Market Trends of Data Discovery Industry
This section covers the major market trends shaping the Data Discovery Market according to our research experts:
The 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 rising use of machine learning (ML) and artificial intelligence (AI) technologies has resulted in massive volumes of structured and unstructured data, which is expected to boost the adoption of sensitive data discovery solutions throughout the forecast period. Furthermore, enterprises are migrating to cloud-based solutions, which is likely to increase data volume. According to the Thales Data Threat Report 2022, for example, the percentage of corporate data housed in the cloud in enterprises globally climbed from 30% in 2015 to 60% in 2022.
- With a massive volume of data gushing from many transactions, banks are trying to find innovative business ideas and risk management solutions. Each set of 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.
- Big data analytics can enhance the extrapolative power of risk models employed by banks and financial institutions. Adopting 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.
- Furthermore, AI-ready technology is capable of effective data handling, has sufficient processing power, is nimble, adaptable, and scalable, and is able to accept varying data quantities. As a result, assembling the necessary software and hardware parts to enable AI would be more difficult for small fintech firms.
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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 data discovery software. Moreover, the declining prices of servers have enhanced cloud computing adoption by businesses across North America, stoking the construction of effective and sustainable data, hence boosting the market being studied.
- Several firms in the region are interested in the technical advancement of their goods and solutions, which is likely to increase the quantity of data generated, fueling the demand for data discovery. For example, Cisco Systems Inc. teamed with Microsoft in August 2022 for Big and Fast Data Analytics, enabling its clients to increase operating effectiveness and establish new income streams in analytics and customer base administration.
- Furthermore, SAS announced in September 2022 that its Viya analytics tool was made accessible on the Microsoft Azure Marketplace. All SAS Viya functionalities on Microsoft Azure would provide clients worldwide with access to information exploration, model deployment analytics, and machine learning. The tool is accessible in a variety of languages and features an in-app instructional centre to facilitate quick onboarding. Users can also access to the whole Viya suite, including SAS Visual Statistics, SAS Visual Analytics, Machine Learning, SAS Visual Data Mining, and SAS Model Manager, with SAS Viya on Microsoft Azure.
- Multinational corporations such as Microsoft, Facebook, Google, and Apple are developing in green data centers that use renewable energy. For example, in July 2022, Brisbane was chosen as the location for a new USD 2.5 billion 'Supernode' data storage facility. The "biggest in the Southern Hemisphere" data center project will be fuelled by battery and renewables storage with a capacity of 800 megawatts. Quinbrook Infrastructure Partners, a specialized investment manager, managed to secure a 30 hectare site at Brendale and has previously acquired both Foreign Investment Review Board and local planning authorizations from Moreton Bay Regional Council for a multi-tenant premises of up to four hyperscale datacenters.
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