Data Discovery Market Size to Reach $31.55 Billion By 2030

Data Discovery Market Growth & Trends

The global data discovery market size is expected to reach USD 31.55 billion by 2030 and is anticipated to grow at a CAGR of 15.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is fueled by the expanding data volume and complexity, leading to increased adoption of cloud-based data discovery solutions by businesses. The growing awareness of data discovery's advantages, such as enhanced decision-making, increased efficiency, and cost savings, emphasizes its importance for organizations. Businesses are increasingly reliant on data for decision-making, driving the demand for tools that simplify data discovery and comprehension.

Self-service Business Intelligence (BI) tools are gaining popularity as they empower users to analyze data independently, reducing dependence on IT support. Thus, data discovery is becoming essential for businesses, with tools becoming more user-friendly and advanced, making them accessible to a broader audience. The increased adoption of AI and ML technology is generating extensive volumes of structured and unstructured data, driving the demand for data discovery solutions.

These solutions aid businesses in comprehending their data assets, encompassing data location and optimal usage. They are essential for data preparation, involving tasks such as cleaning, transformation, and integration, and are invaluable for extracting insights through methods like data visualization, machine learning, and statistical analysis. Thus, data discovery solutions are crucial for companies leveraging AI and ML as they manage the extensive and varied data produced by these advanced technologies.

The growth of the data discovery industry is driven by the surge in big data and the Internet of Things (IoT), as organizations gather vast data from connected devices and sensors. Data discovery tools help businesses interpret this data through visualizations and interactive reports. In addition, increased cloud adoption and cost-effective analytics solutions are making data discovery more accessible to smaller enterprises. Further, Natural Language Processing (NLP) is driving the growth of data discovery by enabling the extraction of key insights from unstructured data, making data discovery accessible to non-technical users, and automating tasks to free up data professionals for more complex work. As the demand for self-service analytics grows, and organizations prioritize data-driven decision-making, the market for data is expected to continue expanding in the future.

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Data Discovery Market Report Highlights

• In terms of offering, the solutions segment led the market in 2022 with a revenue share of over 65%. The market for solutions is growing rapidly due to the increasing demand for data discovery tools, and these solutions offer a comprehensive set of features and capabilities that help businesses discover and analyze data from a variety of sources

• Based on deployment, the on-premises segment led the market in 2022 with a 54% global revenue share. On-premises data discovery solutions allow organizations to maintain their data in-house, where they have more control over it

• Based on application, security, and risk management segment led the market in 2022. Organizations are increasingly recognizing the need to identify and protect their sensitive data from unauthorized access, theft, and loss

• In terms of end-use, BFSI segment led the market in 2022 with the largest revenue share. BFSI organizations are generating and collecting vast amounts of data from a variety of sources, including customer transactions, financial records, and market data

Data Discovery Market Segmentation

Grand View Research has segmented the global data discovery market based on offering, deployment, application, end-use industry, and region:

Data Discovery Offering Outlook (Revenue, USD Billion, 2017 - 2030)

• Solutions

• Services

  • Professional Services

  • Managed Services

Data Discovery Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

• Cloud

• On-premises

Data Discovery Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Security & Risk Management

• Asset Management

• Sales and Marketing Management

• Supply Chain Management

• Others

Data Discovery End-use Industry Outlook (Revenue, USD Billion, 2017 - 2030)

• IT & Telecommunication

• Government

• BFSI

• Retail & E-commerce

• Media & Entertainment

• Healthcare & Lifesciences

• Transportation & Logistics

• Others

Data Discovery Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• MEA

  • Kingdom of Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Data Discovery Market

• IBM Corporation

• Microsoft

• Oracle

• Salesforce, Inc.

• SAS Institute Inc.

• Google

• Amazon Web Services, Inc.

• Open Text

• MicroStrategy

• Cloudera, Inc.