During the last decade, Technologies have evolved rapidly and huge volume of data about the customers is collected daily which can be transformed to useful information by using correct set of data discovery tools. The data discovery tools are a subsidiary of the business intelligence tools, which can provide the users with the possibility of building queries and finding the answers to these spontaneous queries. The data discovery tools need to handle the full range of use cases from data profiling to delivery of actionable insights efficiently and cost effectively. Data discovery tools are also used to gain predictive insights into the data rather than using just for explorative purposes.
As the data discovery market evolves to maturity the vendors had to provide tools which are more agile and faster cycle iterations to provide insights. It is no longer sufficient for the data discovery Vendors to provide quality services and producing quality tools but they also need to adapt the new economic needs for the organizations and the customer needs. The also a need for the global data discovery market vendors to cater for the needs of small, niche business.
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Market drivers & challenges:
The major market driver for the global data discovery market is big data. As the volume of data generated is huge traditional data discovery methods are obsolete. The large amount of data that exists in different formats must be processed efficiently for gaining valuable insights by using advanced data discovery software tools.
The other driver which drives the market for global data discovery market was the need for Real-time analytics. The shift toward need for the real-time analytics has created a demand for data discovery software tools. These demand are met by data discovery tools that are faster, automated and adaptive.
The increase in demand for organisations to use agile analytics and agile business intelligence (BI) in order to turn data into value is also a major driver for global data discovery market. Data scientists and BI teams need to perform data discovery processes often by adopting more agile and iterative methods in order to turn data into business value.
The major challenge for the data discovery market was some of the data discovery tools are time-consuming to set up and were limited in applications. Some data discovery tools are also harder to use than expected.
Global Data Discovery Market: Segmentation
Global Data Discovery Market is segmented based on the platform, deployment type, vertical and region.
On basis of platform global Data Discovery Market can be segmented to desktop, web and mobile.
On basis of deployment global Data Discovery Market can be segmented to On-premise and cloud
On the basis of vertical global Data Discovery Market is segmented into BFSI, retail, telecom, healthcare, energy, education, automobile, public sector and others.
On basis of region, global Data Discovery Market is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
North America region is dominant in Data Discovery Market due to growing demand from large enterprises and big data companies in North America and followed by Western Europe during the period. Asia-Pacific region is expected to grow at a faster rate during the forecast period.
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Key Market Players:
Some of the Key players in Data Discovery Market include QlikTech International AB, TABLEAU SOFTWARE, Microsoft Corporation, Alteryx, Inc., MicroStrategy Inc., Logi Analytics, ClearStory Data, TIBCO Software Inc., SAS Institute Inc. and Pentaho Corporation.