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Transforming Data Management: Analyzing the Growth, Demand, and Future Outlook of the Data Preparation Software Market
Data Preparation Software Market
Data Preparation Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $52.59 Bn In 2028 At A CAGR Of 14.2% :
The data preparation software market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.73 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to demand for data preparation in advanced analytics and AI applications, increasing investment in data preparation automation, adoption of data preparation for data science and machine learning projects, rising need for data preparation in data lakes and data warehouses, and rising demand for data preparation in regulatory reporting.
The data preparation software market size is expected to see strong growth in the next few years. It will grow to $52.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to integration of AI and machine learning capabilities into data preparation software, technological advancement, shift towards scalable and agile data preparation platforms, integration of data preparation with data governance frameworks, and integration of data preparation with data integration platforms. Major trends in the forecast period include the integration of AI and machine learning capabilities into data preparation software, technological advancement, shift towards scalable and agile data preparation platforms, integration of data preparation with data governance frameworks, and integration of data preparation with data integration platforms.
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Data Preparation Software Market Major Segments
The data preparation software market covered in this report is segmented -
1) By Type: Cloud Based, Web Based
2) By Deployment: On-Premise, Hosted
3) By Pricing Model: Subscription, One-Time
4) By Functionality: Data Integration, Data Cleansing, Data Transformation, Data Profiling
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecom, Energy, Education
Key Driver - Rise Of Self-Service Data Preparation Tools In The Data Preparation Software Market
The increasing demand for self-service data preparation tools is expected to propel the growth of data preparation software markets going forward. Self-service data preparation tools enable users to manipulate and transform raw data into a usable format without requiring extensive technical expertise or involvement from IT professionals. The demand for self-service data preparation tools is increasing due to the growing complexity and volume of data, coupled with the need for agility and accessibility in data analytics processes. The data preparation software fosters demand for self-service data preparation tools by offering solutions that streamline data cleansing, integration, and enrichment, thus driving the need for user-friendly, efficient data preparation solutions. For instance, in August 2021, according to a report published by Tidio, a customer service software company, in 2022, the global market for self-service technology reached a value of $34 billion and is expected to grow at a compound annual growth rate of almost 14% from 2023 to 2030 to reach $92 billion by 2030. Therefore, the increasing demand for self-service data preparation tools is driving the growth of the data preparation software market.
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Prominent Trend - Leading Companies Developing Advanced Solutions For Datafication Market Edge
Major companies operating in the data preparation software market are concentrating on the development of advanced solutions, such as new IBM business analytics enterprise software to break down data silos, to gain a competitive edge in the market. This analytics enterprise software refers to software that helps organizations consolidate data from disparate sources and eliminate data silos, enabling them to make data-driven decisions quickly and navigate unpredictable disruptions. For instance, in November 2023, International Business Machines Corporation (IBM), a US-based technology company, launched IBM business analytics enterprise, a new software to break down data silos and streamline planning and analytics. This platform offers features including data silo breakdown and business intelligence capabilities, alongside technological advancements such as AI-powered planning and multidimensional analysis. Its significance in the datafication market lies in enabling enterprises to become more data-driven by providing comprehensive access to analytics tools and breaking down data and analytics silos, fostering streamlined planning and data-driven decision-making.
Data Preparation Software Market Players
Major companies operating in the data preparation software market are Amazon Web Services Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce.com Inc., SAS Institute Inc., SAP SE, Hitachi Vantara Corporation, NICE Ltd., Teradata Corporation, Informatica Inc., Tibco Software Inc., Quest Software Inc., Alteryx Inc., Rapid Insight Inc., QlikTech International AB, Altair Engineering Inc., Micro Strategy Incorporated, DataRobot Inc., Dataiku Inc., Datawatch Corporation, Unifi Software Inc, Datameer Inc., InfluxData Inc., Crate Tech Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the data preparation software market in 2023. The regions covered in the data preparation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Data Preparation Software Market Report Structure
3. Data Preparation Software Market Trends And Strategies
4. Data Preparation Software Market - Macro Economic Scenario
5. Data Preparation Software Market Size And Growth
…..
27. Data Preparation Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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