Ameco Research Analysts says that the global market for Data Preparation Tools will reach a market size of more than US$ 13,100 Million by 2028 rising at a CAGR of 20% during the predicted years
Cleansing, converting, and consolidating data are all steps in the data preparation process. In other words, it's a procedure that entails connecting to one or more data sources, cleaning unclean data, reformatting or reorganizing data, and lastly integrating data for analysis. This is, by far, the most time-consuming component of the entire analytics life cycle, and the speed and efficiency with which data is prepared to have a direct impact on the time it takes to uncover insights. According to a Forbes poll, data scientists spend over 80% of their time preparing data. Prior to creating, testing, and training the model, most data scientists spend the majority of their time collecting various forms of data and then preparing that data to make feature (meaning fields/attributes) engineering decisions.
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The growing number of daily data across many industries is expected to drive the market
Globally, the amount of data created, recorded, copied, and consumed is expected to grow fast, reaching 64.2 zettabytes by 2020. Global data generation is expected to reach more than 180 zettabytes in the following five years, up to 2025. The volume of data created and copied will hit a new high in 2020. The rise in demand owing to the COVID-19 pandemic caused the growth to be larger than projected, as more individuals worked and learned from home and used home entertainment alternatives more frequently. Global data will reach 175 zettabytes by 2025, according to the latest predictions, representing a 61 percent compound annual growth rate. 51 percent of the data will be stored in data centers, while 49 percent will be stored in the public cloud. Furthermore, IoT devices will contribute to 90 ZB of this data by 2025.
In various data-driven applications, the rising need for data analytics is likely to drive up demand for cloud-based data preparation solutions. Furthermore, a growing emphasis on the self-service platform is likely to improve operations within enterprises, hence driving demand for data preparation tools. The growing demand for analytics in businesses has prompted a number of data-driven companies to invest in data preparation market research and development. However, for the past few years, market demand has been constrained by a lack of competence and awareness of data preparation technologies in underdeveloped nations. Rising technical breakthroughs and the integration of IoT in various businesses, on the other hand, will undoubtedly acknowledge the importance of these tools in developing countries. Furthermore, the global adoption of IoT generates a large volume of raw data, which is turned into useful information using data preparation technologies. For example, according to the latest IoT research, there are currently over 10 billion active IoT devices. In addition, by 2030, it is expected that the number of IoT devices would have surpassed 25 billion.
Global Data Preparation Tools Market Classification
The data preparation tools market is divided into five categories: function, platform, deployment, industry vertical, and regions. The function segment can be split into data collection, data quality, data governance, data cataloging, data curation, and data ingestion. Based on function, the data collection segment generated the largest revenue in 2020 while the data cataloging is likely to attain the fastest growth rate during the forecast period 2021 – 2028. Data integration and self-service are the bifurcations of application segments. The self-service application acquired the most market share in 2020, whereas the data integration segment is expected to grow with a significant growth rate. On the basis of deployment, the market is split into cloud-based, and on-premises. By deployment, the cloud-based segment achieved the fastest CAGR throughout the forecast period and the on-premise segment occupied the leading market share. Based on industry vertical, the market is divided into BFSI, retail and e-commerce, IT and telecom, government, transportation, healthcare, energy and utilities, manufacturing, and others. Among industry verticals, the IT & telecom segment dominated the market with maximum share and is also likely to exhibit the quickest growth in the coming years.
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global data preparation tools market. Because of the tremendous growth in demand for data through IoT (Internet of Things) and other connected devices in the region, North America will account for the largest share in 2020. However, the Asia-Pacific region is likely to register the fastest growth rate during the forecast period 2021 – 2028.
The key companies offered in the report include Talend, SAS Institute Inc., Alteryx, Inc., Qlik Technologies Inc., Datawatch Corporation, MicroStrategy Incorporated, Informatica Corporation, IBM Corporation, SAP SE, Microsoft Corporation, Tableau Data Integration, Inc., and Tibco Data Integration Inc.
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