The global data preparation tools market size was valued at USD 3.08 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.6% from 2021 to 2028. Data preparation tools are mainly used for combing data from multiple sources and preparing the data for analysis. Data preparation tools have been in the market for a long time; however, there was a high need for expert assistance earlier. Data preparation finds greater acceptance in data-driven markets such as IT and BFSI. The primary function of these tools is to find the right data at the right time in an efficient way.
Rising demand for data analytics is expected to augment demand for cloud-based data preparation tools in various data-driven applications. In addition, a rising focus on the self-service platform is anticipated to enhance the operations within the organizations and thus is expected to propel the demand for data preparation tools. The rising demand for analytics in enterprises has encouraged various data-driven organizations to invest in the research and development of the data preparation market.
Key Player Mentioned:
- Alteryx, Inc.
- Datawatch Corporation
- Informatica Corporation
- International Business Machines Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Qlik Technologies Inc.
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
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Product Segment Analysis:
- Self-service
- Data integration
Application Segment Analysis:
- Data collection
- Data cataloging
- Data quality
- Data governance
- Data ingestion
- Data curation
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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The market is expected to witness a surge in the adoption of the technology owing to benefits such as extracting business insights from socially shared pictures and auto-organizing untagged photo collections. Also, it helps to offer enhanced safety features in autonomous vehicles, such as emergency vehicle detection, terrain detection, wear detection, and condition monitoring, among others. Machine learning, powered by data gathering, has been embedded in several fields, such as robotics & drones, automated image organization of visual websites, and face identification on social networking websites, among others.
Demand for self-service data preparation tools is increasing rapidly as enterprises and organizations continue to adopt advanced analytics and Business Intelligence (BI) platforms. Adopting a combination of a cloud platform and a self-service data preparation platform is a growing trend among data-driven IT companies.
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