NEWARK, Del, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The data catalog market is on the brink of reaching a substantial valuation, projected to reach US$ 1.1 billion by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the data catalog market. The trend is anticipated to open doors to new opportunities within the market, with a projected CAGR of 23.5% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around US$ 8.9 billion.
The escalating volume, velocity, and variety of data present a burgeoning challenge in managing and harnessing data effectively, fostering an increased demand for data catalog solutions in the foreseeable future. Data catalog solutions streamline the management process by furnishing a centralized repository for comprehending, organizing, and categorizing data assets.
Implementing data catalog solutions requires substantial investments to establish and configure, encompassing the meticulous selection of appropriate tools. The integration of these solutions with existing systems may pose a hurdle to the growth of the data catalog market during the forecast period. Notwithstanding, many thriving enterprises heavily rely on data catalog solutions, particularly as businesses must navigate various data sources while adhering to compliance norms to avoid fines and safeguard sensitive customer information.
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Adopting data catalog solutions simplifies the identification, categorization, curation, and preparation of data sources for businesses, leading to cost and time savings. Consequently, this contributes to a compelling value proposition for companies and their clients. Organizations increasing utilization of data catalog solutions is driven by the need to manage the burgeoning data volume effectively, enhance productivity, and ensure business continuity, thereby propelling the growth of the data catalog market.
One notable factor driving market growth is the facilitation of analytics self-service by data catalog solutions. These solutions provide business users with a framework to understand the context, provenance, relationship, and consumption of data, fostering increased data reuse. Data catalog serves as a mentor, imparting knowledge about data standards and consistent practices, bridging the knowledge gap between data engineering and business.
Moreover, data catalog solutions improve data quality by closing the data consumption loop. They enable equitable sharing of business and IT's understanding of data, offering insights into data propagation and revealing the costs and complexities associated with data purification and organizational data architecture. This systematic data lineage enhances transparency, contributing to the growth of the data catalog market.
Key Takeaways from the Market Study:
- The market valuation in 2023 was US$ 9 billion.
- Based on component type, the solution is expected to dominate at a market share of 23.5% in 2024.
- Japan is estimated to register at a CAGR of 24.7% by 2034.
- China experiences significant growth, projected at a CAGR of 24% by 2034.
“The increasing volume, velocity, and variety of data make it more complex and challenging to manage and utilize data effectively is considered a major trend of the data catalog market” - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of the Report:
| Attributes | Details | |
| Estimated Market Size in 2024 | US$ 1.1 billion | |
| Projected Market Valuation in 2034 | US$ 8.9 billion | |
| CAGR Share from 2024 to 2034 | 23.5% | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | Value in US$ billion | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape:
The data catalog industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are
- In July 2023, RightData announced DataMarket, a user-friendly way to act on all data within an organization, including understanding definitions, viewing metadata, control access, and direct access to APIs, connectors, and natural language-based data analysis.
- In October 2023, Data catalog specialist Alation unveiled new generative AI capabilities and tools designed to help organizations measure the maturity of their data management and analytics operations.
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Data Catalog Market Segmentation:
By Component:
- Solutions
- Standalone Solution
- Integrated Solution
- Services
- Support and Maintenance Services
- Consulting Services
- Deployment and Integration Services
- Managed Services
By Metadata Management Tools:
- Business Metadata
- Technical Metadata
- Operational Metadata
By Deployment Mode:
- Cloud
- On-Premise
By Data Consumer:
- Business Intelligence Tools
- Data Integration and ETL
- Reporting and Visualization
- Query and Analysis
- Enterprise Applications
- ERP
- Supply Chain Management System
- Mobile and Web Applications
- Heat Map Analytics
- Web Behavioral Analysis
- Market Automation
By Vertical:
- BFSI
- Retail and E-Commerce
- IT and Telecom
- Healthcare
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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