Press release
Future of the Global Data Extraction Software Market: Trends, Innovations, and Key Forecasts Through 2034
Data Extraction Software Market
What Will the Data Extraction Software Industry Market Size Be by 2025?
The market size for data extraction software has experienced significant expansion in the past few years. Predictions indicate that it will increase from $1.76 billion in 2024 to $2 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.6%. Military modernization initiatives, rising threats and conflicts, compliance with interoperability standards, special operations, urban warfare, and an emphasis on network-centric warfare have all contributed to the growth observed in the historical period.
What's the Long-Term Growth Forecast for the Data Extraction Software Market Size Through 2029?
The market size of data extraction software is projected to witness a swift expansion in the coming years, shooting up to a value of $3.59 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 15.8%. This growth during the prediction period can be traced back to the integration of artificial intelligence, software-defined radios' adoption, incorporation of unmanned systems, improved range and connectivity, and operations across various domains. Notable trends during this predicted period are concerns related to cybersecurity, technological evolution, advanced protection, and cybersecurity, reduction in size and weight of designs, and efficient use of the spectrum.
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What Are the Key Growth Drivers Fueling the Data Extraction Software Market Expansion?
The escalation in the volume of unorganized data is anticipated to boost the expansion of the data extraction software market in the future. Unstructured data is data that lacks a defined model or structure, which makes its analysis more complicated and necessitates the usage of specialized tools and methodologies for processing and extraction. The software is employed for the automation of unstructured data's procedures and the generation of significant insights for decision-making by transforming it into a structured format for business intelligence (BI) and analytics software. For example, as per a study conducted in August 2022 by Komprise, a US-based organization that conducts unstructured data management surveys, it was found that 87% of IT leaders have marked managing the growth of unstructured data as a major objective in 2022, an increase from 70% in 2021. Furthermore, almost 65% of companies aim to, or are already channeling unstructured data to their big data analytics platforms. Hence, the surge in the volume of unorganized data contributes to the growth of the data extraction software industry.
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What Are the Key Trends Driving Data Extraction Software Market Growth?
Leading entities in the data extraction software sector are concentrating on pioneering tech solutions such as cloud-based AI technologies in order to offer personalized services to their clients. Cloud-based AI technology signifies the application of AI tools and apps that are established and distributed via cloud computing infrastructures. As an example, in February 2023, Kofax, a software company from the US, launched TotalAgility 7.11, an Intelligent Automation Platform with low code. The updated version presents several advancements, including enhanced Intelligent Document Processing (IDP), fresh low-code design attributes, and improved DevSecOps abilities. TotalAgility 7.11 is designed to support enterprises in efficiently administering critical unstructured data right out of the box and promoting the assimilation of automation among developers and business users, even as it ensures secure scaling of automation in cloud platforms.
How Is the Data Extraction Software Market Segmented?
The data extraction softwaremarket 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
Subsegments:
1) By Tools: Web-Based Extraction Tools, Cloud-Based Extraction Tools, On-Premise Extraction Tools
2) By Services: Consulting Services, Integration And Deployment Services, Support And Maintenance Services
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Which Companies Are Leading the Charge in Data Extraction Software Market Innovation?
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., cra*per, cra*per, cra*ping Fish, Crawlbase, Extract Systems, Simpleindex
Which Regions Are Leading the Global Data Extraction Software Market in Revenue?
North America was the largest region in the data extraction software market in 2024. The regions covered in the data extraction software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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