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Global Data Discovery Market is valued at approximately USD 6.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.6 % over the forecast period 2020-2027. The method of finding patterns and trends in web data through data collection and analysis is data discovery. It is the initial step in leveraging web data with useful driven analytics to inform future important business decisions. Data is collected, combined, and analyzed through the discovery process to provide organizations with more detailed information about their consumers, market, and industry.
The rising importance of extracting their data and drawing meaningful analysis for driving market growth and building competitive edge is being realized by most companies across industries. Due to the use of IoT devices, sensors, and geospatial devices, every organization generates vast quantities of data. It is the requirement of the day to produce insights from structured and unstructured data by unifying them into particular formats so that the end-user can validate and understand it.
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Sensitive discovery of data is vital to the creation and maintenance of an effective strategy for data protection. Moreover, various types of organic as well as inorganic growth strategies have been adopted by data exploration vendors, such as new product releases, product updates, alliances and agreements, company extensions, and mergers and acquisitions to improve their market offerings. For instance:
• IBM unveiled a new risk-based service, IBM Risk Analytics, in September 2020. The solution is designed to help companies apply the same analytics to cybersecurity spending goals that are used for conventional business decisions. In order to help customers recognize, prioritize and measure security threats, the new service generates risk assessments as they weigh decisions such as deploying new technology, making investments in their organization, and changing processes.
• In November 2020, PKWARE acquired Dataguise in November 2020, a company with revolutionary technologies for organizations to discover and safeguard personal data stored through various IT systems and environments. The acquisition will broaden the global presence of PKWARE as it continues the operations of the existing offices of Dataguise in the US, India, Europe and Canada.
However, sometimes, companies struggle to recognize where their resources need to be distributed. This inability to assign resources results in the complete potential of data exploration not being extracted. Because of the lack of experience and technical skills to use cloud-based data discovery technologies optimally, most companies will still not take full advantage of data discovery resources in the cloud., may impede market growth over the forecast period of 2020-2027.
The regional analysis of the global Data Discovery Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the commercialization of the AI and ML technology in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, due to rising awareness for privacy and data security amongst organizations in important countries, such as India, China, and Japan.
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