Press release
Data Extraction Software Global Market Analysis, Trends, Growth, Research And Forecast 2033
Data Extraction Software Global Market
Data Extraction 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 $3.15 billion In 2028 At A CAGR Of 15.7% :
The data extraction software market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to military modernization programs, increasing threats and conflicts, interoperability requirements, special operations and urban warfare, focus on network-centric warfare.
The data extraction software market size is expected to see rapid growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to integration of artificial intelligence, adoption of software-defined radios, unmanned systems integration, enhanced range and connectivity, multi-domain operations. Major trends in the forecast period include cybersecurity concerns, technology advancements, advanced encryption and cybersecurity, miniaturization and lightweight designs, spectrum-efficient technologies.
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Data Extraction Software Market Major Segments
The data extraction software market covered in this report is segmented -
1) By Component: Tools, Services
2) By Deployment: Cloud, On-Premises
3) By Organization Type: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Vertical: Banking, Financial Services, and Insurance (BFSI), Retail, IT And Telecommunication, Medical And Healthcare, Manufacturing, Government And Public Sector, Other Verticals
Key Driver - Increase In The Amount Of Unstructured Data
The increase in the amount of unstructured data is expected to propel the growth of the data extraction software market going forward. Unstructured data refers to information that does not have a pre-defined data model or is not organized in a pre-defined manner making it more challenging to analyze and requiring specialized tools and techniques for processing and extracting. Data extraction software is used for unstructured data to automate processes and provide valuable insights for decision-making by converting it into a structured format for business intelligence (BI) and analytics applications. For instance, in August 2022, according to a survey 1,000 employees conducted by Komprise, a US-based provider of unstructured data management surveys, it was observed that 87% of IT leaders rate managing unstructured data growth as a top priority in 2022, up from 70% in 2021. Further, around 65% of organizations plan to or are already delivering unstructured data to their big data analytics platforms. Therefore, the increase in the amount of unstructured data is driving the growth of the data extraction software market.
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Prominent Trend - Innovative Technological Solutions In The Data Extraction Software Market
Major companies operating in the data extraction software market are focusing on innovative technological solutions, such as cloud-based AI technologies, to provide customized services to their customers. Cloud-based AI (artificial intelligence) technology refers to the utilization of AI tools and applications that are hosted and delivered through cloud computing infrastructure. For instance, in November 2021, Base64.ai, a US-based software company, launched a cloud-based AI technology that can understand and process various types of documents in real-time. The company's all-purpose document processing AI enables businesses to automate their document processing without the need to build individual machine learning models for each document type, saving time, effort, and money.
Data Extraction Software Market Players
Major companies operating in the data extraction software market report are International Business Machines Corporation, UiPath Inc., Hyland Software Inc., Talend Inc., Nintex USA Inc., Fivetran Inc., Hevo Data Inc., Astera Software Corporation, Skyvia Inc., Oxylabs, Nano Net Technologies Inc., AIMLEAP Inc, Ocrolus Inc., Square 9 Softworks, Lexion, Alkymi Inc., Adverity, Bright Data Ltd., Grepsr, AmazingHiring Inc., Scraping Fish, Crawlbase, Extract Systems, Simpleindex
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Largest And Fastest Growing Region In The Market
North America was the largest region in the data extraction software market in 2023. The regions covered in the data extraction 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 Extraction Software Market Report Structure
3. Data Extraction Software Market Trends And Strategies
4. Data Extraction Software Market - Macro Economic Scenario
5. Data Extraction Software Market Size And Growth
…..
27. Data Extraction Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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