San Francisco, California, September 27, 2017: The drive for the data discovery market stems from the need for business intelligence tools across enterprises to answer queries at speed and with agility by pulling data from a variety of sources across an organization. The growing need for making fast one-time query for day-to-day business processes aimed to make smarter decisions is a key factor driving the data discovery market. The rising demand for easy-to-use business software and visualization tools to produce interactive reports to be used for different processes in data-driven businesses is a prominent trend expected to boost the market. A new report penned by TMR Research, titled “Data Discovery Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers in-depth evaluation of such trends and factors influencing the growth of the market.
The capability of data driven tools to answer ad-hoc questions with minimal technical expertise across business functions, such as sales and marketing, is a key factor likely to bolster their adoption. The rising demand for more interactive business intelligence tools across any organization is boosting the data discovery tools market. This has led to the demand for heat maps and pivot tables, which offers easy-to-digest representation of business data. Furthermore, the growing demand for easy management of high-volume and varied data sets is boosting the demand for such business tools.
The growing need among decision makers for discovering patterns and outliers to facilitate decision making in complex business environments is a key factor expected to boost the adoption of various data discovery tools. In addition, the growing demand by data savvy users for applications to visualize data patterns is also anticipated to catalyze the growth of the market. The rising investments among vendors as well as end-users in data discovery software is anticipated to accentuate the market.
The intensifying need for new business models among various enterprises is a key factor likely to catalyze the demand for data discovery tools. However, the limited functionality of data discovery tools to provide complete business analytics is a key factor likely to hamper the demand for such tools. Nevertheless, the adoption for visualization tools will expectedly witness wider demand owing to the crucial need for fast, one-time query for business processes. In recent years, the demand for standalone data discovery software and business tools with guided advanced analytics functionalities is gaining traction. This is anticipated to create exciting avenues for market players in various developing and developed regions.
The growing demand for data discovery methods that can integrate data preparation, big data analytics and business intelligence tools is a key trend anticipated to open up lucrative avenues for market players in various regions.
Geographically, North America is predicted to witness substantial adoption of data discovery tools and software. This is attributed to a rapid emergence of business intelligence tools and related technologies that can offer easy implementation. In addition, a marked presence of big players in this region is also accentuating the regional market. The growth of the regional market is expected to be fueled by spiraling investments in cloud-based solutions. Meanwhile, Asia Pacific is predicted to offer robust growth for market players in the foreseeable future, mainly driven by a number of early adopters.
Some of the key market players in the data discovery tools market are Datawatch Corporation, Tableau Software, TIBCO Software, SAP SE, Qlik Technologies, ClearStory Data, and Datameer Inc. Several players in the market opt for making collaborations and partnerships and are launching innovative products to gain a competitive edge over others.
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