Data Discovery Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1231
Data Discovery Market size is anticipated to grow significantly over the future owing to the increasing demand of businesses for visualization and explorative data analysis services. As data is becoming more complex, most businesses require flexible functions that help in efficient access and preparation of data analysis. Data integration and preparation capabilities allow business users to connect to appropriate organizations and external data sources.
Data discovery market is currently one among the most attractive Business Intelligence (BI) technologies. It is a decision-making platform, which understands, integrates, structures, and fine tunes the data. Also, it deals with the creation and usage of interactive reports that simplify visualization and understanding while simultaneously gathering explorable data from multiple sources and has become an important part of the BI architecture.
Data discovery market applications use visual tools comprising heat-maps, geographical maps, and pivot tables to make the process of finding patterns faster and intuitive. An exponential growth of big data has caused an increase in data traffic, which has resulted in the development of BI technologies. Hence, there is an increasing demand for data discovery software and solutions to evaluate the data and get actionable insights. Traditional BI tools have been known to increase the organizations’ dependence on technical staff leading to higher operational cost, which could be reduced by making use of data discovery services. These factors have caused data discovery market to rapidly replace BI tools.
Emerging trends of self-service BI tools and a rising importance for data-driven decision-making are going to be major driving forces for the data discovery market growth. High emphasis has been placed on insights generation from an ever-growing number of multi-structured data sources. Big data will open new business opportunities that will provide avenues for organizations to gain a competitive advantage. Many organizations are fast realizing the benefits of making data analysis as a central focus part of their operations. In a customer-focused world, data discovery software help organizations to understand customer requirements at a more intimate level, integrate sales to marketing touch points, and decide the most effective way to utilize their marketing budgets. It eventually provides opportunities that could improve marketing campaigns within the organization. Vendors in the global data discovery market need to provide technical expertise, flexibility, and service consistency. Moreover, they are required to adapt as per the new economic and customer needs of organizations while simultaneously providing high-quality services and tools. The shift towards the need for real-time analytics is creating a demand for software tools for data analysis, which is another driver that propels the global data discovery market. These demands are met by data discovery tools that are faster, automated, and adaptive.
The data discovery market will face challenges in security & privacy. Cloud-based solutions may pose security threats due to the extensive data collection that is stored by third-party entities. Many organizations will find the shift from traditional architecture to new systems tedious. Uncertain Return on Investment (RoI) and stiff competition may hamper the growth of this market.
The software segment in the data discovery market is anticipated to exhibit the significant growth during the forecast timeframe. It ensures that the data is accurate, timely, and fits the user-specific tasks. Data discovery software is being used in various sectors and has numerous applications. The software filters and analyzes the aggregated data, which is analyzed to deliver a high throughput from several input data sources and organizations are then able to produce business-related insights. Data discovery tools are also being used for budgetary control management, asset & liability management, profitability management, general ledger management, and payables & receivables management. The data discovery market will witness the growing demand for consulting services attributed to the rising need for well-managed services.
Risk management applications in the data discovery market are expected to witness the huge adoption of data discovery solutions due to the exceedingly unstable financial environment and global operating models. Also, recognizing and managing risks are becoming crucial for financial organizations, which result in a substantial demand for visualization software. Industries requiring real-time intelligence to make immediate decisions in distant locations will benefit from advanced analytics.
Increasing adoption of on premise deployment model is predicted as compared to cloud models. This is mainly owing to factors such as data protection and confidentiality of organizational data. The BFSI segment is expected to grow predominantly in the data discovery market, where such solutions are used to predict and tackle issues related to identifying the potential customer segments, drawing up efficient investment plans, and insufficient data modeling capabilities.
An increase in the adoption of these tools and software by SMBs will give rise to opportunities for the growth of data discovery market due to the low-cost cloud model availability. This is mainly attributed to the enormous quantity of data due to availability and usage of multiple media touch-points; for instance, social media and mobile applications.
U.S. is anticipated to lead the data discovery market owing to the early adoption of new and emerging technologies, large investments in cloud-based solutions, and the presence of a high number of businesses in this region. The Asia Pacific is anticipated to witness an exponential growth. due to the increasing demand for BI technologies such as data discovery software, among SMEs.
Vendors in the data discovery market include Datawatch Corporation, Platfora, TIBCO, SAP SE, Oracle Corporation, ClearStroy, and Datameer Tableau Software.
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