LONDON, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the data discovery market, the increasing need for structured and unstructured data is driving the growth of the data discovery market going forward. Structured data refers to information that has been organized into a formatted repository, whereas unstructured data is information that lacks a predefined data model or is not organized in a predefined way. Enterprises may extend data access to all employees by integrating data discovery tools, allowing data teams and business analysts to comprehend and cooperate on data-related topics. For instance, in 2022, according to the article by Techjury, a US-based software company, the requirement to manage unstructured data is cited by 95 percent of firms as a challenge, and 97.2 percent of businesses are investing in big data and artificial intelligence for the growth of their businesses and brands. Therefore, increasing the use of structured and unstructured data is driving the data discovery market growth.
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The global data discovery market size is expected to grow from $10.32 billion in 2021 to $12.27 billion in 2022 at a compound annual growth rate (CAGR) of 18.9%. The global data discovery market size is expected to grow to $22.93 billion in 2026 at a CAGR of 16.9%.
New product innovations are gaining popularity among the data discovery market trends. Major companies operating in the data discovery market are focused on developing technologically advanced products to strengthen their market position. For instance, in February 2022, DvSum, a US-based cloud-based data intelligence platform, launched its next-generation Data Catalog solution that makes it much easier to discover, monitor, and govern data with the help of the smart, augmented, live Data Catalog. DvSum Catalog is smarter, easier to use, inexpensive, and intended for teams and companies of all sizes, unlike other data catalogue products on the market. This software combines basic metadata such as data dictionaries with real-time data profiles, computes data quality ratings, and connects them to business definitions and attributes. This provides users with an unrivaled, comprehensive, 360-degree perspective of the data, allowing them to provide timely and accurate insights into the business.
Major players in the data discovery market are Oracle Systems Corporation, Tableu Software LLC, Systems, Applications & Products in Data Processing, Alteryx, Platfora Inc, Qlik Technologies Inc, ClearStory Data Inc, Cloudera Inc, Databricks, Panorama Software, PKWARE, Datameer Inc, HP Enterprise, Thales, Aegis Softtech, and Crest Infosystems Pvt. Ltd.
The global data discovery market is segmented by component into software, service; by deployment model into cloud-based, on premises; by organization size into large enterprises, small enterprises; by industry verticals into banking, financial services, and insurance (BFSI), telecommunications and IT, retail and e-commerce, manufacturing, energy and utilities, others.
North America was the largest region in the data discovery market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global data discovery market during the forecast period. The regions covered in the global data discovery industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Data Discovery Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide data discovery market overviews, analyze and forecast market size and growth for the whole market, data discovery market segments and geographies, data discovery market trends, data discovery market drivers, data discovery market restraints, data discovery market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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