Global Data Catalog Market is Estimated to Witness High Growth Owing to Increasing Adoption of Data-Driven Decision Making and Growing Focus on Deriving Value from Data
The global Data Catalog Market is estimated to be valued at US$ 2.03 Bn in 2024 and projected to expand at a CAGR of over 21.5% over the forecast period of 2024-2031. Enterprises across industries are increasingly adopting data-driven decision making to gain insights from vast amounts of data at their disposal. At the same time, there is a growing focus on deriving maximum value from data assets, which is driving the demand for data catalog solutions for cataloguing, governing, and managing data sources and assets.
Market Dynamics:
The global data catalog market is witnessing strong growth due to increasing adoption of data-driven decision making and growing focus on data governance. Enterprises are focusing on adopting data catalog solutions to gain centralized access to metadata and usage information of data assets. This helps business users and data professionals quickly find, understand, trust, and use critical data for various tasks. Furthermore, data catalogs help resolve issues around data quality, security, and compliance by maintaining attributes related to data assets. Stringent data regulations across countries are also driving the need for effective data governance using catalog solutions. Vendors are enhancing their offerings with additional capabilities such as auto-tagging of metadata,
Data governance regulations are driving adoption of data catalog solutions
With growing concerns around data privacy and security, regulations like GDPR and CCPA have been implemented globally to govern how organizations collect, store, and use personal data. Compliance with these regulations requires businesses to have visibility and control over all their data assets. Data catalogs provide a centralized repository of metadata that helps organizations map their data landscape, understand data flows, and ensure regulatory compliance. By gaining a comprehensive view of data across their systems, data catalogs enable compliance with data governance regulations, which is driving many businesses to adopt these solutions.
Demand for unified metadata management and data lineage capabilities
As businesses are collecting and generating data from a growing number of sources, having a unified view of metadata across data lakes, warehouses, databases, and files has become critical. Data catalogs deliver a single source of truth for metadata, providing detailed information on data assets, their descriptions, owners, access controls, and other attributes. They also provide automated data lineage tracing capabilities to understand how data flows and transforms between systems. This demand for unified metadata management and data lineage visibility is a key driver propelling the data catalog market.
Lack of integration with existing data governance tools
While data catalog vendors are working to expand integrations, many existing data governance tools in the market still do not have tight integration capabilities with data catalog solutions. This lack of integration hampers the ability to leverage catalog metadata for profile management, access controls, data quality checks, and other governance processes. Enterprises with investments in other solutions may be reluctant to adopt new data catalogs till they can be seamlessly integrated with their existing data governance infrastructure and workflows.
Budget constraints for new technology investments
Adopting data catalog solutions involves costs for software licensing, implementation, integration, and maintenance. In the current economic climate where IT budgets are tight, convincing stakeholders to invest in a new data management technology can be challenging. For many organizations still reliant on spreadsheets and homegrown cataloging solutions, the perceived costs of switching to commercial data catalogs may act as a key restraint for broader adoption.
Leveraging data catalogs for data marketplace and data monetization opportunities
Data has emerged as a key corporate asset with monetization potential. Data catalogs can serve as the foundation for building internal and external data marketplaces. By exposing their high-value datasets through catalogs, organizations can leverage metadata to match data buyers and sellers, facilitate data exchanges, and generate new revenue streams from data monetization. This ability to unlock additional business value from catalog investments presents a significant opportunity driving interest in these solutions.
Application of artificial intelligence for advanced data profiling
As AI/ML adoption increases across enterprises, there is growing demand to apply these technologies for advanced data profiling capabilities. Data catalogs integrated with AI can automate complex metadata extraction, natural language processing of schemas and column descriptions, anomaly detection in datasets, and suggestion of standard metadata fields. This opportunity to incorporate AI-powered intelligence in cataloging is attracting vendors to enhance their solutions and capture a wider market.
In summary, while data governance pressures and the need for unified metadata visibility are driving global demand, integration barriers and budget constraints still restrain broader adoption of data catalog solutions. However, opportunities around data marketplaces, monetization, and application of AI present a promising path for future growth and expansion of this important data management market.
Link - https://www.coherentmarketinsights.com/market-insight/data-catalog-market-5142
Key Developments:
- In November 2022, Amazon Web Services (AWS) revealed that customers using Amazon EMR can now incorporate the AWS Glue Data Catalog into their streaming and batch SQL workflows on Apache Flink. The AWS Glue Data Catalog functions as an Apache Hive metastore-compatible catalog, enabling users to execute Flink SQL queries directly on the tables it contains. This update enhances data management and accessibility for those utilizing Amazon EMR.
- In September 2022, Syniti, a leading global enterprise data management company, announced enhancements to its Syniti Knowledge Platform, which now includes updated data quality and cataloging features. These improvements build on previous advancements in data migration and matching. The platform now provides an all-inclusive suite of tools for data quality, cataloging, matching, replication, migration, and governance, all accessible through a single login in a unified cloud solution. This integration allows users to manage their data more effectively, facilitating quicker and more reliable business outcomes with dependable data.
- In August 2022, Oracle Cloud Infrastructure (OCI) announced a strategic partnership with Anaconda, the leading data science platform with over 43 million users. This collaboration aimed to offer secure access to Anaconda's extensive collection of open-source Python and R packages within OCI's Machine Learning and Artificial Intelligence services. By integrating these trusted packages, OCI enables data scientists and machine learning engineers to utilize advanced tools for developing sophisticated analytics applications on its cloud platform. This partnership highlights Oracle's dedication to promoting open-source innovation and making powerful data science capabilities accessible to enterprises of all sizes.
- In August 2022, Alation Inc., a frontrunner in data intelligence solutions, introduced the Alation Cloud Service for Snowflake, aimed at simplifying data cataloging for Snowflake Data Cloud users. This launch represents Alation's first offering tailored specifically for a cloud data service. Furthermore, Alation unveiled an update to its data catalog, which boosts data governance capabilities and enables organizations to manage and utilize their data assets more effectively.
Key Players:
Alation, Alteryx, Amazon Web Services (AWS), Collibra, Cloudera, Datawatch Corporation, Google LLC, IBM Corporation, Informatica, Microsoft Corporation, Oracle Corporation, TIBCO Software, Waterline Data, Zaloni, and Exasol
