The global Data Preparation Tools market accounted for US $3.1 Bn in 2020 with a considerable CAGR of 20% during the forecast period of 2021 to 2028.
Data preparation tools are software that perform the process of cleaning, structuring, and enriching raw data into the desired output for analysis. Data preparation tools allow data scientists and business analysts to bypass data warehouses so that it performs some data integration and data preparation themselves before data analysis. These emerging tools use IT and Telecom so that they can iterate and learn where to find insights in data sets without being explicitly programmed to do so. Features of data preparation tools are observed within prominent tools, such as data analytics, BI tools, integration platforms, and wide-ranging IT and Telecom platforms. Moreover, these tools enable data conversion, analysis, exploration, modeling, curation, structuring, and cataloging in a single offering.
The rising number of daily data across numerous verticals and the growing demand for data analytic tools are the primary factors driving the growth of the global data preparation tools market. The swift implementation of cloud technologies and automation across businesses and enterprises resulted in tremendous cloud traffic and data generation. For instance, the total amount of data created, captured, and consumed globally was 64.2 zettabytes in 2020 and is likely to reach 180 zettabytes by 2025. This substantial increase in the volume of data has resulted in the rapid adoption of data and data analytics.
Besides, increasing application of self-service data preparation tools to ensure easy interchangeability, association, and profiling of data also drives the global data preparation tools market growth. In addition, rising trend of data preparation tools in enterprises to adopt advanced analytics and business intelligence (BI) is also a boosting factor for the industry. Moreover, companies adopting cloud-based models, and rising use of data preparation tools in BI is likely to generate numerous growth opportunities in the given forecast period.
|Market||Data Preparation Tools Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Platform, By Function, By Vertical, and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Alteryx, Inc., Datawatch Corporation, Informatica Corporation, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Qlik Technologies Inc., SAP SE, SAS Institute Inc., Tableau Data Integration, Inc., Talend, and Tibco Data Integration Inc. among others.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The growing significance of on-time qualified data
A growing amount of unstructured data has been a foremost issue among several industries. Therefore, organizations are on the hunt for tools that can organize data in a suitable format. Data preparation tools are being among those. These tools assist organizations with timely qualified data that can easily deduce latent information from functional data exchange in stipulated amount of time. On-time qualified data is not only instrumental in making effective business decisions but also helps in aligning company’s strategic initiatives. Further, the delivery of on-time data can help organizations in making accurate qualified decisions while establishing association rules and co-relations between numerous variables.
The global data preparation tools market is segmented based on platform, function, deployment, vertical, and region. Based on the platforms segment, the market bifurcates into self-service and data integration. Among platforms, self-service acquired a maximum chunk in 2020. This is because self-service platforms are considered an efficient solution to access and analyze large volumes of data. Furthermore, self-service data preparation platforms are having high demand among data-driven IT companies.
By function, the segmentation classifies as data collection, data quality, data cataloging, data governance, data ingestion, and data curation. Among them, data collection conquered the largest chunk of share in 2020. The high growth in the segment is credited to its ability to offer access to data from multiple sources. Meanwhile, data cataloging is expected to witness the fastest growth during the review period of 2021 to 2028. Continuous roll-out of IoT devices that release large volumes of data has demanded the need for efficient data cataloging. This factor has driven the demand for data cataloging and is likely to continue to propel segmental growth in the coming future.
Based on the deployment model, the segment is bifurcated into cloud-based and on-premise. Among them, the on-premise deployment model accounted for the majority of the share in 2020, owing to the companies’ preference for conventional data collection and preparation techniques. However, the cloud-based deployment model is anticipated to witness the highest growth as it offers easy access to data via virtual sources. Moreover, leading companies focusing on cloud-based services and partnering with leading IT giants to expand their business worldwide also contributes to the growing cloud-based segment. For instance, in June 2021, Talend announced partnership with Snowflake to offer a rapid way for users to verify their quality of data inside Data Cloud.
Moreover, the vertical segment is further sub-segmented into IT and telecom, retail and e-commerce, BFSI, government, energy and utilities, healthcare, transportation, manufacturing, and other verticals. Among the vertical segment, IT & telecom led the market with the utmost share in 2020 and is expected to register significant growth during the forecast timeframe.
North America region is expected to lead global Data Preparation Tools market during the projected period of 2021 to 2028
Among all the regions, North America generated the highest revenues in 2020. This is attributed to the high capital investment in cloud-based solutions and significant growth in data through IoT and other connected devices in the region. Besides, the presence of well-established market players and early adoption of emerging technologies are some factors that are also contributing towards the dominant growth of the North American market. Meanwhile, the Asia-Pacific data preparation tools market is anticipated to witness the fastest CAGR throughout the forecast period. The market for APAC is growing because of the increasing consumer base in countries such as China and India, due to its high population ratio. Moreover, the rising number of SMEs in the data preparation tools industry is also likely to surge the growth of APAC market.
This section of the report pinpoints various key vendors of the market. Some of the key players offered in the report include Alteryx, Inc., Datawatch Corporation, Informatica Corporation, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Qlik Technologies Inc., SAP SE, SAS Institute Inc., Tableau Data Integration, Inc., Talend, and Tibco Data Integration Inc. among others.
Market By Platform
Market By Function
Market By Vertical
Market By Geography
The estimated value of global Data Preparation Tools market in 2020 was accounted to be US$ 3.1 Bn
The projected CAGR of Data Preparation Tools during the analysis period of 2021 to 2028 is 20%
North America held the dominating share for Data Preparation Tools during the analysis period of 2021 to 2028