The global data discovery market is predicted to reach USD 11.62 billion in 2024 and USD 25.81 billion by 2029, growing at a CAGR of 17.30% during the forecast period.
Data discovery is a process of exploring data with the help of visual tools that can allow non-technical leaders to find the latest patterns and outliers to assist organizations in better understanding the insights their data has to offer, due to which every employee in the organization can make smart business decisions and continue in refine their approach. Data discovery lets the business step back from individual points, combine data from multiple sources, include external third-party data, and create a big picture, leading to a better decision-making strategy. Data discovery does not require data business users to create elaborate models. Most companies can use it as Business Intelligence software to have a complete view of their organization in a simple dashboard or visual format. Data discovery is a solution for fully identifying a company’s data and ensuring proper controls for best security practices and regulatory compliance measures. The increasing demand for data discovery in business organizations to make it easy for users to explore and work with an organization’s data is boosting the growth of the data discovery market.
Sensitive context exists in unstructured formats such as office documents, files, and images, distributed and released via file sharing, social media, and email. Most enterprises in various verticals are realizing the increasing importance of data mining and drawing meaningful analyses for driving business growth and building competitive advantages. The increasing need to generate insights from structured and unstructured data by combining them into specific formats to make them valid and understandable to the end-users is boosting the demand for data discovery solutions. Additionally, the rapid adoption of cloud computing and the rise of remote workers are increasing the demand for data discovery solutions. Moreover, enterprises increasingly demand comprehensive discovery platforms to process vast volumes of data in real-time to provide business insights. The growing importance of data-driven decision-making, the trend of self-service BI tools, and insight generation from a growing number of multi-structure data sources are some of the essential factors driving the demand of the Data Discovery Market.
Data discovery is prone to security and privacy threats. Cloud-based solutions may pose security threats due to extensive data collection stored by third parties. These challenges are hampering the growth of the data discovery market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
17.3% |
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Segments Covered |
By Components, Organization Size, Deployment Mode, Application, Functionality, End Users, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), PKWARE (US) and Others. |
Based on Components, the Global Data Discovery Market is segmented into Solutions, Services, Support and Maintenance, Deployment and integration, and Consulting. The service segment is going to dominate the market due to the growing complexity of operations and the increasing deployment of Business Intelligence platforms.
The Global Data Discovery Market is segmented by organizational size into large, Small, and Medium-sized Enterprises. Large Enterprises will dominate the market due to the large amount of data that needs to be managed through visual tools; thereby, the demand for data discovery solutions is rising in large enterprises.
Based on Deployment Mode, the Global Data Discovery Market is segmented into On-Premises and Cloud. The cloud segment is expected to rule the market during the forecast period due to the accessibility of easy deployment options and minimal capital and time requirements. Additionally, social distancing and the workforce due to the pandemic have hit industries, fueling the demand for data discovery solutions in the industries.
Based on Application, the Global Data Discovery Market is segmented into Security and Risk Management, Sales and Marketing Management, Supply Chain Management, and Others. Security and Risk Management are expected to dominate due to the increasing adoption and demand of data discovery software in the BFSI sector. Business organizations can minimize business risk by deploying data discovery software to uncover and get relevant data insights into the business.
Based on Functionality, the Global Data Discovery Market is segmented into Visual Data Discovery, Augmented Data Discovery, Search-based Data Discovery, and Self-Service Data Preparation. Visual data discovery will dominate the market during the forecast period, enabling users to interact and view their data from every aspect and drill down to hyper-specific events.
Based on Functionality, the Global Data Discovery Market is segmented into 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 Healthcare and Life Sciences segment is predicted to grow at the most significant CAGR during the forecast period. During the pandemic, healthcare researchers and hospitals deal with enormous amounts of data, creating a significant need for data discovery efficiency and management. In data discovery solutions, data preparation and graphical user interface allow users to use embedded intelligence with automated data preparation tasks. BFSI is also expected to dominate the market due to the increasing demand for data discovery solutions for banking and finance services.
North America is anticipated to maintain the largest market share throughout the forecast period due to the early adoption of new and emerging technologies, considerable investment in cloud solutions, and significant business dominance in this region. So, the need for storage capability is increasing, which has become a massive opportunity for every significant enterprise in the area due to the continuous rise in data and respective solutions. Additionally, the development of mobile broadband, growth in cloud computing, and big data analytics are propelling the demand for new data infrastructure, i.e., data discovery software, which further propels the growth of the data discovery market growth. Furthermore, the declining prices of servers have enhanced the deployment of cloud computing businesses in North America and hit the demand for effective and sustainable data construction that boosts the growth of the data discovery market. Moreover, major companies like Google, Facebook, Microsoft, Apple, etc., are investing in green data centers to use power from renewable resources. Owing to the above factors, the use of data discovery software is increasing in North America, which will boost the growth of the Data Discovery Market in this region.
Asia-Pacific is expected to grow with the highest CAGR during the forecast period due to the growing demand for data security and privacy among organizations of significant countries like China, Japan, and India. Additionally, the commercialization of Artificial Intelligence and Machine Learning Technology is giving rise to increased data generation, and the need for advanced solutions of data discovery to leverage its benefits to the maximum are some of the factors that are expected to fuel the demand for the data discovery market over this period.
Europe is estimated to hold a significant share of the Data Science Platform Market due to rising data-driven digital transformation. A large number of industries that are adopting these technologies in their systems are driving the market's growth.
The major companies operating in the global data discovery market include IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), and PKWARE (US).
In December 2020, Google announced that it has entered into a definite agreement to acquire Actifio to demonstrate Google Cloud’s commitment to helping enterprises protect workload on-premises and in the cloud.
In November 2020, PKWARE announced that it had acquired Data Guise to provide enterprises with an unmatched, comprehensive solution to data security and privacy management.
By Components
By Organization Size
By Deployment Mode
By Application
By Functionality
By End-users
By Region
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
Frequently Asked Questions
Leading Data Discovery solutions incorporate advanced encryption, compliance management, and access controls to ensure data privacy and security. Additionally, many providers comply with international data protection regulations.
Industries such as finance, healthcare, retail, and manufacturing are the primary adopters of Data Discovery tools. However, the technology is increasingly being embraced across diverse sectors as organizations recognize its value in extracting actionable insights.
Artificial intelligence is playing a pivotal role in enhancing Data Discovery capabilities. Machine learning algorithms are being integrated to automate data analysis, identify patterns, and provide predictive insights, thereby boosting the overall efficiency of the market.
Data Discovery tools aid in regulatory compliance by providing robust auditing capabilities, ensuring data accuracy, and facilitating quick retrieval of necessary information. This helps organizations adhere to various data protection and industry-specific regulations.
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