Dublin, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The "Data Preparation Tools Market Size, Share & Trends Analysis Report By Platform (Self-service, Data Integration), By Deployment, By Vertical (IT & Telecom, Retail & E-commerce, BFSI), By Function, By Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global data preparation tools market size is anticipated to reach USD 12.89 billion by 2028. The market is expected to expand at a CAGR of 18.6% from 2021 to 2028.
Data preparation tools can help organizations augment their efficiency by ensuring easy access to data. The increasing demand for data analytics, particularly in the IT and retail sectors, is expected to drive the demand for data preparation tools.
The growth of the market can be attributed particularly to the capabilities of self-service data preparation tools to ensure easy interchangeability, collaboration, and profiling of data as well as to address the concerns associated with the safety of the data. Demand for self-service data preparation tools would continue to increase as data analytics companies continue to demand efficient solutions to access and analyze large volumes of data.
On-premise deployment of data preparation tools accounted for the largest revenue share in 2020 as organizations preferred to adopt conventional data collection and preparation techniques. However, the demand for deployment of data preparation tools over the cloud is expected to grow over the forecast period, as cloud deployment can ensure easy access to data via virtual sources.
Data preparation tools help enterprises collect, analyze, and standardize data. The data collection sub-segment accounted for the largest market share of more than 27% in 2020. However, the market size of the data governance sub-segment is expected to increase noticeably over the forecast period.
The North America sub-segment accounted for the largest share of the market for data preparation tools in 2020. Demand for data preparation tools is expected to increase over the forecast period in line with the growing adoption of data preparation tools for data analytics in the U.S. However, the market size of the Asia Pacific sub-segment is expected to register the highest CAGR over the forecast period.
Data Preparation Tools Market Report Highlights
- The demand for data preparation tools is expected to increase as various companies jointly adopt data governance initiatives.
- The market size of the IT and telecom sub-segment is expected to expand at a CAGR of 20.1% over the forecast period.
- The market size of the Asia Pacific sub-segment is expected to witness significant growth over the forecast period owing to the large-scale adoption of data preparation tools in retail analytics.
- Alteryx, Inc.; Datawatch Corporation; Informatica Corporation; International Business Machines Corporation; Microsoft Corporation; MicroStrategy Incorporated; Qlik Technologies Inc.; SAP SE; SAS Institute Inc.; and Tibco Software Inc. are some of the key players in the market.
Industry Outlook
Market Drivers
- Importance of effective data on a timely basis
- Self-service data preparation tools
- Growing need to make text/image more interactive and engaging.
Market Restraints
- Organizational barriers to data preparation
- High costs associated with manual labeling of complex images.
Industry Analysis - Porter's
PEST Analysis
Major Deals & Strategic Alliances Analysis, 2020
Key Opportunities Mapping
Data Preparation Tools - Analyst Recommendation
- Outsourcing/ Crowdsourcing of Data Labeling
- Increasing Adoption of Data Collection and Labeling Tools in Healthcare Industry
Data Preparation Tools - COVID - 19 Impact Analysis
Companies Mentioned
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/ytl5du
