Global Data Catalog Market Research Report: Forecast (2023-2028)
A data catalog is an organized inventory of all data assets in an enterprise that offers a simple yet powerful predicate-based search experience for technical and business metadata associated with a data entry. It helps data professionals access the data they need without restricting themselves to only the assets they know about or having to depend on experts or colleagues for advice.
It doesn't require any IT intervention, and there are no concerns over governance & compliance. As a result, the entire organization enjoys benefits, such as enhanced operational efficiency with fewer risks involved, improved & quick data analysis, and a better understanding of data through detailed context.
Market Insights & Analysis: Global Data Catalog Market (2023-28)
The Global Data Catalog Market is expected to grow at around 23.3% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the flourishing IT sector, significant enhancements in the manufacturing & e-commerce industries, the growing data proliferation rate, the mounting adoption of self-service analytics, and massive investments by enterprises in AI-based data catalog solutions.
Besides, the exponentially increasing amount of data worldwide due to digitalization trends across various end-user verticals, the surging demand for business intelligence tools, and the increasing awareness among organizations of the importance of data-driven decision-making are other prominent aspects projected to drive the market in the forecast years.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: The UK, Germany, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||Alation Inc., Alteryx, Ataccama ONE, Cloudera, Inc., Collibra, Google, IBM, Informatica, Microsoft Corporation, Oracle, Talend, Tibco Software, Zaloni, Others|
|Unit Denominations||USD Million/Billion|
Moreover, these solutions employ metadata that characterizes data to compile a comprehensive & searchable list of all data assets of an organization. In addition, it provides several advantages to enterprises, such as quick access to detailed data descriptions, feedback from other users, and a deeper understanding of how data is crucial to the company's operations.
The increasing integration of cloud-based technologies into data catalogs to help data analysts create personalized data, coupled with soaring requirements of organizations to access massive data volumes collected at heterogeneous sources in order to improve the decision-making process, would further generate remunerative prospects for the industry through 2028.
Global Data Catalog Market Key Driver:
Ascending Need to Attain Efficient Data Governance - Businesses need help comprehending and gleaning relevant information from their data due to the development of millions of assets and pieces of information every day. Additionally, the vast amount of data makes it challenging to manage and govern it effectively. Data governance guarantees that data is trustworthy, accurate, and consistent, enabling digital transformations, powering business processes, and guiding choices. An organization's internal data search and review can be sped up considerably with a robust catalog, and effective data governance can be ensured.
Global Data Catalog Market Possible Restraint:
Mounting Concerns Pertaining to Privacy and Data Security - Many businesses believe that catalog management solutions could result in data breaches in their highly abstracted data sets, presenting the need for extra awareness regarding security frameworks and their implementation. As a result, organizations globally are concerned about security and compliance, which makes them hesitant to implement novel data handling or platform-to-platform data-shifting solutions.
Moreover, users avoid utilizing these solutions because they may lose their essential master and reference data if there are data problems during compilation or upgrade. In addition, they worry about data privacy and responsibility in the event of data loss or theft. Backed by these aspects, market elaboration will likely impede during the forecast period.
Global Data Catalog Market Growth Opportunities
Utilizing Data Catalogs to Boost Employee Output and Quality of Life - Enterprises must build up their systems and procedures so that data citizens can quickly obtain the needed data to fulfill the aim of being data-driven. However, it has been found that looking for particular data is quite time-consuming, usually more than what it takes to utilize the collected data. Thus, the solution give everyone access to a single source of information, eliminating the need for repetitive chores and labor done in isolation, subsequently opening up new avenues for the industry in the long run.
Global Data Catalog Market Key Trends
Escalating Demand for End-To-End Data Lineage in Numerous Verticals to Ramp Up Businesses - End-to-end data lineage offered by data catalog solutions may aid businesses in understanding the origin, processing, users, and purposes of the data. Therefore, such solutions are being used by several industry verticals, including healthcare, banking, financial services, and insurance (BFSI), as well as retail and e-commerce, to produce insightful data that helps them formulate business plans and make crucial business choices.
Global Data Catalog Market (2023-28): Segmentation Analysis
The Global Data Catalog Market study from MarkNtel Advisors analyses the major trends in each sub-segment and includes predictions for the period 2023–2028 at the global, regional, and national levels. The market has been segmented in our analysis based on components and end-user.
Based on Component:
Of both, solutions are projected to acquire a larger share of the market during the forecast period. It owes to self-analytic data advancements and the intensification of data in the new age business, which are augmenting the demand for such solutions due to their benefits like enhanced productivity, optimized data quality, hassle-free data discovery, and elimination of data silos & duplication.
Moreover, these solutions aid in the automation of data source identification across all systems of an organization. With these systems, data gets subsequently organized, linkages between various data pieces become visible, search gets enabled, and where the data came from is tracked using metadata management capabilities. Many such solutions might also feature data governance capabilities and allow for self-service by business users.
As a result of these aspects, several industries like healthcare, BFSI, and retail & e-commerce are increasingly deploying these solutions in order to access & interpret massive data volumes, devise business strategies, and deliver business-critical decisions, which, in turn, is fueling the industry growth.
Based on End-User:
Among all, the market is projected to register the fastest growth across the rapidly expanding retail & e-commerce sector through 2028. It owes to various aspects, such as the growing need for proper access to information stored at numerous data sources, escalating TTM (Time to Market), improving business process efficiency, and declining infrastructure costs.
The retail & e-commerce industry has undergone significant transformations in the past few years. With digitalization trends, more & more retailers have shifted to online platforms to attract a wider audience and gain a competitive edge in the industry, i.e., being formulated by analyzing customer behavior, as well as their purchase preferences & patterns.
As a result, in order to analyze the large volumes of data generated through social media platforms, POS (Point-of-Sale) systems, mobile apps, & e-commerce platforms and devise various marketing campaigns & business strategies, retailers are increasingly adopting these catalog solutions and enjoying benefits like customer-specific price profiting, advanced product cataloging management, & improved operational efficiency, thus contributing in enhancing the Global Data Catalog Market size.
Global Data Catalog Market Regional Projection
Geographically, the Global Data Catalog Market expands across:
Of all regions, North America is the largest data catalog market globally, and the same trend is likely during 2023-28. It owes to the mounting use of data in various BI (Business Intelligence) tools and end-user verticals like BFSI, telecom & IT, healthcare, & manufacturing being the early adopters of digital technologies. Across the region, the US & Canada are the most competitive & dynamic markets for.
Numerous smart city developments, industrial expansions, and digitalization trends in many industries are contributing to the burgeoning amount of data being generated across these countries and, consequently, the growing need for accurately accessing the data through BI tools to fetch relevant insights.
The extensive presence of leading players offering enhanced solutions and services in order to cater to ever-growing customer needs is another prominent aspect contributing to the regional market growth. Hence, the vast amount of data being produced from different end-user verticals, the rapidly expanding traditional businesses, and the growing utilization of self-service analytics would continue boding well for the North American Market through 2028.
Global Data Catalog Market Recent Developments
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Frequently Asked Questions
A. The Data Catalog Market is projected to grow at a CAGR of around 23.3% during 2023-28.
A. The exponentially increasing amount of data generation worldwide and the mounting adoption of self-service analytics by enterprises are the prime aspects projected to drive the market during 2023-28.
A. The prominent players anticipated to stiffen the competition globally are Alation Inc., Alteryx, Ataccama ONE, Cloudera, Inc., Collibra, Google, IBM, Informatica, Microsoft Corporation, Oracle, Talend, Tibco Software, and Zaloni.
A. The retail & e-commerce sector would generate profitable opportunities for the leading players in the Data Catalog Market during 2023-28.
A. Globally, North America would provide lucrative prospects for the Data Catalog Market in the years ahead.
A. Escalating demand for end-to-end data lineage in numerous verticals in order to ramp up businesses is the significant trend projected to shape the data catalog market through 2028.
A. Utilization of data catalog to boost employee output and quality of life is expected to present remunerative opportunities for the leading players in the market during the forecast period.
A. Mounting concerns pertaining to privacy and data security are the possible restraints affecting the growth of the market.
Global Data Catalog Market Research Report (2023-2028) - Table of Contents