Market Overview:

The data discovery market size is expected to register a robust CAGR during the forecast period.

Data discovery is the methodology to gain meaningful business insights by collecting and evaluating raw from various data sources. This usually is used to identify the trends and patterns in an organization. Data discovery involves collecting, cleansing, or organizing the data in a predefined data structure and sharing it throughout the organization for further analysis. The data discovery applications include security & risk management, sales & marketing management, asset management, supply chain management, and others.

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Data discovery is a process of identifying patterns and detecting relationships in large volumes of data through various tools and techniques. It can help organizations to extract valuable insights from their data to inform decision-making and improve business operations. Data discovery can involve collecting and evaluating data from various sources, visualizing data, and applying advanced analytics to detect informative patterns that would not have been apparent otherwise. Some organizations use specialized data discovery tools that allow business users to explore their data and interact with it through a user-friendly interface , while others rely on data analysts or data scientists to perform data discovery tasks using programming tools and statistical methods. Data discovery is becoming increasingly important as the amount of data generated by businesses and organizations continues to grow rapidly. It can help organizations to identify trends and opportunities, spot potential risks and problems, and develop more effective strategies for managing their data and improving their operations.

The rising need to access sensitive information and maximize business productivity and compliance with data protection standards contribute to the data discovery market growth. However, this market growth is hampered by the rise in incidents of data breaches across the globe. The integration of business operations with data-driven insight creates support unities that can further boost the growth of the data discovery market.

Data Discovery Market Segmentation:

 The global data discovery market has been segmented based on component, deployment, organization size, functionality, application, and region.

• By component, the global data discovery market has been divided into solutions and services. The solution segment is further bifurcated into the process, preserve, present, identify, review, analyze, and collect & produce. Additionally, the services segment is classified into professional and managed services.
• Based on the deployment, the global data discovery market is categorized into on-premises and on-cloud.
• By organization size, the global data discovery markethas been divided into small & medium enterprises and large enterprises.
• Based on functionality, the global data discovery market is segmented into visual data discovery, augmented data discovery, search-based data discovery, and self-service data preparation.
• By application, the global data discovery market is segmented into security & risk management, sales & marketing management, asset management, supply chain management, and others.
• The global data discovery market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Data Discovery Market Regional Analysis:

 The global data discovery market is projected to register a robust CAGR over the forecast period. The geographic analysis of the global data discovery market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is expected to be the dominating region in terms of the adoption of data discovery solutions & services. The North American market has been segmented into the US, Canada, and Mexico. The US is expected to lead the country-level market, while Canada is projected to be the fastest-growing segment during the forecast period. The US market is expected to report the highest market share, owing to the factors such as demand for advanced data discovery solutions such as augmented and visual data discovery that utilizes artificial intelligence and big data analytics. 

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Industry News:

• In November 2020, PKWARE acquired Data guise, a company with innovative technology for businesses to discover and protect personal data stored across diverse IT systems and environments. The acquisition will expand PKWARE’s global footprint as it continues the operations of Data guise’s existing offices in the US, India, Europe, and Canada.
• In November 2020, Exonar partnered with Roc Technologies to assist organizations in uncovering and understanding the data landscape to add value to the life sciences, critical infrastructure, and higher education sectors.

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