Data Discovery Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

By Author: Statzy Market Research
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Data Discovery Market is anticipated to grow significantly over 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 intuitive.

- Based on types, the data discovery software segment is anticipated to gain prominence in the data discovery market soon. Data discovery and visualization Softwares like Tableau, QlikView, and Tibco Spotfire are designed for data analysis and technically-oriented business uses.

- According to Import.io Inc., Web data is projected to grow faster due to both machine-based and human-generated data experiencing an overall growth rate of 10 times faster than conventional business data. With such significant potential, ...
... 89% of users believe big data will revolutionize business operations in the same way the Internet did.

- Increasing penetration of online shopping amongst customers has fueled the growth of the e-commerce sector across the world, as e-commerce players have tremendous customer data collected over the years with the constant addition of petabytes of data every day. For instance, according to U.S. Commerce Dept., U.S. e-commerce sales accounted for 16% of total retail sales and achieved an overall e-commerce growth of 14.9% in 2019.

- Data discovery tools help the telecom firms to view customer experience and satisfaction autonomously across each channel. Customer retention and acquisition with data analysis are major focus areas for telecom companies, as they can develop effective marketing campaigns and product offerings.

- 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.

- Besides, the data discovery market will face challenges in security & privacy. Cloud-based solutions may pose security threats due to the extensive data collection that is stored by
third-party entities. Apart from that, uncertain return on investment (RoI), and complicated tools, and limited applications are other factors restraining the growth of the market.

Key Market Trends

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 trend is growing, and in 2020 these numbers became only more significant. According to GDC prognosis, the amount of data generated each second will increase by 700% by 2020. The financial and banking data will be one of the foundations of this Big Data surge, and being able to concoct it means being competitive amongst the banks and financial institutions.

- With a massive volume of data gushing from many transactions, the banks are trying to find innovative business ideas and risk management solutions. Each set of the 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.

- For instance, SAS through its offerings delivers proven value and can help unlock AI's vast potential for digital transformation. SAS in the Banking Industry has more than 3500 financial services customers worldwide; more than 90% of the top global banks use SAS. Banking analytics solutions from SAS with predictive analytics and embedded AI skills are helping meet a variety of strategic business needs.

- Big data analytics can enhance the extrapolative power of risk models employed by banks and financial institutions. Adopting the 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.

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 hence data discovery software. Moreover, the declining prices of servers have enhanced the adoption of cloud computing businesses across North America, stoking the construction of effective and sustainable data, hence boosting the market being studied.

- As per the CBRE report, the US primary data center market's total capacity grew by 200 megawatts (MW) or 8% in 2019. Regions, like Atlanta, Chicago, Dallas/Ft. Worth, New York Tri-State, Northern Virginia, Phoenix, and Silicon Valley accounted for the largest share of data centers in the United States. Digital Realty manages over 145 sites globally, and the one located in Chicago on the East Cermak is one of the largest data centers.

- Multinational companies, like Facebook, Microsoft, Apple, Google, etc., are investing in green data centers to power through renewable sources. For instance, In April 2019, Amazon announced its plan to invest in three renewable energy projects in Ireland, Sweden, and the United States to power all Amazon Web Services (AWS) data centers with 100% renewable energy. All these factors are fostering the production of vast volumes of data, consequently boosting the data discovery market.

Competitive Landscape

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 the analytics. new players are increasing their market presence, thereby expanding their business footprint across the region. The vast expansion of capabilities in the 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, and environment escalates costs and erodes industry profitability.

- May 2020 - Tableau rolled its latest version to date, 2020.2, which includes a new data model for multiple source analysis without coding or scripting as well as a feature called Metrics, which monitors key performance indicators via mobile devices. Data modeling is designed to democratize the ability to analyze complex data sets. With the new data model, Tableau will aggregate details for the analysis required.

- October 2019 - Datameer, announced funding to drive global adoption of Datameer X by the data science community and importantly to launch Neebo, a cloud-native self-service solution that will enable teams of analytics professionals and data scientists to create, discover, use, and share trusted assets in hybrid landscapes.

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