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 observed in the historical period can be attributed to the escalating volume and complexity of data, the emergence of big data analytics, a notable shift towards self-service analytics tools, the necessity to comply with regulatory standards, and the increasing demand for real-time analytics capabilities.

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%. Anticipated growth in the forecast period is expected to be driven by an increased emphasis on data governance and privacy, broader adoption among small and medium enterprises (SMEs), a concentrated effort on data democratization initiatives, and the advancement of data visualization and storytelling techniques.

The data discovery market is being propelled by the growing demand for structured and unstructured data. This need for data access integration allows for collaboration among data teams and business analysts, fostering understanding and cooperation in data-related tasks. In 2022, Techjury reported that 95% of firms cited the management of unstructured data as a challenge, with 97.2% investing in big data and AI for business growth.

The escalating demand for cloud integration is anticipated to drive the expansion of the data discovery market. Cloud integration, the assimilation of cloud computing services to enhance IT capabilities, serves as a pivotal element in data discovery. Notably, a survey conducted by O’Reilly Media Inc. in December 2021 revealed that 90% of 2,834 global respondents employed cloud-based applications, with 48% planning to shift over half of their apps to the cloud within the next year. This surge in cloud adoption is fueling the growth of the data discovery market.

A rising trend revolves around innovative product developments to solidify market positions. Notably, DvSum, a US-based cloud-based data intelligence platform, introduced an advanced Data Catalog solution in February 2022. This solution enhances data discovery, monitoring, and governance through a smart, augmented, live Data Catalog, catering to teams and businesses of all sizes. By combining metadata with real-time data profiles and quality assessments, it offers a comprehensive view for accurate business insights.

Data discovery connectors are tools or components designed to facilitate the discovery of data by establishing connections with various data sources. In June 2023, OneTrust, a Georgia-based trust intelligence firm, introduced an array of new data discovery connectors, enhancing access to 200+ diverse data sources. This expanded platform utilizes AI-driven classification, regulatory insights, and policy enforcement to automate data security and governance, integrating consent, preference, and privacy controls for ethical data management.

In October 2021, Institutional Shareholder Services Inc., a US-based investment firm, acquired Discovery Data Holdings, Inc., for an undisclosed amount. This acquisition marks a new milestone in ISS's expansion and is consistent with our long-standing commitment to provide industry-leading and unique data, analytics, and insights covering every stage of the investment process. It also brings industry-leading solutions to our clients that will improve their support of the organizations and individuals managing the flow of assets into investment products across the main distribution channels. Discovery Data, Inc., is a data analytics company based in the United States that has established itself as a reputable and dependable data and analytics provider to the financial services industry.

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.

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. The countries covered in the data discovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data discovery encompasses two primary categories such as software and services. Data discovery software facilitates the collection and consolidation of data from multiple sources to identify patterns and trends. Its key functionalities include data preparation, data modeling, visual analysis, and advanced statistical analysis. Software, being program-based, necessitates an electronic device, such as a computer, for operation. These software solutions can be deployed via cloud-based or on-premises models, catering to organizations of various sizes, from large enterprises to small and medium-sized enterprises (SMEs). Industries leveraging data discovery span across sectors including banking, financial services, and insurance (BFSI), telecommunications and IT, retail and e-commerce, manufacturing, energy and utilities, and numerous other verticals seeking robust data analysis and trend identification.

The Data discovery devices market research report is one of a series of new reports that provides Data discovery devices market statistics, including global market size, regional shares, competitors with a Data discovery devices market share, detailed Data discovery devices market segments, market trends and opportunities, and any further data you may need to thrive in the Data discovery devices industry. This data discovery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The data discovery market includes revenues earned by entities by improving business processes by revealing pertinent data insights, communicating these insights to business users in a manner that is understandable to non-technical users, and so on. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.