Data Discovery Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Amazon.com lnc., Alphabet Inc., Microsoft Corporation, Hitachi Ltd., IBM Corporation

The Data Discovery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Data Discovery Global Market Report 2024, 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.

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.

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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

Major companies operating in the data discovery market are launching new data discovery connectors to increase their profitability in the market. Data discovery connectors are tools or components designed to facilitate the discovery of data by establishing connections with various data sources. For instance, in June 2023, OneTrust, a Georgia-based company that specializes in trust intelligence launched new data discovery connectors. OneTrust broadens data discovery with connectors for 200+ sources, covering on-premises, cloud, structured, unstructured data, and more. The platform offers AI-driven classification, regulatory insights, and policy enforcement for automated data security and governance. This solution integrates consent, preference, and privacy controls, empowering contemporary enterprises to uphold ethical data practices across the entire data journey.

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    Data Discovery Market
35. Data Discovery Market Future Outlook and Potential Analysis
36. Appendix

 

Top Major Players :

• com lnc.
• Alphabet Inc.
• Microsoft Corporation
• Hitachi Ltd.
• IBM Corporation

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