The inclination of enterprises towards It is likely to trigger the growth of the data catalog market in the forthcoming years. Increasing adoption of cloud technologies, IoT, etc. has opened new channels of growth for the market players. The product facilitates the simplification of the complex IT infrastructure of an organization. This, in turn, is presumed to drive the growth rate of the data catalog market during the projection period. On the flip side, the lack of standardization observed in data management is anticipated to impede the growth rate of the data catalog market over the assessment period.
Simultaneously, increasing volumes of business data, usages of external data sources, regulatory pressure, and the rising need for improvement in the performance of data, are some of the key factors driving the growth of the market. Moreover, factors such as the ever-increasing volumes of data, an increasing number of cloud apps, IoT, and increasing digitization are substantiating the market growth.
Conversely, the lack of standardization in data management, data security, and privacy some of the factors impeding the market growth. Nevertheless, the increasing demand for data catalog solutions in big data and the evolving artificial intelligence (AI) in the field are expected to boost the growth of the data catalog market over the estimated period (2018-2023).
Data catalogs are used for the efficient management of metadata and simplification of data discovery. The exponential growth in the generation of data by the end-user enterprises is likely to lead the demand for data catalog over the next couple of years. This observation presented by Market Research Future (MRFR) unveils that the global data catalog market is expected to register 24.8% CAGR across the review period 2018 to 2023. Also, the valuation of the market is poised to surpass USD 770 Mn by 2023.
IBM (US), Amazon Web Services (US), Informatica (US), Collibra (Belgium), Alation (US), Waterline Data (US), Microsoft (US), Datawatch Corporation (US), TIBCO Software (US), Alteryx (US), Tamr (US), and Zaloni (US) are few of the major players of the global data catalog market assessed in this MRFR report. These players are investing in the innovation of their product lines, thus, supporting the growth of competition among the players. Some of the organic and inorganic approaches to be witnessed in the market in the coming years are technological developments, mergers & acquisitions, research & development, strategic alliances, product development, collaborations, and agreements, among others.
This MRFR study presents a detailed geographical evaluation of the global data catalog market based on key regions, which are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regions are then narrowed down to a country-level basis for an in-depth study. North America is one of the most prominent regional segments of the global market. The region is expected to observe the rapid adoption of developed technologies by both SMEs and large organizations. It is anticipated to lead the expansion of the data catalog market in the region over the next couple of years. Asia Pacific is also expected to witness rapid growth. The data catalog market in the region is projected to strike the highest CAGR across the projection period. Increasing application of the product in different industry domains is projected to prompt market growth in the foreseeable future.
On the basis of component, the data catalog market size has been divided into solution and services. The solution segment has been sub-divided into standalone solution and integrated solution. The sub-segments of the services segment are professional services and managed services.
The segmental analysis of the data catalog market, on the basis of deployment, covers on-premise and on cloud.
Based on consumer type, the data catalog market has been segmented into enterprise applications, business intelligence tools, and mobile and web applications.
The segments of the data catalog market, based on organization size, are large enterprises and small and medium enterprises.
Based on vertical, the data catalog market has been segmented into BFSI, retail, government, IT & telecom, healthcare, and others.
In October 2019, the big data analytics service, Databricks, introduced its Dela Lake project for building data lakes to the Linux Foundation.
In October 2019, a division of APC Automotive Technologies, Centric Parts, has announced the launch of its mobile catalog app for android and iOS devices.