Increasing use of data catalog services in several industries such as manufacturing, e-Commerce, healthcare, BFSI, etc., is helping in minimizing data duplication and silos while simplifying data discovery. According to this updated report by Fact.MR, the global data catalog market is estimated to reach US$ 871.2 million in 2024 and increase to US$ 5.62 billion by the end of 2034.
Data catalog services help speed up data discovery and data governance. End-to-end data lineage is anticipated to assist organizations in comprehending the source of data and its processing. There has been a noticeable increase in data generation with digitalization. This massive amount of data is anticipated to impede data control and management. Therefore, companies need to set up more effective systems to enable data users to get comparatively easy access to the data.
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Key Takeaway from Market Study
The global market for data catalog facilities is poised for robust expansion, with projections indicating a notable 20.5% Compound Annual Growth Rate (CAGR) from 2024 to 2034. Within this landscape, data analog solutions are anticipated to emerge as dominant players, capturing a substantial 58% share of the market revenue by the conclusion of 2034. This trend underscores a growing reliance on analog methodologies in managing and categorizing vast datasets, reflecting a strategic shift towards more comprehensive and adaptable data management strategies.
Furthermore, regional dynamics play a pivotal role in shaping market trends, with North America forecasted to significantly contribute, holding a substantial 24.3% share of the global market revenue by 2034. Additionally, sector-specific insights highlight the burgeoning influence of the Banking, Financial Services, and Insurance (BFSI) sector, which is estimated to command a significant 36% share of the global market by the end of 2034. Such projections underscore the sector’s increasing emphasis on robust data management solutions to navigate evolving regulatory landscapes and capitalize on emerging opportunities. Moreover, the ascent of South Korea as a key market player is evident, with a projected acceleration in demand for data catalog solutions at a notable 21.4% CAGR from 2024 to 2034, underscoring the region’s commitment to technological advancement and data-driven innovation.
“Increasing demand for efficient data management systems, implementation of stringent data governance regulations, and extensive adoption of big data technologies and cloud computing are widening the application scope of data catalog solutions,” says a Fact.MR analyst.
Extensive Digital Transformation Endeavors in Japan
Demand for data catalog services in Japan is evaluated to increase at a CAGR of 21.1% and reach a market valuation of US$ 381.9 million by the end of 2034. An increased number of digital transformation endeavors in the country are positively impacting demand for data catalog solutions. In addition, the surging production of data in multiple sectors, such as BFSI, etc. is generating demand for data catalog solutions.
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Key Market Players
Some of the prominent providers of data catalog solutions are Alation, Inc., Microsoft Corporation, Alteryx, Inc., Boomi, Inc., Informatica, Amazon Web Services, Inc., IBM Corporation, and Altair Engineering, Inc.
Competitive Landscape
In the competitive landscape of the global data catalog market, leading players are strategically employing various marketing tactics to bolster their global presence. These tactics encompass a range of initiatives such as acquisitions, technological advancements, research and development endeavors, as well as collaborative ventures.
For example, in May 2022, IBM and Amazon Web Services forged a strategic arrangement aimed at enhancing IBM’s offerings within the catalog services domain. Through this collaboration, IBM is positioned to leverage the expansive AWS platform to deliver a comprehensive array of catalog services as Software-as-a-Service (SaaS), underscoring the significance of strategic partnerships in driving innovation and market expansion within the industry.
