Data Discovery Market Size (2024 - 2029)

Data Discovery Market Analysis

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.

• 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 Industry Segmentation

Data discovery is the method of identifying patterns and trends in web data through data collection and analysis. It is the initial step in leveraging web data to notify future critical business decisions with valuable guided analytics. Data is gathered, merged, and interpreted through the discovery process to provide businesses with more precise insights regarding their customers, business, and industry.

The Data Discovery Market is segmented by Component (Software and Services), Organization Size (Small- and Mid-Sized Businesses (SMBs) and Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and E-commerce, Manufacturing, Energy and Utilities, and Others) and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.