As per the report published by Fior Markets, the global Data Discovery market is expected to grow from USD 7 billion in 2020 and to reach USD 22.95 billion by 2028, growing at a CAGR of 16% during the forecast period 2021-2028.
Data discovery is the process of visually scanning data and using advanced analytics to find patterns, gain insight, answer exact business queries, and derive value from firm data. Data discovery, which is frequently associated with business intelligence, assists in informing business decisions by bringing disparate data sources together to be reviewed. Data discovery is a technique for collecting data from a variety of sources and analyzing trends and patterns. Firms may have access to a variety of data sources and do faster analytics and analysis with data discovery tools. By connecting siloed data sources, data discovery, when combined with business intelligence, aids in making educated business decisions. In the data discovery process, visual data discovery tools and business intelligence software are used to extract data from multiple sources and put it in a single location so users can receive a “big picture” view of their data. Data discovery may help businesses make their data more clean, clear, and user-friendly.
Artificial intelligence (AI) is now being used by businesses to improve the data discovery process substantially. Intelligent data discovery is another name for this method. With AI-powered recommendations, intellectual data discovery can automatically discover data links and speed a company’s analyses. The core AI suggestion engine employs complex AI algorithms that process any data in the background without the user being aware of it. The core AI suggestion engine employs complex AI algorithms that process any data in the background without the user being aware of it. The value can be enhanced by using visual data discovery, allowing line-of-business workers to obtain solutions more quickly.
Growing Data Discovery around the globe, increasing requirements to uncover sensitive structured and unstructured data, developing competitive advantages, use of IoT devices, geospatial devices, rapid cloud adoption, and the development of remote employees are the drivers driving the market. Shortage of awareness, a lack of skilled professional labor, failure to extract relevant data, rising difficulties with data synchronization, and worries about data security and privacy are all challenges limiting industry growth. The increasing need for data integration incorporate processes, information integration, altering consumer behavior, self-service BI tools, speedier data-based decision making, and growing use by small and medium firms are likely to drive market expansion.
Key players operating in the global Data Discovery market include are IBM, Microsoft, Oracle, Spirion, Salesforce, SAS Institute, Google, MicroStrategy, Cloudera, Alteryx, Netwrix, Varonis, Digital Guardian, Congruity360, and Concentric. To gain a significant market share in the global Data Discovery market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Healthcare and Life Sciences segment dominated the market and held the largest market share of 31% in the year 2020
Based on vertical, the global Data Discovery market is segmented into BFSI, Healthcare, Life Sciences, Telecommunications & IT, and Manufacturing. Healthcare and Life Sciences segment dominated the market and held the largest market share of 31% in 2020. This growth is attributed to the locative sensitive data such as Protected Health Information and Covid-19 pandemic. Further, Users can apply embedded intelligence with automated data prep chores with the help of data preparation and a graphical user interface.
The Cloud-Based segment dominated the market and held the largest market share of 57% in the year 2020
Based on deployment, the global Data Discovery market is segmented into On-premises and Cloud-Based. The cloud-Based segment dominated the market and held the largest market share of 57% in 2019. This growth is attributed to the availability of easy deployment options, minimal requirements of capital & time, adoption of cloud-based data discovery solutions, highly secure data encryption, and complete data visibility.