“The increasing demand to integrate data in business processes and derive actionable insights, and COVID-19 led to change in work dynamics leading to increased need for data utilization across verticals, are expected to act as growth opportunities for the data discovery market.”
The global data discovery market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, growing adoption of cloud-based data discovery solutions to improve security compliance and governance within data and the growing importance of data utilization during COVID-19 scenario among organizations are expected to drive the adoption of the data discovery market. The objective of the report is to define, describe, and forecast the data discovery market size based on component, functionality, organization size, deployment mode, application, vertical, and region.
With the growing focus on IoT and real-time data analysis, the data discovery market is witnessing significant growth. Various factors, such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy culture with evolving data privacy regulations, and need for real-time data access, are expected to drive the adoption of the data discovery market. Increasing demand to integrate data in business processes to derive actionable insights, and COVID-19 led change in work dynamics increasing need for data utilization across verticals would provide opportunities for market growth. However, the market faces restraints, such as difficulty to justify RoI from data discovery solutions, and lack of skilled professional workforce. Data security and privacy concerns, and major dependency on traditional manual systems for data discovery are the key challenges in the adoption of data discovery solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The data discovery market is segmented based on components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth can be attributed to the increasing demand for deployment and integration services by end user to effectively integrate data discovery tools for gathering structured and unstructured data from multiple sources.
The augmented data discovery functionality segment to grow at the highest CAGR during the forecast period
The data discovery market by functionality has been segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation. The visual data discovery functionality is expected to hold the largest market size during the forecast period. This can be attributed to its benefits such as easy interaction with graphs for clear results, analysis, reporting and visualization of different options, and easy documentation supporting corporate and governmental compliance. The augmented data discovery functionality is expected to grow at the highest CAGR. Augmented data discovery algorithms do the heavy lifting of sifting through data and then presenting the user with insights that can really make a difference to their business.
The cloud segment to grow at a higher CAGR during the forecast period
The data discovery market by deployment mode has been segmented into on-premises and cloud. Cloud is further segmented by type in public cloud, private cloud, and hybrid cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing and lack of workforce hit the industry, and are expected to drive the adoption of cloud-based data discovery solutions. Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based data discovery solutions.
Among verticals, the healthcare and life sciences segment to grow at a the highest CAGR during the forecast period
The data discovery market is segmented based on verticals into BFSI, government, 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 BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. During the COVID-19 pandemic, healthcare researchers and hospitals are dealing with enormous data, which has created a massive need for efficient data discovery and management. Data preparation and graphical user interface facilitates the users to utilize embedded intelligence with automated data prep tasks.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC. The increasing volume of data, advancements in AI and big data technologies, growing concern about data integrity, and increasing demand for useful insights are some of the major factors driving the growth of the data discovery market in APAC. China, India, and Japan are particularly focusing on enhancing the management of data to enable data-based business decisions and enhance business processes.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the data discovery market.
- By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
- By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
- By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The report includes the study of key players offering data discovery solutions and services. It profiles major vendors in the global data discovery market. The major vendors in the global data discovery market are include IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), AWS (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), PKWARE (US), Alteryx (US), Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital Guardian (US), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore), BigID (US), Explorium (US), 1touch.io (US), Congruity360 (US), and Concentric (US).
Research Coverage
The market study covers the data discovery market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, organization size, deployment mode, application, functionality, vertical, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall data discovery market and its sub segments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
