Data Discovery Market
January 9, 2017
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% during the forecast period. The key forces driving the data
discovery market include rising importance of insights generation from
Managed services in the service segment is expected to grow at the
highest CAGR during the forecast period
Among services, the managed service segment is expected to grow at a
fast pace during the forecast period. The demand for consulting services
is witnessing the exponential growth, mainly because almost every
technological domain requires well-delivered managed services. The
services being offered must fit perfectly into the client’s environment.
Technical expertise, service consistency, and flexibility must be
provided by the vendors, regardless of the geographical location of the
client. Managed services are considered crucial, as they are directly
related to customer experience. These services help them sustain their
positions in the market. Moreover, it has become difficult for companies
to focus on core business processes and support various other functions,
in turn increasing the significance of managed services.
Data discovery software segment by type is expected to contribute the
largest market share in 2016
Among types, the data discovery software segment is expected to hold the
largest market share in the data discovery market in 2016. Data
discovery software ensures that the data fits a particular user-
specific task and is accurate & timely. Data discovery software consists
of software applications or platforms which can be used to implement
data discovery solutions. The data discovery vendors also provide
standalone software, which is a complete solution for analyzing and
acting on real-time business events. The software filters the aggregated
and enriched data, so that it can be analyzed to provide a high
throughput from multiple input data sources. Based on the data analyzed,
organizations could generate business related insights and plan the next
steps accordingly, as soon as the data arrives.
America is expected to contribute the largest market share, Asia-Pacific
(APAC) to grow the fastest
North America is expected to hold the largest market share and dominate
the data discovery market from 2016 to 2021, owing to large investments
in cloud-based solutions, early adoption of new & emerging technologies,
and a large number of players present in this region. The APAC region is
in the initial growth phase; however, it is expected to be the fastest
growing region for the global data discovery market. The key reason for
the high growth rate in APAC is the growing demand for cost-effective
data discovery platforms and tools among Small & Medium Enterprises (SMEs)
in this region.
The major vendors providing data discovery are Tableau Software (U.S.),
Datawatch Corporation(U.S.), Datameer, Inc. (U.S.), TIBCO Software, Inc.
(U.S.), Oracle Corporation (U.S.), ClearStroy Data (U.S.), Qlik
Technologies Inc. (U.S.), SAP SE (Germany), and Platfora (U.S.).