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Data Preparation Tools Market Size, Demand And Overview By 2024-2033
Data Preparation Tools Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to the increasing complexity of data formats and sources driving tool sophistication, growth of data preparation as a service (DPaaS) offerings, use of data virtualization technology in preparation processes, development of industry-specific data preparation solutions, adoption of federated learning approaches for distributed data preparation tasks.
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%. The growth in the forecast period can be attributed to adoption of edge AI for on-device data preparation tasks, increasing adoption of AI and machine learning for data preparation tasks, growing demand for self-service data preparation tools, rising need for data quality and governance in preparation processes, demand for real-time data preparation capabilities. Major trends in the forecast period include technological advancements, expansion of big data and IoT driving demand for scalable data preparation solutions, collaboration features for team-based data preparation projects, adoption of federated learning approaches for distributed data preparation tasks, integration of data preparation with data governance and stewardship platforms.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Data Preparation Tools Market 2024 Key Insights:
• 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%.
• Increasing Data Volume Fuels Data Preparation Tools Market
• Transforming Data Pipeline Creation With Generative AI Innovation
• North America was the largest region in the data preparation tools market in 2023
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