The Global Data Discovery Market size is expected to reach $29.4 billion by 2030, rising at a market growth of 15.2 % CAGR during the forecast period.
Data discovery tools are crucial for monitoring and analyzing network performance data. Network reliability and speed are paramount in the IT & telecommunications segment; these tools enable organizations to identify and address issues, optimize data flow, and ensure a seamless user experience. Therefore, the IT & Telecommunication segment acquired $1,298.3 million in 2022. Security is a top priority in the IT & telecommunications segment. The tools assist in identifying patterns and anomalies that may indicate fraudulent activities or security breaches. Organizations can enhance cybersecurity and protect sensitive information by analyzing large datasets. Some of the factors impacting the market are increasing awareness of data-driven decision-making, rising adoption of business intelligence (BI), and limited collaboration between business and technical teams.
There is a growing awareness among businesses about the benefits of data-driven decision-making. As organizations recognize the strategic value of leveraging data for insights, they invest in data discovery tools to empower decision-makers with actionable information. The key driver is the awareness that data discovery tools empower business users to explore and analyse data independently. As non-technical users become aware of the accessibility and user-friendly interfaces of these tools, they are more inclined to leverage data for decision-making without heavy reliance on IT departments. There is a cultural shift within organizations toward embracing analytics as a core component of their operations. The awareness that a data-driven culture fosters innovation, problem-solving, and continuous improvement prompts organizations to adopt data discovery tools as part of their analytical initiatives. Additionally, the broader adoption of BI solutions is contributing to the growth of the market. As organizations recognize the value of BI in gaining actionable insights from data, they are turning to data discovery tools to enhance their analytics capabilities. BI adoption raises overall data awareness within organizations. As businesses become more conscious of the value of data for decision-making, there is a natural inclination to explore data discovery tools. Users can utilize these tools to explore deeper into data, uncover insights, and gain a more granular understanding of business metrics. BI adoption often precedes or goes together with efforts to empower business users. As organizations seek to democratize data and analytics, there is a growing need for user-friendly tools that enable non-technical users to explore and analyse data independently. The tools fulfil these needs, fostering a self-service analytics culture. BI tools are known for their ability to create static reports and dashboards. Organizations leveraging BI in the cloud are more inclined to explore cloud-based data discovery solutions to create a unified and scalable analytics ecosystem. The rising adoption of business intelligence (BI) has been a pivotal factor in driving the growth of the market.
However, the lack of communication may result in poor data quality, inaccurate analyses, and unreliable insights, impacting the overall effectiveness of data discovery efforts. Data analysis, interpretation, and decision-making delays can occur when business users and technical teams work in isolation. This sluggishness can hinder organizations from responding promptly to market changes and opportunities. Limited collaboration can result in inadequate data governance frameworks, leading to data security, compliance, and overall organizational data management issues. Limited collaboration can make it challenging to expand the use of data discovery tools beyond initial implementations, restricting the broader adoption of data-driven decision-making. Limited collaboration is a significant challenge that hampers the growth of market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By offering, the market is categorized into solutions and services. The services segment covered a considerable revenue share in the market in 2022. The services assist organizations in seamlessly implementing and integrating data discovery tools into their existing infrastructure. This includes configuring tools, setting up data connections, and integrating with other software applications. Training services are a crucial component of the services segment. They provide organizations with the necessary training programs to upskill their teams and empower users with the knowledge required to use data discovery tools effectively. Training services enhance the technical proficiency of users, promoting a culture of self-service analytics within the organization.
Based on deployment, the market is classified into cloud and on-premise. In 2022, the on-premise segment dominated the market with maximum revenue share. On-premise solutions provide organizations with more control and security over their data. Some industries like finance, healthcare, and government have stringent data privacy and compliance requirements. On-premise deployments allow these organizations to maintain sensitive data within their infrastructure, ensuring compliance with regulatory standards and enhancing overall data security.
On the basis of application, the market is divided into security & risk management, asset management, sales & marketing management, supply chain management, and others. The sales & marketing management segment recorded a remarkable revenue share in the market in 2022. Sales & marketing teams articulate the value proposition of data discovery solutions to potential customers. This involves communicating how these tools can improve data analysis processes, enhance decision-making, and contribute to business success. Demonstrating the tangible benefits helps organizations understand the value of investing in data discovery. Sales & marketing collaborate on lead-generation strategies to identify and nurture potential customers. This includes leveraging various channels such as digital marketing, events, webinars, and content marketing to attract leads interested in data discovery solutions. Effective lead generation is crucial for expanding the user base and driving adoption.
By end-use, the market fragmented into IT & telecommunication, government, BFSI, retail & e-commerce, media & entertainment, healthcare & lifesciences, transportation & logistics, and others. In 2022, the BFSI segment witnessed the largest revenue share in the market. The BFSI segment faces constant fraud threats, and data discovery tools are crucial in fraud detection and prevention. By analyzing transactional data patterns, these tools can identify anomalies, suspicious activities, and potential fraud, enabling organizations to take timely action. The tools empower wealth management professionals to analyze client portfolios, investment trends, and data. This supports better financial planning, asset allocation, and investment strategies, leading to more informed decision-making for wealth management clients.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 9.6 Billion |
| Market size forecast in 2030 | USD 29.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.2% from 2023 to 2030 |
| Number of Pages | 319 |
| Number of Table | 490 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Deployment, Application, End-use, Region |
| Country scope |
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| Companies Included | IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., SAS Institute Inc., Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.Com, Inc.), Open Text Corporation, MicroStrategy, Inc. and Cloudera, Inc. |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. North America is a hub for technological innovation and home to many leading tech companies. The region has quickly adopted cutting-edge technologies, including advanced analytics and data discovery solutions. The region has many large and diverse enterprises across numerous industries, including finance, healthcare, technology, and manufacturing. The healthcare sector in North America has been particularly active in adopting data discovery tools for medical research, patient care, and operational optimization.
Free Valuable Insights: The Global Data Discovery Market size to reach USD 29.4 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., SAS Institute Inc., Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.Com, Inc.), Open Text Corporation, MicroStrategy, Inc. and Cloudera, Inc.
By Offering
By Deployment
By Application
By End-use
By Geography
This Market size is expected to reach $29.4 billion by 2030.
Increasing awareness of data-driven decision-making are driving the Market in coming years, however, Limited collaboration between business and technical teams restraints the growth of the Market.
IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., SAS Institute Inc., Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.Com, Inc.), Open Text Corporation, MicroStrategy, Inc. and Cloudera, Inc.
The expected CAGR of this Market is 15.2 % from 2023 to 2030.
The Security & Risk Management segment is leading the Market by Application in 2022; thereby, achieving a market value of $10.7 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.7 billion by 2030.
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