New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data Discovery Market information by deployment, by components, by organization size and region – forecast to 2027” market size to garner 16.97 billion, growing at a compound annual growth rate of 15.2% by 2026.
Market Scope:
Data discovery is relied by industries of all sized to improve their sales and productivity ratio. Data exploration and data preparation are key elements of the process for assisting communication between large databases. The global data discovery market report by Market Research Future (MRFR) provides a detailed scope and prospects of the industry supported by statistics and drivers. The COVID-19 outbreak and its implications on the report are explained in great detail.
Dominant Key Players on Data Discovery Market Covered are:
- Micro Focus
- Cloudera Inc.
- Netwrix Corporation
- IBM Corporation
- SAS Institute Inc.
- Salesforce.com Inc.
- Egnyte Inc.
- Microsoft
- Spirion LLC.
- Oracle
- PKWARE Inc.
- Thales
- Alteryx Inc.
- Amazon Web Services Inc.
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Market USP Exclusively Encompassed:
Market Drivers
Huge Demand for Actionable Insights to Fuel Market Growth
The discovery of sensitive data and its capability of delivering valuable insights can drive market growth. The importance on data harvesting by large enterprises for drawing parallels between growth strategies and funding can bode well for the market and optimize time and resources. Insights from structure and unstructured data as well as maintenance of data security plans to cover any vulnerabilities in the network can drive market growth.
Lack of Skilled Personnel to Limit Market Growth
Continuous developments in machine learning, big data, and artificial intelligence coupled with lack of technical personnel can limit market growth. Lack of funding for allocation of large datasets as well as aversion to cloud can hamper market growth.
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Segmentation of Market Covered in the Research:
By component, the global data discovery market has been divided into solution and services. The solution segment is further divided into identify, review, and analyze, process, preserve, and present, and collect & produce. Additionally, the services segment is classified into professional and managed services.
On-premises Deployment to Garner Huge Market Share
Based on the deployment, the global data discovery market is bifurcated into on-premises and on-cloud. The on-premises segment is set to capture a large market share during the forecast period due to various product offerings and reliance on legacy infrastructure.
Large Enterprises to Garner Huge Revenues
By organization size, the global data discovery market has been divided into small & medium enterprise and large enterprise. Large enterprises can generate huge revenues over the forecast period due to its capability in investing in novel technologies and generation of large datasets.
Visual Data Discovery to be the In-demand Functionality
Based on functionality, the global data discovery market is segmented into augmented data discovery, search-based data discovery, visual data discovery, and self-service data preparation. The visual data discovery segment is poised to garner huge revenues over the forecast period due to summarization of data in graphs and graphics. Presentation of data in a digestible manner as well as importance of business intelligence can drive market growth.
By application, the global data discovery market is segmented into asset management, supply chain management, security & risk management, sales & marketing management, and others.
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Regional Analysis
North America to Capture Major Market Share
North America is set to lead in the global data discovery market owing to adoption of data discovery solutions and services. Huge demand for data discovery solutions and use of artificial intelligence and big data can drive market growth. Presence of key players and focus on data integrity can push market demand effectively.
APAC to Register Fastest CAGR
APAC is touted to register a robust growth rate during the forecast period owing to awareness of data-driven insights in developing economies and economic developments.
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COVID-19 Impact on the Global Data Discovery Market
The COVID-19 outbreak has propelled the use of data discovery solutions for tracking and monitoring of COVID-19 patients. The data can be extracted from mobile applications and used for making informed decisions to contain areas with high infection rates. Healthcare organizations can collaborate with research and development teams to integrate data sets and develop formulations for tackling the severe effects of the virus. Recently, OneTrust entered a partnership with Snowflake to assist data engineers to sort through unstructured datasets and adhere to regulatory requirements.
Industry Update
1Touch.io has launched data discovery services for clients to increase their cybersecurity walls against online threats.
Industry Trends
Data compliance and corporate governance can reveal new insights to the data discovery market. The huge volume of information and need for analytics to direct organizations towards new growth pockets can drive market growth. This is essential due to consumption of data and data protection policies enforced by governments to protect rights of citizens. Huge penetration of smart devices and use of data to pinpoint consumer patterns can bode well for the market. Informed decision-making and its role in development of new products will propel market demand.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
