The Data Catalog Market was valued at USD 523.55 million in 2020, and is expected to reach USD 1,788.49 million by 2026, registering a CAGR of approximately 23.1% over the forecast period (2021 - 2026). Since the outbreak of the Covid-19, the demand for various solutions that aid enterprises in data analytics have garnered significant attention and a positive trend in adoption. The global shift towards remote working and demand for the cloud has further intensified the demand for solutions that help in increasing the security and ease of work.
- According to a study by Sisense in 2021, about 55% of the companies studied have started to use data to improve efficiency, about 47% to support customers, and about 45% to predict future outcomes. Larger companies are more focused on cutting the costs compared to small businesses, which are focused on efficiency; thus, the need for solutions such as data catalog is increasing in the market.
- A catalog is an information directory that gives information about the data sets, files, or databases. It describes where a data set is located and also some other information regarding the type of device on which the file is stored. The requirement to access massive volumes of data collected at heterogeneous sources to get a consolidated view of data for improving the decision-making process, production of vast amounts of data, and growing adoption of self-service analytics are principal driving factors for the market.
- In May 2020, Alation announced the creation of a public data catalog populated with information to track COVID-19. The COVID-19 data catalog was designed as a collaboration platform where a community of data scientists, researchers, and epidemiologists can work to answer key questions about the Coronavirus.
- Moreover, according to Seagate Technology PLC, the total amount of data created, copied, captured, and consumed in the world is forecast to proliferate, reaching 59 zettabytes in 2020. The accelerated development of digitalization adds to the ever-growing global data sphere.
- However, the lack of standardization in data management and data security & privacy concerns among different enterprises hampers the market growth. Furthermore, a surge in the investment in the AI-enabled data catalog solutions and a rise in automation technology are anticipated to create major opportunities in the data catalog market.
Key Market Trends
Solutions Segment is Expected to Hold a Larger Market Size
- In the data catalog market, the solutions segment is anticipated to possess a larger market size through the forecast period. The combined solution renders optimization of individual productivity, improved data quality, elimination of data duplication and data silos, and simplified data discovery.
- The advancement of self-analytic data and the intensification of data in the new age business are the principal factors that present alluring opportunities for the growth of data catalog solution components. For instance, according to Cisco Systems in 2021, 3.06 zettabytes of IP traffic are expected to pass from data centers to users. Besides, according to the same source in the year 2021, cloud traffic in North America will amount to an estimated 6.8 zettabytes per year.
- Several industry verticals, such as Healthcare, Banking, Financial Services, and Insurance (BFSI), and retail and eCommerce, are using data catalog solutions to access and interpret massive volumes of data and form business strategies and deliver business-critical decisions.
- For example, firms like Alteryx data cataloging is available through Alteryx Connect. The solution centralizes metrics, business terms and definitions, and information assets for discoverability and collaboration. Connect lets users determine the kinds of information their data includes, who is using it, where the data comes from, and how it is used.
North America Expected to Dominate the Data Catalog Market
- North America is presumed to be the most significant revenue-generating region, as there is a particular focus on innovations in the US and Canada. These nations have the most competitive and quickly changing data catalog markets in the world. A higher rate of infrastructure growth and the massive growth of data from all industry verticals are expected to make North America one of the top potential markets for growth.
- Moreover, North America is highly competitive and is leading the global data catalog market owing to the broad adoption of digital technology and the growing need for business intelligence tools across the globe. The accelerated expansion of the traditional companies and massive data generation from every industry, along with the adoption of self-service analytics, leads to growth in this region.
- The presence of major solution providers of data catalog in North America is also driving the growth of the data catalog market. Some of the major players in the region are Collibra NV, Alation Inc., TIBCO Software Inc., Informatica Inc., IBM Corporation, Alteryx Inc., Hitachi Vantara LLC, Amazon Web Services Inc., Microsoft Corporation, and Datawatch Corporation among others.
The Data Catalog Market is expected to move towards fragmentation owing to the presence of several major players globally. Market players are adopting advanced strategies such as collaboration, mergers and acquisitions, and partnerships to capture a significant market share in the global market. Major vendors in the market are IBM, Informatica, Alteryx, Collibra, Alation, Microsoft, TIBCO Software, Datawatch Corporation, and Zaloni, among others.
- September 2020 - Zaloni Inc. announced strategic partnership with MongoDB, a company dealing with modern general purpose database platform. The collaboration leverages Zaloni's Arena platform to simplify and secure the data migration from MongoDM's sytems to cloud database, MongoDM Atlas. The partnership provides MongoDB with simplified migration, centralized management and governance, collaborative data catalog and self-service access.
- June 2020 - Collibra, launched the Collibra Data Intelligence Cloud, an end-to-end integrated platform that automates data workflows, provides deep visibility into the data ecosystem, ensures security, and delivers trusted insights. Collibra Data Intelligence Cloud provides business, data governance, and privacy users with a streamlined means of accessing trusted data, which they can then analyze with the tools they already use.
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