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Data Discovery Market to Reach Over US$ 30.35 Billion by 2030 by Emergen Research 
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Growing need to discover sensitive structured and unstructured data is a key factor driving global data discovery market revenue growth
Data Discovery Market Size – USD 8.17 Billion in 2021, Market Growth – at a CAGR of 15.6%, Market Trends – High concentration of enterprises, early adoption of cutting-edge technologies”— Emergen Research
VANCOUVER, BC, CANADA, July 14, 2022 /EINPresswire.com/ — The global data discovery market size is expected to reach USD 30.35 Billion in 2030 and register a steady revenue CAGR of 15.6% over the forecast period, according to latest analysis by Emergen Research. Steady data discovery market revenue growth can be attributed to need to discover sensitive structured and unstructured data. Knowing customers data has much commercial importance as consumers are critical to modern digital businesses. Companies invest a lot of time trying to understand their consumers, first through Master Data Management (MDM) technology and to more recently using sophisticated big data analytics. However, as businesses increase the number of digital touch points beyond the desktop web and include smart devices, wearables, AI assistants, and IoT, previous approaches for centralizing data and combining knowledge become less viable. Currently, data ‘seeps’ through structured, semi-structured, and unstructured data repositories with ease. It also spreads across data centers and cloud, big data, data lakes, and numerous other internal and external applications. There is customer data everywhere, encoded in a variety of methods and languages. Hence, data discovery is necessary to find such data.
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A recent trend in the market is the use of smart data discovery tools. The use of software that enables preparation, integration, and analysis through interactive data visualizations is how smart discovery has an automated and user-friendly methodology. This has made it possible for the typical business user to begin using data quickly and intuitively.
The major companies Covered in the report are:
IBM, Microsoft, Oracle, Salesforce, Inc., SAS Institute, Inc., Google, Amazon Web Services, Inc., MicroStrategy, Micro Focus, Thales.
Some Key Highlights From the Report
On 28 June 2022, BigID, which is a leading data intelligence platform that enables organizations to know their enterprise data and take action for privacy, security, and governance, announced that they have joined the HPE GreenLake Marketplace, which is a curated ecosystem of partners that enables customers to easily deploy software on the HPE GreenLake platform. A strategic investor in BigID through Hewlett Packard Pathfinder, HPE's continued collaboration with BigID unlocks more value and brings more insight to enterprise data than ever before.
Services segment is expected to register a rapid revenue growth rate over the forecast period. This can be attributed to increasing adoption of data discovery services. Enterprise data which is housed in various devices and storage systems is accessible to employees, business partners, and clients. Data must be identified and categorized for every company in order to secure it and derive valuable insights. Enterprises can identify who has access to and where data is located with the aid of data detection, as well as to identify which data is transmitted, how it is done, and over what channels. In addition, data can be used to classify data manually or automatically, identify sensitive data, categorize it, and keep track of sets. It can also be used to display datasets and the applications that use them, perform risk management, and evaluate compliance. It can also be used to adhere to guidelines to manage and safeguard data in accordance with the situation, and for reducing the likelihood of data migrations.
The on-premises segment is expected to account for relatively larger revenue share in the global market over the forecast period owing to increased adoption due to highly secure data encryption, complete data visibility, and control feature. Businesses do not want private information they handle to be accessible by unauthorized individuals or persons. On-premises solutions helps to avoid this possibility. Organizations are responsible for selecting who gets access to and who does not in their own data infrastructure, which they own. When selecting a cloud vendor, organizations are required to sign a lengthy contract. Occasionally, a single agreement binds a company for 10, 15, or even more years. When using on-premise solutions, this is not the case. Companies can change to a different infrastructure whenever required and are completely independent. On-premises software can help a corporation become more adaptive as well.
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The BFSI segment is expected to account for robust revenue share in the global market over the forecast period owing to increasing adoption of big data discovery by banks. Banks have a rare opportunity to reinvent themselves through the use of big data at a time when customer loyalty is diminishing and product differentiation is waning. According to EY's Global Consumer Banking Survey, 40% of consumers said they had ‘reduced dependence on their bank as their principal financial services provider and have used non-bank providers for financial services in a span of 12 months.’ By understanding their customers and prospects better, banks can unlock client value and generate lucrative opportunities.
Market in North America is expected to account for largest revenue share during the forecast period, which can be primarily attributed to the region's high concentration of enterprises, early adoption of cutting-edge technology, and major investments in cloud-based solutions. The need to increase storage capacity has transformed into an opportunity for every large company in the region due to the continued data increase and related applications. The development of mobile broadband, rapid growth of cloud computing, and big data analytics are driving demand for new data infrastructure and data discovery tools. In addition, as more businesses in North America adopt cloud computing, more efficient and durable data is being created, which is stimulating market growth.
Emergen Research has segmented the global data discovery market on the basis of component, deployment mode, vertical, and region:
Component Outlook (Revenue, USD Million; 2019–2030)
Solutions
Services
Professional Services
Managed Services
Deployment Mode Outlook (Revenue, USD Million; 2019–2030)
On-Premises
Cloud
Public Cloud
Private Cloud
Hybrid Cloud
Vertical Outlook (Revenue, USD Million; 2019–2030)
Banking, Financial Services, & Insurance (BFSI)
Government
Healthcare & Life Sciences
Retail
Manufacturing
Media & Entertainment
Telecommunications & Information Technology
Transportation & Logistics
Other Verticals
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Regional Outlook (Revenue, USD Million; 2022-2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA
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Radical Features of the Data Discovery Market Report:
The report encompasses Data Discovery market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
Supply chain analysis along with technological advancements offered in the report
The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Data Discovery industry
Thank you for reading our report. Customization of the report is available. To know more, please connect with us, and our team will ensure the report is customized as per your requirements.
About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
Eric Lee
Emergen Research
+16047579756 ext.
sales@emergenresearch.com
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