Data Discovery Market Analysis and Global Forecast 2023-2033

Data Discovery Market Overview

Data Discovery Market Size is expected to reach USD 12.52 Billion by 2033. The Data Discovery industry size accounted for USD 7.01 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 15.98% from 2023 to 2033. The data discovery market involves tools and technologies that enable organizations to identify, analyze, and understand their data across various sources. This process helps users uncover patterns, trends, and insights that may not be immediately apparent. Key components include data visualization, reporting, and analytics platforms. These tools facilitate self-service analytics, allowing users to explore data independently without deep technical expertise. The market is driven by the increasing need for data-driven decision-making, the growing volume of data, and advancements in artificial intelligence and machine learning. Key players include companies like Tableau, Qlik, and Microsoft, which offer solutions that enhance data accessibility and usability.

 Global Data Discovery Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Data Discovery market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.

Global Data Discovery Market Dynamics

The major factors that have impacted the growth of Data Discovery are as follows:

Drivers:

⮚      Advancements in Analytics and Visualization Technologies

Innovations in data analytics, artificial intelligence, and machine learning have significantly enhanced data discovery capabilities. Modern tools offer advanced visualization techniques, predictive analytics, and automated insights, making it easier for users to uncover hidden patterns and trends within their data.

Restraint:

• Data Security and Privacy Concerns

As data discovery tools process and analyze large volumes of sensitive information, ensuring data security and privacy becomes a critical issue. Organizations must address concerns related to data breaches, unauthorized access, and compliance with regulations such as GDPR and CCPA. These security and privacy challenges can deter organizations from fully adopting data discovery solutions.

Opportunity:

⮚      Development of Industry-Specific Solutions

Tailoring data discovery tools to meet the specific needs of various industries, such as healthcare, finance, retail, and manufacturing, presents an opportunity for differentiation and market expansion. Industry-specific solutions can address unique data challenges and regulatory requirements, offering more targeted and relevant capabilities to users in those sectors.

Data Discovery Market Segment Overview

By Component

Based on the Component, the market is segmented based on Solutions, Services, Support and Maintenance, Deployment and Integration, Consulting, Others. the Solutions segment typically dominates, as organizations prioritize acquiring advanced tools and software for data analysis and visualization to drive insights and decision-making.

By Functionality

Based on Functionality, the market has been divided into Visual Data Discovery, Augmented Data Discovery, Search-based Data Discovery, Self-service Data Preparation. the BFSI (Banking, Financial Services, and Insurance) sector often leads due to its critical need for advanced data analysis for risk management, compliance, and customer insights. This sector’s extensive data usage drives significant demand for data discovery solutions.

By Application

Based on the Application, the market has been divided into Security and Risk Management, Sales and Marketing Management, Asset Management, Supply Chain Management, Others. the BFSI (Banking, Financial Services, and Insurance) sector often leads due to its critical need for advanced data analysis for risk management, compliance, and customer insights. This sector’s extensive data usage drives significant demand for data discovery solutions.

By Vertical

Based on Vertical, the market has been divided into BFSI, Government, Healthcare and Life Sciences, Retail, Manufacturing, Others. the BFSI (Banking, Financial Services, and Insurance) sector typically dominates due to its high demand for data analysis and risk management. This sector leverages data discovery for fraud detection, customer insights, and regulatory compliance.

Global Data Discovery Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Data Discovery, followed by those in Asia-Pacific and Europe.

Data Discovery North America Market

The North American region holds a dominant position in the Data Discovery market. When it comes to the uptake of data discovery services and solutions, North America is anticipated to lead. The US, Canada, and Mexico make up the three segments of the North American market. Canada is anticipated to develop at the quickest rate throughout the projection period, while the US is anticipated to lead the country-level market.

Data Discovery Asia Pacific Market

The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Data Discovery industry. Over the course of the forecast period, the Asia-Pacific region—which is divided into China, Japan, India, and the rest of Asia-Pacific—is expected to grow at the fastest rate. This rise is ascribed to the quick speed at which data is generated, as well as the swift economic advances and growing recognition of data-driven insights in key nations like China, Japan, and India.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as IBM, Microsoft, Oracle, Salesforce, and SAS Institute are some of the leading players in the global Data Discovery Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• IBM
• Microsoft
• Oracle
• Salesforce
• SAS Institute
• Google
• AWS
• Micro Focus
• MicroStrategy
• Congruity360

Key Development:

In September 2022, SAS Institute announced the release of SAS Viya 2022.2, which includes enhanced data discovery capabilities, improved AI and machine learning features, and expanded cloud integration to support more advanced analytics and business insights.

Scope of the Report

Global Data Discovery Market, by Component

• Solutions
• Services
• Support and Maintenance
• Deployment and Integration
• Consulting
• Others

Global Data Discovery Market, by Functionality

• Visual Data Discovery
• Augmented Data Discovery
• Search-based Data Discovery
• Self-service Data Preparation

Global Data Discovery Market, by Application

• Security and Risk Management
• Sales and Marketing Management
• Asset Management
• Supply Chain Management
• Others

Global Data Discovery Market, by Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Retail
• Manufacturing
• Others

Global Data Discovery Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $12.52 Billion
CAGR	15.98% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Component, Functionality, Application, Vertical
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	IBM, Microsoft, Oracle, Salesforce, SAS Institute, Google, AWS, Micro Focus, MicroStrategy, Congruity360
Key Market Opportunities	The integration of business operations with data-driven insight create Opportunities that can further boost the growth of the data discovery market
Key Market Drivers	The rising need to access sensitive information and maximize business productivity and compliance with data protection standard scontribute to the data discovery market growth

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Data Discovery Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Data Discovery market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Data Discovery market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.

Provide Total Addressable Market (TAM) for the Global Data Discovery Market