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Data Preparation Tools Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Mergers and Acquisitions, Key Players
Data Preparation Tools Market
As per the report, the data preparation tools market size has grown exponentially in recent years. IT will grow from $6.36 billion in 2023 to $7.79 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The data preparation tools market size is expected to see exponential growth in the next few years. IT will grow to $17.78 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%.
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Increasing Data Volume Fuels Data Preparation Tools Market
The rapidly growing volume of data is expected to propel the growth of the data preparation tools market going forward. Data refers to raw facts, figures, and statistics collected for analysis or reference, often in digital form. The rapidly growing volume of data is primarily due to increased digitalization, technological advancements, and the proliferation of connected devices. The increasing volume of data necessitates data preparation tools to efficiently clean, transform, and organize data for analysis due to the complexity and scale of handling large datasets. For instance, in December 2022, according to a report published by the Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the rapidly growing volume of data will drive the growth of the data preparation tools market.
Transforming Data Pipeline Creation With Generative AI Innovation
Major companies operating in the data preparation tools market focus on developing innovative technologies, such as SnapGPT, to create data pipelines more efficiently. This generative AI tool refers to artificial intelligence systems capable of creating new and original content across various formats, such as audio, code, images, text, simulations, and videos. For instance, in August 2023, SnapLogic, a US-based software company, launched SnapGPT, a generative AI tool designed to streamline the development of data pipelines, offering a faster and more intuitive approach to integration tasks. This can generate accurate and effective queries and transform data from one format to another, offering a quicker and more intuitive approach to integration tasks. Additionally, it has features such as text recognition, image recognition, speech-to-text, pipeline generation, and fast integration prototyping. These features collectively make a powerful tool for data integration, combining AI-driven capabilities with user-friendly functionalities to streamline the creation of data pipelines and workflows.
The data preparation tools market covered in this report is segmented -
1) By Platform: Self-Service, Data Integration
2) By Deployment Mode: On-Premises, Cloud
3) By Function: Data Collection, Data Cataloging, Data Quality, Data Governance, Data Ingestion, Data Curation
4) By Vertical: Information Technology (IT) And Telecom, Retail And E-Commerce, Banking, Financial Services, And Insurance (BFSI), Government, Healthcare, Energy And Utilities, Transportation, Manufacturing, Other Verticals
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Major companies operating in the data preparation tools market are Amazon Web Services Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., SAS Institute Inc., Hitachi Vantara Corporation, Teradata Corporation, Informatica Inc., Tibco Software Inc., Zoho DataPrep, 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
Contents of the report:
1. Executive Summary
2. Data Preparation Tools Market Report Structure
3. Data Preparation Tools Market Trends And Strategies
4. Data Preparation Tools Market - Macro Economic Scenario
5. Data Preparation Tools Market Size And Growth
…..
27. Data Preparation Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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