Data Discovery Market to Witness CAGR of 17% (2021-2027) on account of Increasing Investment in Data Privacy| UnivDatos Market Insights

NOIDA, India, Nov. 4, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Data Discovery Market was value at USD 8 billion in 2020 and is expected to witness a robust CAGR of around 17% during the forecast period 2021-2027. The analysis has been segmented into Components (Software, Services); Organization Size (Large, Small, and Medium); Deployment (On-Premises and Cloud); Industry Vertical (BFSI, Government, Healthcare and Lifesciences, retail, Manufacturing, Retail, Media and entertainment, Telecommunications and IT and Others); Region/Country.

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The Data Discovery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Data Discovery market. The Data Discovery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Data Discovery market at the global and regional levels.

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Market Overview

The growing prominence of the IoT devices, increasing social media users and E-commerce customers are expected to drive the data discovery market. For instance, according to Shopify, in the year 2021, the total number of online buyers reached 824 million. Furthermore, the increasing importance of gaining data insights through advanced tools and techniques and recognizing meaningful analytics to drive business growth. In addition, an increasing need for data-drive decision-making, new strategies implemented by organizations to maximize productivity, constraints imposed by regulators to comply with data protection standards, and market entry. Self-service BI tools are the other growth drivers in the world. data discovery market.

Some of the major players operating in the market include Tableau Software, Alteryx Inc., Logi Analytics Inc., TIBCO Software Inc., Pentaho Corporation, Qliktech International AB, Microsoft Corporation, MicroStrategy Inc., Clearstory Data, SAS Institute Inc.

COVID-19 Impact

The spread of Coronavirus in 2020 had minimally impacted the data discovery market followed by favorable expansion. As global proliferation during Covid-19 has raised a slew of privacy, data security, and compliance concerns. As a result of these problems, the need for secure and strategic business solution demand has increased to ensure businesses and organizations must have data analysis for strategic business decisions.

The global Data Discovery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·  Based on component, the market is segmented into software and services. The software segment is expected to grow with a significant CAGR during the forecast period. Statistical software or statistical analysis software refers to tools that help you collect and analyze data to provide science-based insights into patterns and trends, they often use statistical analysis theorems and methodologies to perform data science, such as regression and time series analysis. An increase in efficiency from streamlined and automated business data analysis workflows are the major benefits that are expected to drive the market for this segment during the forecast period.

·  Based on organization size, the market is segmented into large, small, and medium organizations. The large organization segment is expected to achieve a significant CAGR during the forecast period, the growth of the segment can be attributed to the volume of data that is required to be processed by these organizations. Furthermore, many large businesses use sensitive data discovery tools to locate vital data, mostly to comply with industry standards and legal frameworks. These frameworks include the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), Health Insurance Portability and Accountability Act (HIPAA), and ISO standards. The most sensitive data detection tools are installed and operated by the information security team.

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Data Discovery Market Geographical Segmentation Includes:

• North America (United States, Canada, and the Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

The North American region is expected to hold the major share of the data discovery market during the forecast. Mainly because of developed economies such as the United States and Canada. The U.S. is a key market in the region due to the early adoption of sensitive data discovery solutions. The growth in the region can be attributed 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 major players targeting the market include

• Tableau Software
• Alteryx Inc.
• Logi Analytics
• TIBCO Software Inc.
• Pentaho Corporation
• Qliktech International AB
• Microsoft Corporation
• Microstrategy Inc.
• Clearstory Data
• SAS Institute Inc

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Data Discovery Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Data Discovery market?
• Which factors are influencing the Data Discovery market over the forecast period?
• What are the global challenges, threats, and risks in the Data Discovery market?
• Which factors are propelling and restraining the Data Discovery market?
• What are the demanding global regions of the Data Discovery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Data Discovery Market Report Coverage

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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