Data Preparation Tools Market Share, Size, Trends, Industry Analysis Report, By Platform (Self-service and Data integration), By Function (Collection, Cataloging, Data quality, Governance, Ingestion and Curation), By Deployment (On-Premise and Cloud), By Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 110
- Format: PDF
- Report ID: PM2258
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global data preparation tools market was valued at USD 3.13 billion in 2021 and is growing at a CAGR of 18.5% during the forecast period. The primary function of data preparation tools is to find the right information at the correct time and is widely used across organizations where they have to deal with a huge amount of raw information and to gather actionable insights from the same. These tools are necessary for the successful handling of information as poor statistics generally result in inaccurate results. Moreover, the increasing demand for analytics from various verticals, including IT & Telecom, BFSI, and others, as the information preparation tools ensure easy access to information, is the further factor that is attributing towards the data preparation tools market growth.
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The spread of COVID-19 spread has accelerated the utilization of information preparation tools. For instance, during the onset of a pandemic, IBM Cognos Analytics, a business intelligence platform fueled by AI (Artificial Intelligence), supports the entire analytics cycle. The platform recently launched a global interactive dashboard in order to show the spread of the virus globally. This dashboard is being utilized by the general public, media, scientists, and researchers according to their use. Further, for the growing efforts toward the development of an effective vaccine for COVID-19, it is becoming essential to maintaining large information sets of affected patients and previous trials of the vaccine. Information preparation tools can help medical researchers to cleanse those datasets. Thus, the onset of the COVID-19 reflects a positive growth in the industry owing to the demand from the healthcare sector. However, limited consumer and corporate spending across other verticals such as retail, transportation, and others is anticipated to hamper the industry development.
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Industry Dynamics
Growth Drivers
The primary factors driving data preparation tools market growth include the rising demand from predictive business analytics, the growing importance of qualified information, and streamlined business operation, among others. Further, the growing acceptance of the information preparation tools in the data-driven sectors such as BFSI, IT & Telecom, and others are projected to offer lucrative industry growth opportunities. Further, the rising application of information preparation tools across retails is anticipated to offer huge industry growth opportunities.
In retail analytics, information is to be collated from various input sources and is supplied to different analytics firms for analysis. The use of self-service preparation tools can automate this entire process. Moreover, the significant growth in the volume of information resulting in the increasing demand for analytics is anticipated to drive the growth of the industry. In order to remain competitive, companies are demanding faster and better insights thus, analytics is becoming more persuasive across various sectors, driving the demand for these preparation tools.
Report Segmentation
The market is primarily segmented on the basis of platform, function, deployment, vertical, and region
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By Platform |
By Function |
By Deployment |
By Vertical |
By Region |
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Insight by Platform
The self-service platform segment is recorded to hold the largest revenue share in 2021 and is expected to lead the industry in the forecasting years. Self-service information preparation tools are widely used by various huge analytics enterprises such as Datameer Inc. and Talend, among others. This self-service segment is gaining traction in the global industry on account of its capability to ensure easy access to information, assist in information governance, and offer higher levels of information security.
Further, the self-service platform assists in analyzing the collected information from IoT devices, helping organizations to enhance their business intelligence. Moreover, in March 2016, IBM partnered with Datawatch in order to offer its users of IBM Cognos Analytics & IBM Watson Analytics, better & quicker access to information along with better self-service information preparation tools. This growing use of the self-service platform is anticipated to drive the growth of the segment. Further, the segment is estimated to grow at a fast rate as companies continue to demand efficient solutions to analyze & access large volumes of information.
The data integration platform segment is projected to show a progressive growth rate in the forecasting years. The growth of the segment can be attributed to the growing demand for these preparation tools across various verticals, including IT & Telecom, BFSI, and others. The use of an information integration platform enables the user to understand the information, refine & reshape it and then load it to the target information source.
Geographic Overview
Geographically, North America is accounted for the largest share in the global industry in 2021. The huge market share of the region can be attributed to the rising integration of innovative technologies such as mobile computing and AI (Artificial Intelligence) in e-commerce. Further, the growing investments in analytics across the region, particularly in the US, are anticipated to drive the growth of the market.
The presence of major market players in North America is anticipated to present huge market growth opportunities. Further, the rising number of developments made by these companies is anticipated to drive the growth of the market. For instance, in January 2018, SAS Institute, based in the US, launched an advanced and self-service information preparation tool that helps in boosting the analytical capabilities, productivity, and reusability of the enterprise users. The launch of this information preparation tool enabled the company to increase its product portfolio and its market share.
Moreover, the Asia Pacific data preparation tools market is anticipated to exhibit the highest CAGR over the forecasting years. The nations such as South Korea, India, Japan, and China are primarily attributing towards the market growth. The increasing demand for analytics in emerging nations is anticipated to drive the growth of the market in the region. Further, the rising internet penetration along with the increasing number of smartphone users in the Asia Pacific is anticipated to offer huge market growth opportunities. Moreover, the rising investments in cloud-based solutions by startups in emerging nations are anticipated to drive the growth of the market.
Competitive Insight
Some of the major players operating in the global market include Altair Engineering, Inc., ALTERYX, INC., Datawatch Corporation, Informatica, International Business Machines Corporation, Microsoft, MicroStrategy Incorporated, QlikTech International AB, SAP SE, SAS Institute Inc., TIBCO Software Inc.
Data Preparation Tools Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 3.13 billion |
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Revenue forecast in 2030 |
USD 12.66 billion |
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CAGR |
18.5% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Raw Material, By Printing Process, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Altair Engineering, Inc., ALTERYX, INC., Datawatch Corporation, Informatica, International Business Machines Corporation, Microsoft, MicroStrategy Incorporated, QlikTech International AB, SAP SE, SAS Institute Inc., TIBCO Software Inc. |
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