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I AgreeAnalysis of Data Catalog Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global data catalog market is valued at US$ 700 million in 2023 and is anticipated to achieve a valuation of US$ 5 billion by 2033, increasing at a stupendous CAGR of 21.7% from 2023 to 2033 (forecast period).
A data catalog is an inventory system used by enterprises to store various data assets such as databases, output files, and web pages. It also assists organizations in searching and managing vast amounts of data while making it more visible to users.
These catalogs are key components of modern data management and are extensively used as a reference application by data users. As a consequence, it aids users in comprehending data and locating insightful information that is useful for decision-making.
Data catalogs are widely used in the BSFI, healthcare, e-Commerce, and manufacturing industries to minimize data silos and duplication while also simplifying data discovery. Since the COVID-19 outbreak, there has been a considerable increase in demand for various solutions that aid organizations in data analytics. The global shift toward remote working and cloud computing has increased demand for solutions that aid in boosting the security and ease of work.
Larger organizations are more concerned with saving expenses than small enterprises, which are concerned with efficiency; as a result, the need for solutions such as data catalogs is increasing.
Data catalogs also assist in data governance and speed up data discovery. Data governance is a set of rules, principles, and procedures that ensures data is consistent and accurate. End-to-end data lineage can assist companies in comprehending where their data comes from, what happens to it, who utilizes it, and why.
Every day, tons of data is created, making it challenging for businesses to understand and extract important information from the data they have. The massive amount of data also impedes proper data management and control. Using a catalog within an organization helps speed up data search and evaluation. To achieve the goal of being data-driven, companies must set up systems and processes that allow data users to access the data they need efficiently.
By offering a centralized source of data for everyone, data catalogs remove the need for repetitive processes and work done in silos. They help the user quickly get all the information they need by providing detailed business glossaries and descriptions, quality reports, auto-generated data profiles, and features such as chats, dialogues, data sharing with a link, and in-line annotations. Such advantages of data catalogs are promoting their sales growth.
Report Attributes |
Details |
Market Size (2023) |
US$ 700 Million |
Projected Market Value (2033) |
US$ 5 Billion |
Global Market Growth Rate (2023-2033) |
21.7% CAGR |
North America Market Growth Rate (2023-2033) |
18.9% CAGR |
BSFI Segment Share (2022) |
39% |
Key Companies Profiled |
|
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“Growing Need to Collect Data to Develop Business Strategies”
As the use of IoT grows, the generation of insights from incoming data is becoming increasingly important. Nevertheless, most unstructured data gathered from multiple sources, such as account information, previous versions of related documents, and email correspondences, does not aid business decisions.
As a result, businesses choose data catalogs to synthesize and organize enterprise data from several sources into one simple and accessible format. Many industry verticals, including banking, financial services, and insurance (BFSI), healthcare, and e-commerce, are leveraging data catalog solutions to generate meaningful insights for business strategies and decision-making.
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“Misconceptions Regarding Data Privacy & Security Risks”
Organizations throughout the world are concerned about security and compliance. Consequently, they are hesitant to implement new solutions that include data handling or migration from one platform to another. Due to a lack of sufficient information about security standards and their implementation, many businesses believe that catalog management solutions would lead to data breaches.
These misconceptions stymie the adoption of data catalog tools. Users avoid utilizing these tools due to the fear of losing critical master and reference data owing to data errors that occur during compilation or upgrade. They are concerned about their data's privacy and accountability in the event of data theft or loss.
Due to these worries, the few small and medium-sized organizations (SMEs) that seek to embrace cloud-based data catalog solutions rescind their decision.
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“Presence of Top IT Organizations & Data Catalog Providers”
North America, an early user of data catalog technology, is the biggest revenue-generating region in the worldwide market. The demand for data catalogs in North America is projected to develop at a CAGR of 18.9% during the forecast period.
The regional market growth is due to the increased usage of data in different BI tools and the growing acceptance of digital technologies in industries such as telecom and IT, BFSI, manufacturing, and healthcare.
The region has emerged as a leader in innovation, R&D, and technological developments in BI technology. Furthermore, smart city efforts are expanding across North America, resulting in a surge in raw data. The requirement for proper access to such raw data via BI tools for extracting essential information is likely to drive demand for different data catalog tools.
Moreover, regional key players such as Oracle, IBM, Informatica, AWS, Talend, Microsoft, and TIBCO Software, among others, are offering improved data catalog solutions and services to meet customer demands.
The United States is dominating the North American market. The United States is home to top IT organizations as well as data catalog providers who are continually working on improving their product offerings to meet the expanding end user requirements.
“Rapid Growth of Big Data in Japan & South Korea”
In recent years, Asia Pacific has witnessed a significant increase in the usage of data analytics. The region's demand for data catalogs is being spurred by the region's increasing use of cloud, IoT, and smart technologies. Due to the huge increase in data and analytical complexity, businesses in the region have been driven to engage in data-organizing platforms such as data catalogs.
Moreover, Japan and South Korea are making significant contributions to the Asia Pacific market. Big data is quickly developing in these countries due to increasing mobile and smartphone adoption rates, rising internet usage, urbanization trends, algorithm development, machine learning, and consumer and behavioral analytics demand. As a result, the need for data catalogs is increasing in Japan and South Korea.
“Rising Demand for AI-Based Business Intelligence Tools & Software”
Europe is a major driver and adopter of modern technology and is home to some of the world's most important tech centers.
Germany is a major market in Europe. The rising demand for AI-based business intelligence tools and software in the country is fueling the sales of data catalogs.
“Increasing Transaction Volume Driving Usage of Data Catalogs”
The BFSI sector accounted for 39% of the global market for data catalogs in 2022. The banking industry is currently subject to government laws as well as intensive data collection. As technology advances, more consumers conduct transactions via more devices (such as smartphones), increasing transaction volume. This promotes the use of a data catalog, which provides data analysts with a centralized location to evaluate and rapidly discover all data assets.
Rapid expansion of data generated by the adoption of digital technology in the BFSI sector raises new management and compliance issues. To thrive in the years ahead, existing financial services firms such as banks, insurers, and asset managers must embrace both digital transformation and data privacy.
Moreover, e-commerce enterprises are also using data catalog solutions to organize data and derive the best conclusions for business requirements.
Key players in the data catalog market are actively pursuing marketing tactics such as technological innovations, acquisitions, collaborations, and R&D activities to expand and improve their worldwide presence. Furthermore, several startups are raising funds to strengthen their market position.
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The global data catalog market is valued at US$ 700 million in 2023.
The market for data catalogs is predicted to hit US$ 5 billion by 2033.
Global demand for data catalogs is expected to surge at a CAGR of 21.7% from 2023 to 2033.
The North American market is forecasted to increase at a CAGR of 18.9% during the forecast period.
Alation, Inc, Alteryx, Inc, Informatica, Amazon Web Services, Inc, Altair Engineering, Inc, IBM Corporation, Boomi, Inc, and Microsoft Corporation are key providers of data catalogs.