The global data discovery market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, growing adoption of cloud-based data discovery solutions to improve security compliance and governance within data and the growing importance of data utilization during COVID-19 scenario among organizations are expected to drive the adoption of the data discovery market.
Businesses providing data discovery solutions and services are expected to witness a minor decline in their growth for a short span of time. However, the focus on vaccine development, adoption work from home initiatives, and eHealth are leading to explosion of structured and unstructured data, which needs to be discovered and managed efficiently to derive insights. The market would witness a minimal slowdown in 2020, followed by positive growth during the forecast period. The global spread of COVID-19 has led to numerous privacy, data protection, security, and compliance questions. These challenges are driving the need for companies and organizations to ensure their data discovery solutions not only secure but also support data analysis for strategic business decisions.
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The cloud segment to grow at a higher CAGR during the forecast period
The data discovery market by deployment mode has been segmented into on-premises and cloud. Cloud is further segmented by type in a public cloud, private cloud, and hybrid cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and lack of workforce hit the industry and are expected to drive the adoption of cloud-based data discovery solutions. Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based data discovery solutions.
Data discovery involves identifying and locating sensitive or regulated data to adequately protect it or securely remove it. Data discovery involves auditing sensitive or regulated information, including confidential or proprietary data as well as protected data such as Personally Identifiable Information (PII) or electronic protected health information (ePHI). Data discovery enables security teams to identify this information to protect it and ensure its confidentiality, integrity, and availability. It involves the collection and evaluation of data from various sources and is often used to understand trends and patterns in the data. Data discovery, usually associated with Business Intelligence (BI), helps inform business decisions by bringing together disparate, siloed data sources to be analyzed.
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Some of the key players operating in the data discovery market include IBM (US), Microsoft (US), Oracle (US), Salesforce (US), SAS Institute (US), Google (US), AWS (US), Micro Focus (UK), MicroStrategy (US), Cloudera (US), PKWARE (US), Alteryx (US), Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital Guardian (US), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore), BigID (US), Explorium (US), 1touch.io (US), Congruity360 (US), and Concentric (US). These data discovery vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global data discovery market.
IBM was founded in 1911 and is headquartered in New York, US. The company is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. As of December 31, 2019, IBM’s total employee strength, including that of its wholly owned subsidiaries, was 352,600. The company operates through five major business segments: cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. It offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the data discovery market, as it provides a strong portfolio of solutions and services in the market. IBM offers smart data discovery solutions that help businesses to gain a deeper understanding of data with easy-to-use analytics. The company provides solutions to various industry verticals, including IT, healthcare and life sciences, government, telecom, automobile, manufacturing, fast-moving consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It has presence in more than 175 countries in North America, Europe, APAC, MEA, and Latin America.
Microsoft was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With continuous investments on a mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft works on three pillars: privacy, cybersecurity, and responsible AI to provide tools and frameworks for its customers to drive policy change. The company is known to invest in data centers and other hybrid and edge infrastructure to enhance its services offerings. Microsoft offers Azure Information Protection (AIP), Microsoft Power BI Desktop, and Data Discovery and Classification solutions for data discovery market. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe.
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