Data Catalog Market worth $1.8 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 3, 2022
CHICAGO, Oct. 3, 2022 /PRNewswire/ -- Data Catalog Market size is expected to grow from USD 0.7 billion in 2022 to USD 1.8 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period according to a new report by MarketsandMarkets™. The major factors driving the growth of the Data Catalog Market include the shift toward digital transformation, increasing adoption of cloud-based solutions.
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Based on component, the solution segment is projected to hold the largest market size during the forecast period
Data catalog solutions play a vital role in many successful and large organizations, as many companies need to locate appropriate data for analysis. While accessing the data from various data sources, companies fall prey to heavy penalties because of non-compliance or exploitation of confidential information of customers or their clients through data breaching or by not adhering to compliance norms. Implementation of data catalog solutions would help organizations easily discover, tag, curate, and prepare data sources, thereby saving cost and time and providing a great value proposition for organizations and their clients in the long run. Data catalog solutions are increasingly being adopted by organizations to efficiently manage the growing volume of data to enhance productivity and maintain business continuity. The proliferation of data has led vendors, such as IBM, Microsoft, Oracle, and Informatica, to develop and design catalog solutions.
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Based on deployment, the On-premises segment is projected to hold the largest market size during the forecast period
On-premises deployment of data catalog solutions enables organizations with significant improvements for data validation, standardization, and robust matching, as the deployment is done locally and with complete monitoring. By using on-premises data catalog solutions, different users can have access to the required data sets stored at multiple locations inside the organization and integrate them to facilitate the business processes, as per their requirements, through a centralized interface. Leading vendors, such as Informatica and Microsoft, offer on-premises solutions.
Based on data consumer, the Business intelligence tools segment is expected to hold the highest market size during the forecast period
Business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions. Data catalogs enable effective analytics for business intelligence teams by centralizing dashboards and automating the reporting process. The adoption of BI is rising, as enterprises need a statistical modeling technique to receive assistance for making various business-related decisions. BI tools, such as R and Hadoop, require deep technical expertise for developing and maintaining data models, algorithms, and queries. To gain a deep level of expertise, BI tools are fed with large volumes of data, which would be used to provide useful outputs. Due to this requirement, BI tools are considered one of the largest data consumers in the Data Catalog Market.
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APAC is expected to grow at a higher CAGR during the forecast period
The Asia Pacific is expected to register the highest CAGR in the Data Catalog Market during the forecast period, due to its growing technology adoption. Thus, businesses in the region have quickly identified the benefits of cloud technology as a facilitator of digital transformation. The region has a great scope for growth in the Data Catalog Market. It is focused on innovating and developing BI solutions that utilize data catalog technology in various verticals, such as telecom and IT, transportation, and BFSI. Japan, China, and India use data catalog tools and platforms across different business verticals to provide effective solutions. The rapid development of the Data Catalog Market in the Asia Pacific region can be attributed to the massive data growth in all industries across the region.
Major vendors operating in the Data Catalog Market include IBM (US), Microsoft (US), TIBCO Software (US), Collibra (Belgium), Alation (US), Oracle (US), Google (US), Informatica (US), Alteryx (US), Zaloni (US), Cloudera (US), Talend (US), Ataccama (Canada), Quest software (Acquired Erwin), Tamr (US), Denodo (US), Tableau (US), AWS (US), Cambridge Semantics (US), Octopai (Israel), Alex Solutions (Australia), Immuta (US), Data.World (US), Solidatus (UK), Atlan (Singapore), Stemma (US), Castor (US), and Zeenea (France)
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