According to the latest report by IMARC Group, titled “Data Preparation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global data preparation market size reached US$ 3.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2027, exhibiting a growth rate (CAGR) of 22.88% during 2022-2027.
Data preparation is the process of analyzing, structuring, combining, and organizing raw data into curated datasheets. It is commonly utilized for self-service data integration, science and discovery, business purposes, etc. Data preparation ensures consistent and high-quality data to organizations for optimizing data usage, interchangeability, collaboration, profiling, etc. It aids in standardizing data formats, enriching source data, and removing outliers. As a result, data preparation helps in making better business decisions, enhancing data quality, fixing errors, etc. These processes find extensive applications during mergers and acquisitions (M&A) activities across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing volumes of data generated by various organizations, coupled with the escalating demand for real-time insights into consumer behavior and preferences, are currently driving the data preparation market. Additionally, the rising adoption of automated solutions in data preparation systems is further augmenting the global market. In line with this, the increasing integration of advanced technologies, such as machine learning (ML) and artificial intelligence (AI), to interpret, read, and flatten complex data structures, is also catalyzing the product demand. Moreover, the sudden outbreak of the COVID-19 pandemic is elevating the demand for data preparation software to maintain large datasheets of the track records of affected patients and vaccinated individuals, which is bolstering the market growth. In the coming years, the rising demand for data analytical software by organizations to explore analytics, increase analyst productivity, and improve organizational data usage, is expected to fuel the data preparation market across the globe.
Breakup by Platform:
Self-Service
Data Integration
Breakup by Tools:
Data Collection
Data Cataloguing
Data Quality
Data Governance
Data Ingestion
Data Curation
Breakup by Deployment Model:
On-premises
Cloud-based
Breakup by Enterprise Size:
Small and Medium-sized Enterprises (SMEs)
Large Enterprises
Breakup by End User:
BFSI
Healthcare
Retail and E-Commerce
Manufacturing
Energy and Utilities
IT and Telecommunication
Transportation
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Altair Engineering Inc
Alteryx Inc
Informatica
International Business Machines Corporation
Microsoft Corporation
MicroStrategy Incorporated
Oracle Corporation
Qlik
SAP SE
SAS Institute Inc
Tableau Software LLC (Salesforce.com Inc.)
TIBCO Software Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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