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Data discovery market worth 10.66 billion USD by 2021 scrutinized in new research

Data discovery market worth 10.66 billion USD by 2021 scrutinized in new research

The data discovery market size is estimated to grow from USD 4.33 Billion in 2016 to USD 10.66 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 19.8% from 2016 to 2021. The report segments the market into types, deployment models, organization sizes, applications, verticals, and regions. Major growth drivers of the market include increasing importance of data-driven decision-making, growing trends of self-service Business Intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources.

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Data discovery can be defined as a decision-making platform which assimilates, structures, and refines data.  Globally, data discovery software and services are rapidly taking over from traditional Business Intelligence (BI) tools, which cannot be utilized and accessed without help from the technical staff.

Major drivers of the data discovery market are rising trends of self-service BI tools and generating insights & discovering trends from increasing volume of data. The data discovery market faces challenges, such as security & privacy concerns and shifting from traditional architecture to new systems.

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Major factors that is restraining the growth of the market is unclear Returns on Investment (RoI).

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The data discovery market is estimated to grow from USD 4.33 Billion in 2016 to USD 10.66 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. Generating insights from multi-structured data sources, rising trends of self-service technologies, and importance of data-driven decision-making are the drivers that propel the growth of the market.

The report provides detailed insights into the global data discovery market, which is segmented by type, professional service, application, organization size, deployment model, vertical, and region. In type, data discovery market software is expected to have the largest market share for the forecast period.

Operations find surplus applications which can benefit by adapting data discovery technologies. Risk management application, which is applicable across all the major industry verticals is expected to have the largest market share.

Considering today’s highly-volatile financial environment, immensely networked organizations, and global operating models identifying risk & subsequently managing such risks have become a critical task for financial organizations. Advanced analytics is a boon to these industries that require real-time intelligence to make swift decisions in remote locations.

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On-premises deployment model has a higher adoption, as compared to the cloud deployment model. This is mainly because of it attributes, such as confidentiality and privacy parameters to the organizational data.

The Baking, Financial Services, & Insurance (BFSI) segment has shown the largest market share in vertical segment, where solutions are used to predict to tackle issues, such as insufficient data modeling capabilities. It helps identify potential customer segments, trap them with effective offers, and come up with the most efficient investment plan.

However, the manufacturing industry is poised to grow at the highest rate during the forecast period, which will help them in streaming real-time analytics ingesting from sensors and devices in the factory environment.

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