Data Discovery Market worth $14.4 billion by 2025, Growing at a CAGR of 15.6%: Report by MarketsandMarkets™

Chicago, July 04, 2023 (GLOBE NEWSWIRE) -- The global Data Discovery Market size is expected 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, according to a new report by MarketsandMarkets™. 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.

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The Data Discovery Market has witnessed several advancements in terms of solutions offered by the industry players. Data discovery solutions have evolved over the years and are used to automatically identify and protect sensitive data stored across the organization. The increasing demand to integrate data in business processes and derive actionable insights and changes during COVID-19 led in work dynamics increasing need for data utilization across verticals would provide opportunities for market growth.

Scope of the Report:

The Data Discovery Market, by component, is segmented into solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period. The data discovery services include professional and managed services. The growth of services 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. Consulting services are expected to have a higher CAGR during the forecast period. The growth can be attributed as its adoption help businesses create the right data discovery strategy for moving toward the digital transformation initiative or finding the best-fit approach. 

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The sales and marketing management application is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the consistent increase in customer data across verticals and increased focus on seamless customer experiences based on real-time data analytics. Moreover, the security and risk management application is expected to hold the largest market size during the forecast period. The growth is attributed to the focus of companies for reducing cyber threats and hacking to maintain data confidentiality, integrity, and availability across the IT infrastructure. 

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 during the forecast period. 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 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.

North America is expected to account for the largest market size during the forecast period. The region is witnessing significant technological advancements in the data discovery space due to the presence of prominent data discovery vendors. The growth of the region can also be attributed to the growing focus of companies on investments for cloud-based data discovery solutions which support real-time analytics. APAC is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to increased take-up of digital technologies among consumers as well as businesses in key countries, such as China, India, and Japan.

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Top Trends in global Data Discovery Market:

• Increasing Adoption of Self-Service Analytics: The demand for self-service records discovery equipment has been developing rapidly. Organizations are searching for options that empower commercial enterprise customers to independently discover and analyze information except heavy reliance on IT departments or facts analysts. Self-service analytics equipment allow customers to access, visualize, and analyze facts in a straight forward manner, riding quicker insights and decision-making.
• Augmented Analytics and AI-powered Data Discovery: Artificial talent (AI) and computer getting to know (ML) are being built-in into statistics discovery equipment to beautify the analytics process. Augmented analytics leverages AI and ML algorithms to automate facts preparation, sample recognition, and predictive modeling, lowering the time and effort required for guide statistics exploration. These applied sciences allow customers to discover hidden patterns, trends, and anomalies in data, main to higher insights.
• Integration of Data Discovery with Business Intelligence (BI): The convergence of statistics discovery with common enterprise talent is a substantial trend. Data discovery tools are being built-in into complete BI platforms, supplying customers with unified surroundings for information exploration, visualization, and reporting. This integration allows customers to seamlessly transition from statistics discovery to growing operational reviews and dashboards, facilitating end-to-end analytics workflows.
• Focus on Data Governance and Compliance: With the growing emphasis on facts privateness and regulatory compliance (such as GDPR and CCPA), corporations are prioritizing facts governance in information discovery initiatives. Data discovery equipment are being designed to make sure facts lineage, statistics quality, and records security, permitting groups to hold compliance whilst enabling self-service analytics. Strong governance abilities assist groups set up have confidence in the facts being explored and analyzed.
• Cloud-based Data Discovery Solutions: The adoption of cloud computing has been reworking the information discovery market. Cloud-based records discovery options offer scalability, flexibility, and accessibility, permitting corporations to cope with giant volumes of information and guide faraway collaborations. Cloud deployment additionally allows quicker implementation, reduces infrastructure costs, and offers seamless integration with different cloud-based services.
• Data Democratization and Citizen Data Scientists: Data discovery equipment are enabling statistics democratization with the aid of empowering non-technical users, regularly referred to as citizen records scientists. This equipment furnishes intuitive interfaces and drag-and-drop functionalities, enabling enterprise customers to operate superior analytics except tremendous technical skills. This fashion fosters a data-driven subculture inside organizations, promotion data-driven decision-making throughout more than a few departments.
• Focus on Data Visualization and Storytelling: Effective statistics visualization and storytelling abilities are turning into an increasing number of essential in facts discovery tools. Visualization aspects allow customers to current insights and findings in a visually compelling manner, facilitating higher appreciation and verbal exchange of data-driven insights. By combining records visualization with narrative storytelling techniques, statistics discovery equipment assists customers to deliver the importance of the information and power actionable outcomes.
  
  

Key Industry Development in global Data Discovery Market:

• Increasing use of AI and ML: Artificial talent (AI) and computer mastering (ML) are being increasingly more used in statistics discovery options to automate the method of discovering and inspecting data. This is assisting companies to retailer time and resources, and to acquire insights from their information extra quickly.
• Growing adoption by means of SMBs: Data discovery solutions are turning into greater lower priced and reachable to small and medium-sized companies (SMBs). This is assisting SMBs to compete with large agencies through giving them get right of entry to to the equal statistics discovery equipment and technologies.
• Focus on open supply solutions: Open supply information discovery options are turning into an increasing number of famous as they provide a low-priced and bendy choice to industrial solutions. Open supply options are additionally regularly greater customizable and scalable, making them a suitable suit for companies with precise needs.
• Demand for built-in solutions: Businesses are more and more searching for records discovery options that can combine with different BI and analytics platforms. This is due to the fact they favor to be in a position to use their statistics discovery insights throughout their complete organization.

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