Dublin, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The "Data Discovery - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Data Discovery was estimated at US$10.1 Billion in 2023 and is projected to reach US$27.7 Billion by 2030, growing at a CAGR of 15.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
As businesses generate vast amounts of data daily, the ability to efficiently navigate through this data to find relevant information is crucial. Data discovery tools use advanced analytics, including predictive analytics and machine learning, to sift through large datasets and identify significant patterns that might not be evident through traditional analysis methods.
What Drives the Growth in the Data Discovery Market?
The growth in the data discovery market is driven by several factors, crucially the increasing volume of data generated by businesses and the growing need for data-driven decision-making. As companies across various sectors continue to digitalize their operations, the demand for powerful analytics tools that can parse through large datasets and extract valuable insights becomes more pronounced.
Additionally, the shift towards self-service analytics platforms, where non-expert users can generate insights without the need for IT intervention, is also propelling the market forward. These platforms empower more users within an organization to engage with data directly, fostering a more data-literate culture and driving demand for data discovery solutions.
Moreover, the continuous advancements in artificial intelligence and machine learning are enhancing the capabilities of data discovery tools, making them more accurate and efficient. Economic factors, such as the need to remain competitive and agile in rapidly changing markets, also play a critical role in adopting data discovery technologies. Combined, these technological, economic, and organizational dynamics ensure robust growth in the data discovery market, highlighting its essential role in the future of business intelligence and analytics.
How Are Modern Technologies Enhancing Data Discovery Processes?
Modern technologies significantly enhance the efficiency and effectiveness of data discovery processes. With the advent of big data technologies, businesses can handle larger volumes of data than ever before. Tools equipped with AI and machine learning algorithms can automate complex data analysis tasks, reducing the time and effort required while increasing accuracy. These technologies allow for the continuous learning and adaptation of systems based on new data, thereby refining the data discovery process over time.
Furthermore, cloud computing has facilitated more scalable and flexible data discovery solutions that businesses of all sizes can access, enabling a more democratic use of advanced analytics. This scalability is particularly crucial in an era where data generation is exponential and widespread across various industries.
What Challenges Do Organizations Face in Implementing Effective Data Discovery?
Despite the advancements in technologies facilitating data discovery, organizations still face significant challenges in implementing these solutions effectively. One of the primary challenges is data quality management. As data discovery depends heavily on the input data's quality, ensuring the cleanliness, completeness, and accuracy of this data is paramount. Another challenge is integrating data discovery tools with existing IT infrastructure, which often involves overcoming compatibility issues and can require substantial initial and ongoing investment.
Additionally, there is the challenge of skill gaps, as not all employees are equally adept at utilizing these sophisticated tools. Organizations must often invest in training and development to ensure their staff can leverage these technologies fully. Lastly, with the increase in data breaches and cybersecurity threats, ensuring the security of data used in discovery processes is becoming more crucial and challenging.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the BFSI Vertical segment, which is expected to reach US$10.2 Billion by 2030 with a CAGR of a 18.5%. The IT & Telecom Vertical segment is also set to grow at 16.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $2.7 Billion in 2023, and China, forecasted to grow at an impressive 14.2% CAGR to reach $4.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Birst, Inc., ClearStory Data, Inc., Cloudera, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $10.1 Billion |
| Forecasted Market Value (USD) by 2030 | $27.7 Billion |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- Data Discovery - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Importance of Data-Driven Decision Making Drives Demand for Data Discovery Solutions
- Increasing Volume of Big Data Propels Growth of Data Discovery Tools
- Growing Adoption of AI and Machine Learning Strengthens Business Case for Advanced Data Discovery
- Technological Advancements in Data Visualization Tools Bode Well for Data Discovery Market
- Increasing Focus on Customer Insights Drives Adoption of Data Discovery Tools in Marketing
- Expansion of E-commerce and Retail Sectors Propels Demand for Real-Time Data Discovery
- Growing Use of Data Discovery in Healthcare Expands Market Opportunities
- Adoption of Data Discovery in Financial Services Drives Market Growth
- Growing Focus on Predictive Analytics Sets the Stage for Advanced Data Discovery
- Expansion of IoT Ecosystem Propels Growth of Data Discovery Tools
FOCUS ON SELECT PLAYERS(Total 46 Featured)
- Birst, Inc.
- ClearStory Data, Inc.
- Cloudera, Inc.
- Datameer, Inc.
- Datawatch Corporation
- MicroStrategy, Inc.
- Oracle Corporation
- Platfora, Inc.
- Qlik Technologies, Inc.
- SAP SE
- Tableau Software, Inc.
- TIBCO Software, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gej1ei
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