Owing to benefits such as better integration, consumption and analysis of larger datasets, efficient analysis, reduction in errors and inaccuracies, the data preparation tools are experiencing rapid adoption as opposed to repetitive and time-consuming traditional approaches such as Excel spreadsheets, thus fostering progress in global data preparation tools market.
Covid-19 Impact & Market Status
Market players in the global data preparation tools market are investing massively towards re-aligning their business objectives and vision to design appropriate tools aligning with Covid-19 specific industry patterns. Like most industries the global data preparation tools market players have also witnessed steady decline in growth numbers owing to multiple complications and untoward developments in the supplychain infrastructure. Unexpected financial expenditures have risen alarmingly, severing steady growth curve. However, global data preparation tools market is soon retracing growth trajectory with new revenue cycle plans and commercial ventures.
This report offers comprehensive study of the market. The information and insightful data about the market provided in the report helps the market participants address the risks systematically and make well-informed decisions. Moreover, the report determines the market structure of global Data Preparation Tools market. The report highlights the market participants and new technologies arising in the market. The report analysts have included the suggestions and comments from the global Data Preparation Tools market experts and professionals to document the report.
Self-service Data Preparation Tools Segment is the Most Attractive Segment
The global Data Preparation Tools market is classified into self-service and data integration. Among these, the self-service data preparation tools segment has witnessed maximum market share of global data preparation market and ate poised for substantial market growth in the forecast span. The key factors like increasing demand for improving quality of data and analysis, organizations investing highly in self-service data preparation tools to accelerate the analytical decision making process rather than traditional approaches are boosting the adoption of self-service data preparation tools.
On-premises Segment to Remain Atop
The global Data Preparation Tools market is classified into on-premises and on-cloud on the basis of deployment type. Among these, the on-premises data preparation tools segment held the largest market share of global Data Preparation Tools market in 2020 and is poised for better market growth. The on-premises data preparation tools offers visual exploration and analysis of data, in-house deployment of resources within IT infrastructure, complete control over in terms of security and customization, better privacy and security and many other benefits which are the key factors increasing its demand in the global Data Preparation Tools market.
E-commerce Industry to Ensure Revenue Maximization
The global Data Preparation Tools market is classified into BFSI, IT & Telecom, retail, and e-commerce on the basis of industry type. Among these, the e-commerce industry segment held the largest market share of global Data Preparation Tools market in 2020 and is poised for better market growth. Data preparation tools in e-commerce industry enhance the business performance and supports business decision making by providing unique tools and features that provide real time data, better analysis of eCommerce site and extraction of crucial data crucial for providing engagement to online business, and offers better scalability. This has increased the demand of data preparation tools proliferating the e-commerce segment in the market.
North American Region to Witness Huge Investments
From the developments and trends happening globally, it is evident that developed economies in North America are placed well ahead on the growth curve. This is evident from the rapid industrial and commercial adoption of data preparation tools in big as well as small firms across countries like US and Canada.
North American region is best known for the presence of frontline players in the global data preparation tools market. Some of the successful players who have lavish offices and regional dominance in the North American region comprise TIBCO and Microsoft among several others.
The increasing volume and detailed data captured by organizations, the rise in multimedia, social media, and the Internet of Things have fuelled exponential growth has created a total shift from total reliance on IT staff, to self-serve data preparation thus accentuating the reliance on data preparation tools.
Rapid use of data preparation tools in industries including IT & Telecom, BFSI, retail, e-commerce, etc with a goal of improving the speed of the data preparation workflows and support data-driven decision making have are fostering remarkable progress in global data preparation tools market.
Advantages such as robust processes, high degrees of quality and consistency, efficient data analysis supporting decision making, and reduction in errors and inaccuracies due to the data preparation tools and techniques encourage further adoption. These factors have resulted into proliferation of global data preparation tools market ensuring market value of 12.89 Bn by 2028 with an annual growth rate of 18.6% in the forecast period.
Data preparation tools are uniquely designed tools and techniques that help companies to gather different kinds of data from various platforms. Data preparation tools find extensive use in data management where in complex processes such as data processing, blending, data transformation and enrichment are integral for overall data analysis. This helps businesses gain useful insights to improve business decision making. Thus data preparation tools are extensively used in various industry verticals.
The factors such as increasing demand for improving quality of data and analysis, organization investing highly in data wrangling solutions to accelerate the analytical decision making process is propelling the global data preparation tools market.
However, the some data preparation tools generate incompatible data formats, unbalanced data, or even lack necessary data that support decision making which are likely to hamper the global data preparation tools market.
Capabilities like automated profiling and predictive transformation as well as data prep becoming the ideal solution for organizations moving their data clusters from experimental phase to production are anticipated to be growth opportunity and driving the proliferation of global data preparation tools market.
The major players in global Data Preparation Tools market are Alteryx, Tibco Software, SAS Institute, SAP SE, Qlik Technologies, MicroStrategy, Microsoft, International Business Machines, Informatica, and Datawatch among others. These companies dominate the global Data Preparation Tools market as the data preparation tools of these companies offer superb data connectivity and preparation functionality. The data preparation software of these companies provide improved efficiency and productivity of analysis, offer agile deployment of new data pipelines, and efficient collaboration between line of business, analysts, and IT, and more such services to the businesses. Thus the data preparation tools of these brands are highly preferred than any other brands in the world making them outperform in the global Data Preparation Tools market.
Latest Innovations in the Global Data Preparation Tools Market: a Snapshot
- IBM, recently added new features to its predictive analytics tool, IBM Watson Studio. IBM added new artificial intelligence and automation capabilities in its Watson tool. The new features are aimed at improving businesses’ customer experience.
- In March 2021, H2O.ai, the advanced AI Cloud Platform introduced open-source automatic ML package for wave apps. The machine learning packages allows users build and deploy interactive predictive and decision-support applications in lesser time over the web.
Data Preparation Tools Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Platform, Deployment, Industry, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and South Africa|
|Key Players Profiled||Alteryx, Tibco Software, SAS Institute, SAP SE, Qlik Technologies, MicroStrategy, Microsoft, International Business Machines, Informatica, and Datawatch among others|
Key Segments of the Global Data Preparation Tools Market
Platform Overview, 2018-2028 (USD Billion)
- Data integration Deployment
Deployment Overview, 2018-2028 (USD Billion)
Industry Overview, 2018-2028 (USD Billion)
- IT & Telecom
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa