Increasing Adoption of Digital Transformation Strategies to Drive Data Preparation Tools Market Growth By 2028
Wide adoption of AI in customer analytics is expected to
drive the Global Data Preparation Tools Market in the forecast period, 2024-2028.
According to TechSci
Research report, “Data Preparation Tools Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast. 2018–2028,” the Global Data
Preparation Tools market is anticipated to register a robust growth during the
forecast period, 2024-2028. Global
Data Preparation Tools market is growing as companies are having trouble
locating their data due to the decentralization of data, which is gaining
momentum. Additionally, there is a connection between the ease of discovering
analytical content and the success of BI deployment. Whether data is needed for
BI projects or machine learning and AI,
data preparation tools offer a way to make it easier to access data.
Additionally, businesses that use these technologies are more likely than those
that do not to be very successful in democratizing the use of data and enabling
self-service, in turn enabling growth in the global data preparation tools
market.
The global data preparation
tools market is anticipated to have significant growth during the forecast
period as a result of increasing compliance of GDPR (General Data
Protection Regulation) and related data laws, with a change in emphasis toward
data security and privacy. Enhancing the user experience, data governance, and
decision-making are some further important elements. Moreover, within all
end user industries, there is a growing use of tools that assist businesses in
making more data-driven decisions.
Additionally, the growing
need for accessing massive volumes of data collected at heterogeneous sources
in order to get a consolidated view of data for improving the decision-making
process and the production of vast amounts of data and the growing adoption of
self-service analytics are major factors driving the market.
The need to handle and
access growing amounts of data has led to a rise in the popularity and adoption
of data preparation tools. Data management challenges have increased at a
steady rate over the past few years, primarily due to data proliferation,
regulatory pressure, and data democratization. Cloud, big data analytics,
artificial intelligence, and machine learning have started to change how
organizations, government bodies, and other end-user industries need to see,
manage, and leverage data.
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Global Data Preparation Tools market is segmented by platform,
deployment, function, industry vertical, region and competitive landscape. On
the basis of platform, the market is further segmented into self-service, data
integration. On the basis of deployment, the market is further divided into
On-premises & Cloud. On the basis of function, the market is further
segmented into data collection, data cataloging, data quality, data governance,
data curation, and data ingestion. Moreover, on the basis of industry vertical,
the market is segmented into IT and telecom, retail and e-commerce, BFSI,
government, healthcare, energy and utilities, manufacturing, and others.
Self-service
platforms held the largest market share in 2022 in the platform segment in the
market for data preparation tools owing to factors including flexible data
accessibility, data security, and cutting-edge capabilities like data
governance. The on-premises segment currently dominates the market, but as
technological advancements and cloud services become more widely adopted across
industries including IT, telecom, and retail, that trend is expected to
continue. Many data-driven IT organizations are
adopting the trend of combining cloud technologies with a self-service
platform. Such a combination considerably improves the company's data
preparation efficiency by giving users access to both local and cloud data
sources.
Key market players in the Data Preparation Tools market:
- Alteryx, Inc
- Datawatch Corporation
- Informatica Corporation
- International Business Machines Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- QlikTech International AB.
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
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“In terms of revenue
share, North America dominated the global market in 2022. The increasing use of
mobile computing platforms and artificial intelligence in digital retail and
e-commerce is responsible for this high share. It generates a lot of data that
can be annotated. Additionally, it is anticipated that data preparation would
be increasingly used in data-driven industries like retail and BFSI accelerating
growth in the market for data preparation in North America. For instance,
the development of the USdata preparation tools market is being aided by the
rising demand and extensive adoption of self-service data preparation
technologies.” said, Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Data Preparation Tools Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, Segmented By Platform (Self
Service, Data Integration), By Deployment (On-premises, Cloud), By Function
(Data Collection, Data Cataloging, Data Quality, Data Governance, Data
Ingestion, Data Curation); By Industry Vertical (IT and Telecom, Retail and
E-commerce, BFSI, Government, Healthcare, Energy and Utilities, ,
Manufacturing, and Others) By Region, Competition has
evaluated the future growth potential of Data Preparation Tools Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Data Preparation Tools Market.
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