New York, United States , Nov. 07, 2022 (GLOBE NEWSWIRE) -- Global Data Discovery Market Size is expected to be worth USD 7.50 billion in 2021 and is estimated to reach up to USD 20.03 billion by 2030, at a compound annual growth rate (CAGR) of 15.60% from 2021 to 2030, according to the new research study published by Spherical Insights & Consulting.
The market for data discovery is expected to expand rapidly in the next years as a result of the rising demand from businesses for services related to data visualization and exploratory analysis. The increasing significance of data-driven decision-making, expanding trends in self-service business intelligence (BI) tools, and the development of insights from an increasing variety of multi-structured data sources are the main growth drivers for the data discovery industry. Applications used in the data discovery industry use visual tools like heat maps, pivot tables, and maps of locations to detect patterns more quickly and easily. Europe is expected to grow the fastest during the forecast period followed by Asia Pacific and North America.
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Businesses that offer data discovery services and solutions are anticipated to temporarily see a little slowdown in growth. However, the emphasis on developing vaccines, work-from-home activity, and eHealth is causing an explosion of structured and unstructured data that must be found and managed effectively to generate insights. A slight slowdown in the market would occur in 2020, and then it would see positive expansion throughout the projection period. Numerous concerns about privacy, data protection, security, and compliance have arisen because of COVID-19's global adoption. Due to these difficulties, businesses and organizations must make sure that their data discovery solutions allow data analysis for critical business choices in addition to being secure.
Data discovery technologies make it possible for bank staff to analyze the data to improve the client experience while addressing problems like the lack of data modeling skills among bank workers. Recognizing potential consumer categories and luring them in with alluring offers is helpful. More importantly, data discovery enables financial service providers like banks to create business models and make wise investment choices after a thorough risk analysis.
Large amounts of organized and unorganized data have been produced due to the increased use of artificial intelligence (AI) and machine learning (ML) technology, and it is anticipated that this will increase demand for sensitive data discovery solutions over the course of the projection period. Data discovery market growth is anticipated to be fueled by rising end-user investments in data privacy and security as well as new laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) that protect sensitive data globally. For instance, SAS's services have a track record of providing value and can assist in maximizing AI's enormous potential for digital transformation. More than 3500 financial services companies throughout the world use SAS in the banking sector, including more than 90% of the largest international banks. Predictive analytics and embedded AI capabilities in SAS banking analytics solutions are assisting in addressing several important business demands.
Browse 55 market data tables and 48 figures spread through 263 Pages and in-depth TOC on “Global Data Discovery Market Size, Share, and COVID-19 Impact Analysis, By Component (Software, Services, Support and Maintenance, Deployment and Integration, and Consulting), By Organization Size (Small- and Mid-Sized Businesses (SMBs) and Large Enterprises), By Deployment Mode (On-premises, and Cloud), By Industry Vertical (BFSI, Telecommunications and IT, Retail and E-commerce, Manufacturing, and Energy and Utilities), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents
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The majority of companies in all industries are becoming conscious of how important it is to collect their data, analyze it in a meaningful way, and create competitive advantages. Every business is producing tremendous volumes of data due to the use of sensors, IoT devices, and geospatial devices. Currently, it is essential to combine structured and unstructured data to create insights that can be verified and understood by the end-user. Sensitive data must be discovered to establish and maintain a successful data security plan. Sensitive data no longer merely reside on-premises for organizations to worry about, especially with the rapid adoption of the cloud and the increase in remote workers. These factors boost market growth during the forecast period.
The North America region is expected to dominate the market share owing to the increasing adoption of data discovery solutions. The US is expected to dominate the country-level market, with Canada expected to grow at the fastest rate during the projection period. Additionally, some major competitors, including IBM Corporation (US), Microsoft (US), Oracle (US), Salesforce.com, Inc., and others are present in the region, which bodes well for the growth of the North American market for data discovery solution. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the data discovery market due to the rising adoption of new and emerging technologies. The demand for new data infrastructures and data discovery tools is being fueled by the advent of mobile broadband, the expansion of cloud computing, and big data analytics.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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