DATA DISCOVERY MARKET: OVERVIEW

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. Data discovery is the process of identifying patterns in data that may be used to take action. People or machines with artificial intelligence carry out the extraction. A type of data use called data discovery is based on technologies that enable the collection and use of massive amounts of data. The data analysis system reduces time to insights by allowing for simple processing of massive amounts of data and by offering real-time analytics. It is easy to use, nimble, and versatile. To help non-technical business leaders better understand the insights that data has to offer, data discovery is the process of looking for novel patterns and anomalies in data using visual tools. As a result, employees in every department can make wise business decisions and, more importantly, continuously improve their strategy. 
 

The need to access sensitive information, improve corporate efficiency, and adhere to data protection rules is driving the growth of the data discovery market. Moreover, the integration of key players operations with data-driven insights opens up opportunities that have the potential to further accelerate the growth of the data discovery market.
 

COVID-19 ANALYSIS

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 are 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 MARKET: TREND

Rising Demand to Integrate Data in Business Processes Propel Market Growth

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.
 

DATA DISCOVERY MARKET: DRIVERS

Rising Need to Sensitive Structured and Unstructured Data Discovery Drive Market Growth

Contrary to structured data, which is housed behind well-protected IT perimeters, sensitive content typically appears in unstructured formats like files, or images of office documents, and is shared and broadcast via social media, file sharing, and email. 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. Sensitive data might now end up in a wide range of locations and travel several different paths. The need to locate sensitive data may at first seem frightening, but it encourages action and makes data security management for enterprises simpler.
 

DATA DISCOVERY MARKET: RESTRAINT

Insufficient Skilled Workers Will Limit Market Growth

Lack of technical staff and ongoing advancements in machine learning, big data, and artificial intelligence can impede market expansion. Market expansion may be hampered due to the lack of financing for the distribution of massive datasets and reluctance to the cloud.
 

DATA DISCOVERY MARKET: SEGMENTATION

The Global Data Discovery Market is segmented 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). Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.  
 

DATA DISCOVERY MARKET: REGIONAL INSIGHTS

The Global Data Discovery Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
 

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. Due to factors like the demand for sophisticated data discovery solutions like augmented and visual data discovery that make use of big data analytics and artificial intelligence, the US market is anticipated to hold the largest market share. 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.  
 

DATA DISCOVERY MARKET: KEY COMPANIES

• IBM Corporation
• Oracle
• Dell Inc.
• Commvault Systems, Inc.
• Microsoft
• Veritas
• Acronis International GmbH
• Unitrends.
• Hewlett Packard Enterprise
• Veeam Software
• NetApp, Inc
• Amazon Web Services, Inc.

DATA DISCOVERY MARKET: KEY INDUSTRY DEVELOPMENTS

• November 2020- Dataguise, a startup with cutting-edge technology to help organizations find and safeguard personal data held across various IT systems and settings, was acquired by PKWARE. As Dataguise's existing offices in the US, India, Europe, and Canada continue to operate; the acquisition will broaden PKWARE's global reach.
• November 2020- Exonar and Roc Technologies collaborated to help businesses discover and comprehend the data landscape to offer value to the Lifesciences, critical infrastructure, and higher education sectors.

DATA DISCOVERY MARKET: REPORT OVERVIEW

The scope of the report includes a detailed study of regional markets for Global Data Discovery Market. The Global Data Discovery Market is segmented 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). It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Data Discovery Market.