The most recent study conducted by Report Ocean, titled “Global Data Discovery Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Data Discovery. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Data Discovery Market is valued at approximately USD 6.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.6 % over the forecast period 2020-2027. The method of finding patterns and trends in web data through data collection and analysis is data discovery. It is the initial step in leveraging web data with useful driven analytics to inform future important business decisions. Data is collected, combined, and analyzed through the discovery process to provide organizations with more detailed information about their consumers, market, and industry. The rising importance of extracting their data and drawing meaningful analysis for driving market growth and building competitive edge is being realized by most companies across industries. Due to the use of IoT devices, sensors, and geospatial devices, every organization generates vast quantities of data.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
It is the requirement of the day to produce insights from structured and unstructured data by unifying them into particular formats so that the end-user can validate and understand it. Sensitive discovery of data is vital to the creation and maintenance of an effective strategy for data protection. Moreover, various types of organic as well as inorganic growth strategies have been adopted by data exploration vendors, such as new product releases, product updates, alliances and agreements, company extensions, and mergers and acquisitions to improve their market offerings.
For instance:
– IBM unveiled a new risk-based service, IBM Risk Analytics, in September 2020. The solution is designed to help companies apply the same analytics to cybersecurity spending goals that are used for conventional business decisions. In order to help customers recognize, prioritize and measure security threats, the new service generates risk assessments as they weigh decisions such as deploying new technology, making investments in their organization, and changing processes.
– In November 2020, PKWARE acquired Dataguise in November 2020, a company with revolutionary technologies for organizations to discover and safeguard personal data stored through various IT systems and environments. The acquisition will broaden the global presence of PKWARE as it continues the operations of the existing offices of Dataguise in the US, India, Europe and Canada.
However, sometimes, companies struggle to recognize where their resources need to be distributed. This inability to assign resources results in the complete potential of data exploration not being extracted. Because of the lack of experience and technical skills to use cloud-based data discovery technologies optimally, most companies will still not take full advantage of data discovery resources in the cloud., may impede market growth over the forecast period of 2020-2027.
The regional analysis of the global Data Discovery Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the commercialization of the AI and ML technology in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, due to rising awareness for privacy and data security amongst organizations in important countries, such as India, China, and Japan.
Major market player included in this report are:
IBM
Microsoft
Oracle
Salesforce
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SAS Institute
Google
AWS
Micro Focus
MicroStrategy
Cloudera
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Solutions
Services
Support and Maintenance
By organization size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By deployment mode:
On-premises
Cloud
By Application:
Security and Risk Management
Sales and Marketing Management
Asset Management
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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- Analysis via geography highlighting the consumption of the product/service in the location as properly as indicating the elements that are affecting the market inside every region
- Competitive panorama which accommodates the market rating of the most important players, alongside with new service/product launches, partnerships, enterprise expansions, and acquisitions in the previous 5 years of businesses profiled
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