Data Discovery Market – Growth, Trends, And Forecast (2020 – 2025)
Data Discovery market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The Data Discovery market is highly competitive and consists of a number of major players: Tableau Software, LLC (Salesforce Company), Datameer, Inc., Altair Engineering, Inc., SAP SE, Tibco Software Inc., Cloudera, Inc., Platfora, Inc., ClearStory Data Inc., Oracle Corporation, Birst, Inc., Qlik Technologies, Inc., MicroStrategy Incorporated, Panorama Software, Alteryx, Inc., SAS Institute Inc.
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Scope of the Report
The Data Discovery Market is expected to grow at a CAGR of 21% over the forecast period 2020 to 2025. 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.
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.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Data Discovery Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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