Data Discovery Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Data discovery refers to the process of acquiring and analyzing data from many sources in order to detect trends and patterns in the data by taking a series of actions that businesses may use as a framework to comprehend their data, which is frequently associated with business intelligence (BI) and assists in informing business decisions by bringing together disparate data sources to be examined.

Sizing and Forecast
The data discovery market size has grown rapidly in recent years. It will grow from $13.95 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%.  The growth in the historic period can be attributed to increasing volume and complexity of data, rise of big data analytics, shift towards self-service analytics, regulatory compliance requirements, demand for real-time analytics.

The data discovery market size is expected to see rapid growth in the next few years. It will grow to $31.53 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%.  The growth in the forecast period can be attributed to focus on data governance and privacy, expanded adoption in small and medium enterprises (semes), focus on data democratization, enhanced data visualization and storytelling. Major trends in the forecast period include advancements in artificial intelligence (AI) and machine learning (ML), emergence of cloud computing, augmented analytics, integration of natural language processing (NLP), self-service data exploration.

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Segmentation & Regional Insights
The data discovery market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment Model: Cloud-Based, On Premises
3) By Organization Size: Large Enterprises, Small Enterprises
4) By Industry Verticals: Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and E-Commerce, Manufacturing, Energy and Utilities, Other Industry Verticals

North America was the largest region in the data discovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing need for structured and unstructured data is driving the growth of the data discovery market going forward. Structured data refers to information that has been organized into a formatted repository, whereas unstructured data is information that lacks a predefined data model or is not organized in a predefined way. Enterprises may extend data access to all employees by integrating data discovery tools, allowing data teams and business analysts to comprehend and cooperate on data-related topics. For instance, in 2022, according to the article by Techjury, a US-based software company, the requirement to manage unstructured data is cited by 95 percent of firms as a challenge, and 97.2 percent of businesses are investing in big data and artificial intelligence for the growth of their businesses and brands. Therefore, increasing the use of structured and unstructured data is driving the data discovery market.

Key Industry Players
Major companies operating in the data discovery market report are Amazon.com lnc., Alphabet Inc., Microsoft Corporation, Hitachi Ltd., IBM Corporation, Oracle Corporation, SAP SE, Thales Group S.A., Micro Focus International plc, Tableau Software LLC, Tibco Software Inc., Proofpoint Inc., Cloudera Inc., Qlik Technologies lnc., Varonis Systems, Netwrix Corporation, DataSunrise lnc., BigID Inc., Digital Guardian, Immuta Inc., Datawatch Corporation, 1TOUCH.IO CORPORATION, Solix Technologies lnc., SolarWinds Corporation, Datameer Inc., Nightfall AI lnc., DataGrail lnc., Clearstory Data lnc., Dathena Science SAS, Platfora lnc., Microstrategy Inc., RAMP Holdings Inc.

The data discovery market report table of contents includes:
1. Executive Summary
2. Data Discovery Market Characteristics
3. Data Discovery Market Trends And Strategies
4. Data Discovery Market - Macro Economic Scenario
5. Global Data Discovery Market Size and Growth
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32. Global Data Discovery Market Competitive Benchmarking
33. Global Data Discovery Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Discovery Market
35. Data Discovery Market Future Outlook and Potential Analysis
36. Appendix