The global Data Discovery Industry size is poised to grow from $7.0 billion in 2020 to $14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period, according to new report by MarketsandMarkets.
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.
Browse in-depth TOC on “Data Discovery Market”
211- Tables
72- Figures
311- Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=132252132
Major vendors in the global data discovery market include IBM (US), Microsoft (US), Oracle (US), Salesforce (US),
SAS Institute (US), Google (US), AWS (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), PKWARE (US), Alteryx (US), Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital Guardian (US), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore), BigID (US), Explorium (US), 1touch.io (US), Congruity360 (US), and Concentric (US).
Businesses providing data discovery solutions and services are expected to witness a minor decline in their growth for a short span of time. However, the focus on vaccine development, adoption work from home initiatives, and eHealth are leading to explosion of structured and unstructured data, which needs to be discovered and managed efficiently to derive insights. The market would witness a minimal slowdown in 2020, followed by positive growth during the forecast period. The global spread of COVID-19 has led to numerous privacy, data protection, security, and compliance questions. These challenges are driving the need for companies and organizations to ensure their data discovery solutions not only secure but also support data analysis for strategic business decisions.
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 a 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.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=132252132
The services segment to grow at a higher CAGR during the forecast period
The data discovery market is segmented on the basis of components into solutions and services. Services are further segmented into professional and managed services. Professional services include consulting, deployment and integration, and support and maintenance services. The demand for professional services is expected to rise due to a rise in tailored demand for customers. Customers are coming up with customization requirements in the already installed data discovery solutions to enhance the overall performance. By 2021, considering the pandemic comes under control, a massive generation of data from the deployment of sensors and an increase in the use of IoT devices would pave the way for the adoption of data discovery solutions to support the massive data growth.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The data discovery market is segmented 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 facilitate the users to utilize embedded intelligence with automated data prep tasks.
Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=132252132
North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global data discovery market. The region is witnessing significant developments in the data discovery market. Many data discovery solution providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness for data security and privacy among organizations in key countries, such as China, India, and Japan, is expected to fuel the adoption of data discovery solutions and services. The commercialization of the AI and ML technology, giving rise to increased data generation, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of data discovery solutions in the region.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit https://www.marketsandmarkets.com/ or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/data-discovery.asp
