The Global Data Preparation Tools Market size is expected to reach $8.6 billion by 2027, rising at a market growth of 17% CAGR during the forecast period. Data preparation tools are utilized for processing, discovering, blending, enriching, refining, and transforming data. It allows improved consumption, integration, and analysis of huge datasets utilizing advanced BI with analytics solutions. In addition, data preparation transforms data sets in a way that information available in them is showed in the best possible way.
Further, data preparation tools also help in data conversion, analysis, discovery, transformation, cleaning, modeling, structuring, curation, exploration, and cataloging. Some of the major activities under the data preparation tools market are self-service data preparation, data cleansing & manipulation, growing data sources, advanced analytic techniques, and sharing metadata. Through data preparation tools, companies can successfully manage data as poor-quality data generally leads to reckless data mining and wrong results.
Moreover, data preparation tools enhance the quality and integrity of data with different techniques like parsing for improved cleansing and unclear matching. In addition, these tools develop recurring workflow designs, which accelerate the data delivery procedure and boost productivity. The demand for more investments in channel partnerships, system integration, service conveyance, and analytics technology is the result of the growing data preparation tools market.
In the data preparation tools market, all the core storage management, systems manufacturers, networking, and processor chip fabricators would have the major share. Emergence of big data has resulted in the development of data storage technologies. The accessibility of a huge amount of data has resulted in the development of specialized tools for data preparation. Such tools are becoming popular owing to the increasing requirement to evaluate internal and external sources of data produced by companies on a daily basis.
The outbreak of the COVID-19 pandemic has boosted the adoption of data preparation tools. The increased requirement of managing the large datasets during the development of an effective vaccine has compelled institutions and organizations to adopt these tools to better manage and collate their huge amount of data. In addition, data preparation tools can help medical researchers cleanse previous trials and related datasets, which would augment the growth of the market.
Companies generate a huge volume of data that is needed to be managed, gathered, and governed, for which, enterprises are highly adopting data preparation tools. Additionally, the growing popularity of cloud-based tools and solutions has created a demand for cloud-based data preparation tools in the market, which would bolster the overall growth of the market during the forecast period.
There is a rising importance of effective data management across enterprises to generate more actionable insights, which would bolster the growth of the data preparation tools market over the forecast period. Moreover, data preparation tools can gather and organize data in less time by helping business users like data engineers, citizen integrators, analysts, and citizen data scientists to combine external and internal datasets for their use cases.
There are several benefits offered by data preparation tools like fixing errors quickly, better scalability, boosted data usage, and collaboration. These benefits are attracting more companies towards its adoption and thus, propelling the growth of the data preparation tools market. Data preparation helps in streamlining the empowerment coupled with collaboration and develop a data-driven culture. It also helps in building a symbiotic relationship among the line of business and IT.
One of the major challenges faced by the companies that are implementing these data preparation tools is the high cost of deployment. Due to the high cost, several small and medium enterprises may restrict themselves from using these tools, which would hamper the overall growth of the data preparation tools market during the forecast period.
Based on Component, the market is segmented into Data Integration and Self Service. The self-service segment is majorly used by various data analytics and big data enterprises like Talend and Datameer since it offers a competitive edge to the organizations. Self-service data preparation platforms are becoming more popular in the market due to their ability to facilitate easy access to data, deliver higher levels of data security, and help in data governance.
Based on Function, the market is segmented into Data Collection, Data Cataloging, Data Governance, Data Quality, Data Ingestion, and Others. The data cataloging segment is projected to witness a promising growth rate during the forecast period. There is an increase in the requirement for effective cataloging tools to evaluate IoT data due to the ongoing launches of IoT devices that produce a huge amount of data, which would further surge the demand for data cataloging. The increasing concerns regarding data security at the time of managing and evaluating big data are estimated to augment the demand for the data security applications of data preparation tools.
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment is anticipated to showcase the highest growth rate during the forecast period. The trend of adopting an integration of cloud technologies and a self-service platform among numerous data-driven enterprises is gaining traction because it provides customers access to local and cloud sources, thus helping companies in boosting their efficiency.
Based on End User, the market is segmented into IT & Telecom, Retail & eCommerce, BFSI, Healthcare, Government, Energy & Utilities and Others. The IT & telecom vertical acquired the highest revenue share in the market in 2020 and is estimated to exhibit a significant growth rate during the forecast period. Data preparation tools are majorly utilized by IT and telecom companies as this vertical is among the key data-driven sectors.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3 Billion |
| Market size forecast in 2027 | USD 8.6 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 17% from 2021 to 2027 |
| Number of Pages | 312 |
| Number of Tables | 493 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Function, Deployment Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Data preparation is among the important parts of data analytics. Data analytics is witnessing a surge in demand across the emerging nations like India and China of the Asia Pacific region, as the retail & e-commerce sectors are gaining more popularity in these nations. Such aspects are estimated to spur the growth of the market in the Asia Pacific region.
Free Valuable Insights: Global Data Preparation Tools Market size to reach USD 8.6 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Data Preparation Tools Market. Companies such as QlikTech International AB, Informatica, LLC, Tibco Software, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, SAP SE, Altair Engineering, Inc., MicroStrategy, Inc., Alteryx, Inc., QlikTech International AB (Thoma Bravo), Informatica, LLC, Tibco Software, Inc. (Vista Equity Partners), and SAS Institute, Inc.
By Component
By Function
By Deployment Type
By End User
By Geography
The data preparation tools market size is projected to reach USD 8.6 billion by 2027.
The increasing significance of effective data management are driving the market in coming years, however, high cost of implementation have limited the growth of the market.
Microsoft Corporation, IBM Corporation, SAP SE, Altair Engineering, Inc., MicroStrategy, Inc., Alteryx, Inc., QlikTech International AB (Thoma Bravo), Informatica, LLC, Tibco Software, Inc. (Vista Equity Partners), and SAS Institute, Inc.
Yes, the outbreak of the COVID-19 pandemic has boosted the adoption of data preparation tools. the growing popularity of cloud-based tools and solutions has created a demand for cloud-based data preparation tools in the market, which would bolster the overall growth of the market during the forecast period.
The data integration platform acquired the largest revenue share of the data preparation tools market in 2020. In addition, a self-service platform helps in combining and analyzing the data gathered from IoT devices, thus, enabling companies to develop their business intelligence.
Region-wise, the North America emerged as the leading region in data preparation tools market by obtaining the highest revenue share in 2020.
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