New York, United States , Feb. 26, 2024 (GLOBE NEWSWIRE) -- Data preparation tools are used in a variety of applications around the world, including data cleansing, aggregation, integration, data wrangling and engineering, data enrichment, and data quality monitoring. These technologies are used to prepare data for various applications, such as predictive modeling, machine learning, business intelligence, and reporting. They help to ensure that data is correct, comprehensive, consistent, and timely, and they may significantly increase the efficacy and efficiency of data-driven decision-making.
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Importance of Effective Data on a Timely Basis Drives the Global Market
According to Straits Research, “The global data preparation tools market size was valued at USD 4,293.6 million in 2022. It is estimated to reach USD 19,189.9 million by 2031, growing at a CAGR of 18.1% during the forecast period (2023–2031).” Data preparation is becoming more popular in data-driven industries such as IT and BFSI. The basic goal of these technologies is to efficiently discover the correct data at the right moment. The basic goal of these technologies is to efficiently discover the correct data at the right moment. However, problems with data preparation might result in insufficient and time-consuming outcomes, impeding decision-making. Analytic tools and BI users spend much time looking for the proper data. However, in many circumstances, the data discovered is faulty or was not created in accordance with the criteria.
Furthermore, user involvement with analysts leads to better data preparation since analysts acquire deeper insights into users' requirements. For instance, users spend more time crafting queries and questions that analysts may already have prepared and that users might easily utilize. Despite highly automated data preparation methods, many business intelligence analysts spend more time preparing data than evaluating it. This is due to the fact that the availability of a high volume of data frequently leads to businesses spending more time purifying the data.
Growing Demand for More Interactive and Engaging Text and Image Creates Tremendous Opportunities
With the emergence of digital capturing devices, particularly smartphone cameras, the volume of digital material in images and movies has increased exponentially. Many visual and digital information is collected and shared through numerous applications, websites, social networks, and other digital platforms. Several firms have employed data annotation to provide smarter and better customer service through the usage of online content. Image labeling allows shoppers to search for clothing or accessories online by photographing the texture, print, or color of their choice. The smartphone image is sent to an app that uses AI technology to search a product inventory for like items.
Regional Analysis
North America data preparation tools market share is expected to exhibit a CAGR of 9.11% over the forecast period. The region's enormous market share may be attributed to the increased integration of innovative technologies in e-commerce, such as mobile computing and AI (Artificial Intelligence). Moreover, increased analytics investments across the region, particularly in the United States, will likely drive market development. The presence of significant market competitors in North America will likely provide massive market growth opportunities.
Furthermore, the rising number of enhancements made by these businesses is predicted to drive market expansion. In January 2018, the SAS Institute, based in the United States, launched an advanced and self-service information preparation tool to help business clients increase their analytical skills, efficiency, and reusability. After introducing this information preparation tool, the company extended its product range and market share.
Key Highlights
- Based on the platform, the global data preparation tools market is bifurcated into self-service platforms and data integration. The self-service segment dominates the global market and is expected to exhibit a CAGR of 27.1% over the forecast period.
- Based on deployment, the global data preparation tools market is segmented into on-premises and cloud services. The on-premises segment dominates the global market and is predicted to exhibit a CAGR of 9.1% during the forecast period.
- Based on function, the global data preparation tools market is bifurcated into data collection, cataloging, quality, and governance. The data collection segment owns the highest market share and is predicted to exhibit a CAGR of 16.8% over the forecast period.
- Based on end-users, the global data preparation tools market is divided into IT and telecom, retail and e-commerce, BFSI, government, healthcare, energy and utilities, and others. The IT and telecom segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.61% over the forecast period.
- North America is the most significant global data preparation tools market shareholder and is expected to exhibit a CAGR of 9.11% over the forecast period.
Competitive Players
The Top 10 players in the global data preparation tools market are Altair Engineering, Inc., ALTERYX, INC., Datawatch Corporation, Informatica, International Business Machines Corporation, Microsoft, MicroStrategy Incorporated, QlikTech International AB, SAP SE, SAS Institute Inc., and TIBCO Software Inc. are some of the companies that make up Altair Engineering, Inc.
Market News
- In April 2023, IBM released its new Data Preparation for Watson Studio product. This tool helps users prepare data for examination in Watson Studio, a cloud-based data science and machine learning platform.
- In February 2023, Dataiku, a major provider of data science and machine learning tools, was acquired by Informatica. This purchase will enable Informatica to broaden its data preparation capabilities and provide its clients with a more complete data analytics platform.
Global Data Preparation Tools Market: Segmentation
By Platform
- Self-Service
- Data Integration
By Deployment
- On-premises
- Cloud
By Function
- Data Collection
- Data Cataloging
- Data Quality
- Data Governance
- Data Curation
- Data Ingestion
By End-User
- IT and Telecom
- Retail and E-commerce
- BFSI
- Government
- Healthcare
- Energy and Utilities
- Transportation
- Manufacturing
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
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