The Rise Of Self-Analytics Data, Increasing Amount Of Data In The Modern Environment, And Growing Demand For Business Intelligence Tools Are The Primary Reasons Driving The Global Data Catalog Market
Rockville, Jan. 05, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global data catalog market is predicted to touch US$ 5 billion by 2033, booming at 21.7% CAGR from 2023 to 2033.
A data catalog assists enterprises in finding and managing vast amounts of data, such as files, tables, and databases housed in the company's ERP, human resources, and e-Commerce systems. It centralizes metadata in one place to provide a comprehensive view of each piece of data throughout databases and includes information about the data's location, statistics, profile comments, and summaries.
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Massive growth in the information technology (IT) industry is driving the global data catalog market. In addition, growing digitization across multiple sectors and a significant increase in data generation have prompted many enterprises to actively engage in the implementation of data catalog solutions, hence boosting the market growth. Furthermore, the growing integration of cloud-based technologies with data catalogs to aid in the creation of tailored data for data analysts is favorably influencing the global market growth.
The outbreak of COVID-19 prompted many organizations to adopt the work-from-home (WFH) method, which is driving global data catalog market growth. Moreover, continual advancements in the manufacturing, BSFI, and e-Commerce industries and increased investments in comprehensive research and development are expected to boost the market even further.
Key Takeaways from Market Study
The global data catalog market is valued at US$ 700 million in 2023.
The market is projected to reach US$ 5 billion by the end of 2033.
Worldwide demand for data catalogs is anticipated to surge at a CAGR of 21.7% from 2023 to 2033.
The North American market is estimated to evolve rapidly at a CAGR of 18.9% during the forecast period.
The BFSI segment accounted for 39% share of the global market in 2022.
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Key market players are focusing on introducing advanced products in order to get a competitive advantage.
Cloudera introduced Cloudera Data Platform (CDP) One in August 2022, a software-as-a-service (SaaS) product that includes all characteristics of a data lakehouse. CDP enables quick and easy exploratory data science and self-service analytics on any sort of data.
TIBCO released TIBCO WebFOCUS 9.0.0 in April 2022. The product includes sophisticated capabilities such as TIBCO WebFOCUS Container Edition and a hub for a fully tailored customer experience, as well as significant updates to TIBCO WebFOCUS Designer. The product's novel features improved the ML/AI experience for company analysts, engineers, and users by leveraging analytics and data across the enterprise.
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.
Castor, a startup building a data catalog solution for businesses, announced in June 2022 that it had raised US$ 23.5 million in a Series A funding round led by Blossom, with participation from angel investors, including Dataiku's founder and Florian Douetteau. Castor intends to use the new funds to grow its sales and marketing teams in the United States and expand its platform's AI capabilities.
Alation joined forces with Fivetran, a global pioneer in modern data integration, in September 2022. Following this collaboration, the organizations wanted to help their clients comprehend and locate the entire context of data in the most recent data stack. The cooperation consolidated reliable, controlled data from multiple sources into a single view by utilizing the Fivetran Metadata API. This increases data visibility and enhances decision-making and data pipelines.
IBM inked an arrangement with Amazon Web Services, a subsidiary of Amazon, in May 2022. With this arrangement, the company concentrated on supplying a huge spectrum of software catalogs as Software-as-a-Service (SaaS) on the AWS platform.
IBM acquired Databand, a provider of visibility and monitoring services for data pipelines to enterprises, in July 2022. With this acquisition, IBM sought to incorporate Databand's observability services into its data fabric platform, allowing the company to access and regulate data for analytics, BI, and machine learning. The IBM data fabric platform contains the IBM Watson Knowledge Catalog, which provides data governance and data catalog capabilities to enable customers to recognize and use data for data analytics training or machine learning.
Key Companies Profiled
Amazon Web Services, Inc
Altair Engineering, Inc
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Key Segments of Data Catalog Industry Research
By Data Consumer:
Mobile & Web Applications
By End User:
Retail & e-Commerce
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global data catalog market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of component (solutions, services), data consumer (BI tools, enterprise applications, mobile & web applications), deployment (cloud, on-premise), and end user (BFSI, retail & e-Commerce, healthcare, manufacturing, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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