Data Discovery Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1231
Data Discovery Market size is expected to grow at a significant CAGR during the forecast period. The rising significance of data exploration and visual analytics is primarily driving the global industry growth. Exponential growth in the big data industry has signified the need for data discovery that can be user-friendly, easy to share, robust and interactive visualization. Data discovery is helping boost efficiency and business intelligence.
Data discovery is used to collate data from different sources and involves assessing trends and patterns in the data. Data discovery products leverage businesses with a range of data sources, along with streamlined analytics and analysis. When associated with business intelligence, data discovery helps make an informed business decision through siloed data sources. It is leveraging companies to prepare and cleanse the data, connect multiple data sources and share the data throughout the organization, thereby boosting the data discovery market share.
Organizations are implementing discovery of data to facilitate a data-driven culture. A new concept—smart data discovery--has evolved to augment information-driven insights.
Decision-making process and innovations are major trends driving data discovery market growth. Enterprises are implementing the discovery of data to boost a data-driven culture. Organizations are adopting smart data discovery tools to enhance business intelligence using AI, machine learning and data alerts. Automation of processes and real-time decision-making are essential benefits of data discovery.
The Banking, Financial Services and Insurance (BFSI) sector has emerged as a lucrative segment boosting global data discovery market penetration. Banks are using data discovery tools to boost customer relationship management. For instance, the tool can help assess customer insights in the form of predictions regarding life events and financial status.
Mainstream businesses such as BFSI are reinventing themselves to better understand customers and improve RoI. Fraud risk management has become a key domain in the BFSI sector, augmenting data discovery industry growth.
Key vendors in the market are Oracle Corporation, SAP SE, Platfora, Datawatch, Datameer Tableau Software, ClearStory and TIBCO. These companies are emphasizing business strategies such as product launches, collaboration and mergers & acquisitions.
Oracle has bolstered its Oracle Analytics Cloud to enable its employees to have access to self-service analytics for data discovery. The set of new capabilities include data preparation for transforming customer-specific data in quality, natural language queries and customer reference knowledge.
SAP has employed smart data discovery with augmented analytics to eliminate any human biases that business intelligence users might have. They are using smart discovery to see how business aspects influence performance.
Impact of COVID-19 on Data Discovery Market Trends
The onslaught of the COVID-19 pandemic has had a subtle impact on data discovery market revenue. Analytics is helping companies in strategy formulation to produce deeper operation and business insights for faster and better decision-making.
The outbreak has prompted companies to adopt faster turnaround to seamlessly handle massive volumes of data from various sources. As companies struggle to boost data protection, privacy and security, they are emphasizing data discovery solutions.
Companies are looking to build a viable business case with smart data discovery tools to make more accurate predictions and solutions. In a time when decision-making and data-driven capabilities have become essential for the desired result, enterprises will look for visualizations that are interactive for customers.
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