Data Discovery Market worth $14.4 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 12, 2021 /PRNewswire/ -- According to a new market research report "Data Discovery Market by Component, Functionality, Organization Size, Deployment Mode, Application, Vertical (BFSI, Healthcare and Life Sciences, Telecommunications and IT, Manufacturing), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. 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.
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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.
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.
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.
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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).
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