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Data Extraction Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 | Leading industry players such as - Alteryx, Inc., Altair Engineering Inc., Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Matillion Ltd., Oracle Corp
Cloud segment is expected to experience significant growth in the coming years, owing to rise in adoption of cloud enabled data extraction software among the SMEs to increase their revenue opportunity and to enhance their business across the globe.
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Increase in adoption of big data analytics software by multiple organizations, need for dedicated storage systems, and numerous benefits offered by data extraction solutions drive the growth of the global data extraction market. However, complexity and concerns regarding data quality issues hamper the market growth. On the contrary, surge in application of artificial intelligence in data extraction and adoption of virtual data warehousing are expected to create lucrative opportunities for the market growth.
The global data extraction market is analyzed across component, data type, deployment model, enterprise size, industry vertical, and region. Based on component, the solution segment contributed to more than two-thirds of the total market share in 2019 and is anticipated to rule the roost by 2027. The service segment, on the other hand, would manifest the fastest CAGR of 13.4% throughout the forecast period.
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Based on deployment model, the on-premise segment accounted for more than half of the total market revenue in 2019 and is anticipated to rule the roost by 2027. At the same time, the cloud segment is expected to exhibit the fastest CAGR of 13.1% from 2020 to 2027.
The key market players analyzed in the global data extraction market report include Altair Engineering Inc., IBM Corporation, Fair Isaac Corporation, Alteryx, Inc., Microsoft Corporation, Matillion Ltd., Oracle Corporation, SAS Institute, Inc., Teradata Corporation, and SAP SE. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Based on geography, North America generated the highest share in 2019, garnering nearly half of the global market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.7% by 2027. The other two regions covered in the study include LAMEA and Europe.
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