Data discovery is a term related to business intelligence technology. It is the process of collecting data from your various databases and silos, and consolidating it into a single source that can be easily and instantly evaluated.

According to new market research report data discovery market size is estimated to grow from USD 4.33 Billion in 2016 to USD 10.66 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 19.8% from 2016 to 2021. The report segments the market into types, deployment models, organization sizes, applications, verticals, and regions. Major growth drivers of the market include increasing importance of data-driven decision-making, growing trends of self-service Business Intelligence (BI) tools, and insight generation from a growing number of multi-structured data sources.

Data discovery software consists of software applications or platforms that can be used to implement data
discovery solutions. The data discovery vendors also provide standalone software, which is a complete
solution for analyzing, discovering hidden trends and pattern from multi-structured data, and acting on
real-time business events. The software filters the aggregated and enriched data so that it can be analyzed
to provide a high throughput from multiple input data sources. Based on the data analyzed, organizations
could generate business related insights and plan the next steps accordingly as soon as the data arrives.

The amount of data that needs to be analyzed is increasing day by day, due to factors such as increasing
adoption of IoT-enabled devices across different industries. In such case, the adoption of data analysis
tools like data discovery has become essential to gain insights from stored data. Services form an integral
part of the software lifecycle, which includes product upgradation, maintenance, training, and consulting.
The various services, which could be incorporated into data discovery, are managed services and
professional services. Managed services are value based on usage, which are provided by third-party
vendors. The cost implied while using managed services is limited to the time and amount of usage.
Professional services are services obtained directly from the parent company without any mediator
involved. Professional services could be provided in the form of support & maintenance and consulting
services.

The data discovery market is segmented by component, application, deployment model, industry vertical,
organization size, and region.

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