The “Data Discovery Market by Component, Functionality, Organization Size, Deployment Mode, Application, Vertical (BFSI, Healthcare and Life Sciences, Telecommunications and IT, Manufacturing), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global data discovery market is projected to grow from USD 6,981 million in 2020 to USD 14,401 million by 2025, recording a CAGR of 15.6% during the forecast period.
Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, growing adoption of cloud-based data discovery solutions to improve security compliance and governance within data and the growing importance of data utilization during COVID-19 scenario among organizations are expected to drive the adoption of the data discovery market. The objective of the report is to define, describe, and forecast the data discovery market size based on component, functionality, organization size, deployment mode, application, vertical, and region.
With the growing focus on IoT and real-time data analysis, the data discovery market is witnessing significant growth. Various factors, such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy culture with evolving data privacy regulations, and need for real-time data access, are expected to drive the adoption of the data discovery market. Increasing demand to integrate data in business processes to derive actionable insights, and COVID-19 led to change in work dynamics increasing need for data utilization across verticals would provide opportunities for market growth. However, the market faces restraints, such as difficulty to justify RoI from data discovery solutions, and lack of skilled professional workforce. Data security and privacy concerns, and major dependency on traditional manual systems for data discovery are the key challenges in the adoption of data discovery solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The data discovery market is segmented based on components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth can be attributed to the increasing demand for deployment and integration services by end-user to effectively integrate data discovery tools for gathering structured and unstructured data from multiple sources.
The augmented data discovery functionality segment to grow at the highest CAGR during the forecast period
The data discovery market by functionality has been segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation. The visual data discovery functionality is expected to hold the largest market size during the forecast period. This can be attributed to its benefits such as easy interaction with graphs for clear results, analysis, reporting and visualization of different options, and easy documentation supporting corporate and governmental compliance. The augmented data discovery functionality is expected to grow at the highest CAGR. Augmented data discovery algorithms do the heavy lifting of sifting through data and then presenting the user with insights that can really make a difference to their business.
The cloud segment to grow at a higher CAGR during the forecast period
The data discovery market by deployment mode has been segmented into on-premises and cloud. Cloud is further segmented by type in public cloud, private cloud, and hybrid cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing and lack of workforce hit the industry, and are expected to drive the adoption of cloud-based data discovery solutions. Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based data discovery solutions.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The data discovery market is segmented based on verticals into BFSI, government, healthcare and life sciences, retail, manufacturing, media and entertainment, telecommunications and IT, transportation and logistics, and other verticals (education, energy and utilities, and travel and hospitality). The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. During the COVID-19 pandemic, healthcare researchers and hospitals are dealing with enormous data, which has created a massive need for efficient data discovery and management. Data preparation and graphical user interface facilitates the users to utilize embedded intelligence with automated data prep tasks.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC. The increasing volume of data, advancements in AI and big data technologies, growing concern about data integrity, and increasing demand for useful insights are some of the major factors driving the growth of the data discovery market in APAC. China, India, and Japan are particularly focusing on enhancing the management of data to enable data-based business decisions and enhance business processes.