Data Discovery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The data discovery market is expected to register a CAGR of 21% over the forecast period. The data discovery market is anticipated to grow significantly in the future, owing to the increasing demand of businesses for visualization and explorative data analysis services. The data discovery market's primary growth drivers include the growing importance of data-driven decision-making, growing trends in self-service business intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources. Data discovery market applications apply visual tools comprising geographical maps, heat maps, and pivot tables to make the process of finding patterns faster and more intuitive.

Key Highlights

• Based on types, the data discovery software segment is anticipated to gain prominence in the data discovery market soon. Data discovery and visualization Software like Tableau, QlikView, and Tibco Spotfire is designed for data analysis and technically-oriented business uses.
• The growing popularity of online shopping among buyers has spurred the global expansion of the e-commerce industry, as e-commerce businesses have amassed massive amounts of client data over the years, with petabytes of data being added every day. As per the United States Census Bureau, e-commerce sales of retail as a percentage of total sales grew from 14.3% in the first quarter of 2022 to 14.8% in the third quarter of 2022.
• Furthermore, the increased usage of IoT devices and data analytics in numerous industries is likely to generate even more data in the industry. According to a Philips study, 92% of healthcare leaders polled in Singapore in February 2022 stated that their firms had previously adopted predictive analytics. As a result, the scope of the data monetization solution is expected to expand.
• Big data technologies and data discovery tools are revolutionizing telecommunications. Tools like Apache Hadoop, streaming analytics, and machine learning are opening new opportunities for CSPs to gain insights from data sets that were previously unwieldy.
• Businesses that provide data discovery services and solutions had a small decline in revenue at the peak of the COVID-19 pandemic. However, the emphasis on vaccine research, work-from-home activities, and eHealth resulted in an explosion of unstructured and structured data that needs to be identified and managed effectively in order to gain insights. The market is currently growing and is likely to continue growing over the forecast period.

Data Discovery Market Trends

The Banking, Financial Services, and Insurance Sector Holds a Dominant Position

• Data discovery tools help to take issues such as inadequate data modeling abilities of bank employees and enable bank personnel to interpret the data to magnify the customer experience. It helps to recognize potential customer segments and trap them with compelling offers. More significantly, data discovery allows banks and financial service providers to build business models and make proper investment decisions with substantial risk analysis.
• The rising use of machine learning (ML) and artificial intelligence (AI) technologies has resulted in massive volumes of structured and unstructured data, which is expected to boost the adoption of sensitive data discovery solutions throughout the forecast period. Furthermore, enterprises are migrating to cloud-based solutions, which is likely to increase data volume. According to the Thales Data Threat Report 2022, for example, the percentage of corporate data housed in the cloud in enterprises globally climbed from 30% in 2015 to 60% in 2022.
• With a massive volume of data gushing from many transactions, banks are trying to find innovative business ideas and risk management solutions. Each set of data gathered over a period tells a unique story and shows the goalpost for a definite future period so that a business firm can capitalize on this information to attain a competitive edge in the market.
• Big data analytics can enhance the extrapolative power of risk models employed by banks and financial institutions. Adopting big data analytics and instilling it into the existing banking sector workflows is one of the essential elements of surviving and prevailing in the rapidly evolving business environment of the digital millennium.
• Furthermore, AI-ready technology is capable of effective data handling, has sufficient processing power, is nimble, adaptable, and scalable, and is able to accept varying data quantities. As a result, assembling the necessary software and hardware parts to enable AI would be more difficult for small fintech firms.

North America to Dominate the Data Discovery Market

• North America is expected to lead the data discovery market owing to the early adoption of new and emerging technologies, significant investments in cloud-based solutions, and the presence of a high number of businesses in this region. The need to increase storage capacity has become an opportunity for every major enterprise in the area, as there is a continuous rise in data and respective applications.
• The development of mobile broadband, growth in cloud computing, and big data analytics are propelling the demand for new data infrastructures and data discovery software. Moreover, the declining prices of servers have enhanced cloud computing adoption by businesses across North America, stoking the construction of effective and sustainable data, hence boosting the market being studied.
• Several firms in the region are interested in the technical advancement of their goods and solutions, which is likely to increase the quantity of data generated, fueling the demand for data discovery. For example, Cisco Systems Inc. teamed with Microsoft in August 2022 for Big and Fast Data Analytics, enabling its clients to increase operating effectiveness and establish new income streams in analytics and customer base administration.
• Furthermore, SAS announced in September 2022 that its Viya analytics tool was made accessible on the Microsoft Azure Marketplace. All SAS Viya functionalities on Microsoft Azure would provide clients worldwide with access to information exploration, model deployment analytics, and machine learning. The tool is accessible in a variety of languages and features an in-app instructional centre to facilitate quick onboarding. Users can also access to the whole Viya suite, including SAS Visual Statistics, SAS Visual Analytics, Machine Learning, SAS Visual Data Mining, and SAS Model Manager, with SAS Viya on Microsoft Azure.
• Multinational corporations such as Microsoft, Facebook, Google, and Apple are developing in green data centers that use renewable energy. For example, in July 2022, Brisbane was chosen as the location for a new USD 2.5 billion 'Supernode' data storage facility. The "biggest in the Southern Hemisphere" data center project will be fuelled by battery and renewables storage with a capacity of 800 megawatts. Quinbrook Infrastructure Partners, a specialized investment manager, managed to secure a 30 hectare site at Brendale and has previously acquired both Foreign Investment Review Board and local planning authorizations from Moreton Bay Regional Council for a multi-tenant premises of up to four hyperscale datacenters.

Data Discovery Industry Overview

The data discovery market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in analytics. New players are increasing their market presence, thereby expanding their business footprint across the region. The vast expansion of capabilities in big data analytics technology (owing to the availability of open-source tools) may also push the companies in the area to keep up with rivals and give away too much of the improved product performance. The environment escalates costs and erodes industry profitability.

In November 2022, BigID, the world's leading platform that allows companies to comprehend their enterprise information and take action for security, privacy, governance, and compliance, announced an expanded partnership with Wiz, the leading technology security platform that allows customers to quickly identify and eliminate critical cloud risks. Data Security Posture Management (DSPM) and Cloud-Native Application Protection (CNAPP) are combined by Wiz and BigID to decrease cloud risk and speed up cloud security initiatives.

In March 2022, HaystackID, a specialist eDiscovery services provider which works with law firms and company law departments, launched HaystackID Core, a discovery management framework for discovery data. HaystackID Core is a strong portfolio of platform, software, and infrastructure services that integrates HaystackID Discovery Intelligence with the latest technology, privacy platforms, security, processes, and protocols. HaystackID Core gives enterprises, law firms, and consultancies the strength and accuracy they need to adopt a new approach to eDiscovery without making any upfront or extra expenditures in hardware or software.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.