According to the latest report by IMARC Group, titled “Data Preparation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global data preparation market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2028, exhibiting a growth rate (CAGR) of 18.3% during 2023-2028.
Industry Definition and Application:
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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Data Preparation Market Trends and Drivers:
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.
Report Segmentation:
The report has segmented the market on the basis on region, platform, tools, deployment model, enterprise size, end user.
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
List of Major Key Players:
- 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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