The global data discovery market is anticipated to grow at a CAGR of 21.5% during the forecast period (2022-2028). Data discovery is the practice of extracting actionable patterns from data with the support of humans or artificial intelligence (AI) systems. The major factor expected to drive the market growth is the rising investment in data privacy, the rising adoption of cloud-based data discovery solutions to improve security compliance and governance within data, the growing need to discover sensitively structured and unstructured data, and the rising importance of data utilization during the COVID-19 scenario among organizations. In addition, the increasing demand for visualization and explorative data analysis services among enterprises along with the growing importance of data-driven decision-making, growing trends in self-service business intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources are some factors that propel the growth of the global data discovery market during the forecast period.
Some major players in the market include SAP SE, Tableau Software, Inc., and Tibco Software Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in February 2020, Oracle Corp. announced that the company launched the Oracle Cloud Data Science Platform. Further, the company added that this allows data science teams to quickly and easily collaborate on the development and deployment of strong machine learning models. Furthermore, in October 2021, Datameer, Inc. launched a SaaS data transformation solution. The company added that the new solution includes an innovative data modeling and transformation toolset that allows “non-programmers/non-coders” to participate in the analytic engineering process and fosters collaboration between data and analytics teams, allowing customers to accelerate analytical engineering inside their cloud data warehouse.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Organization Size
- By Component
- By Deployment Model
- By Vertical
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– SAP SE, Tableau Software, Inc., and Tibco Software Inc., among others.
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Global Data Discovery Market Report by Segment
By Component
- Solutions
- Services
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Deployment Model
- On-Premise
- Cloud-Based
By Vertical
- BFSI
- Government
- Healthcare and Life Sciences
- Retail
- Manufacturing
- Media and Entertainment
- IT and Telecommunication
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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