud era, Inc., Data Watch Corporation, Clearstory Data, Tableau Software, Inc. Birst, Inc.|
Key segments of the Data Discovery market :
Segment by Component :
Segment by Deployment :
Segment by Verticals :
- Banking & Finance
Segment By Region :
· Rest of Europe
· Rest of Asia Pacific
· Rest of South America