Data Preparation Market Outlook
According to the report by Expert Market Research (EMR), the global Data Preparation Market Size is projected to grow at a CAGR of 18.20% between 2023 and 2028. Aided by the escalating need for efficient data management and the broadening utility of data preparation across various industries, the market is expected to grow significantly by 2028.
Data preparation involves the collection, cleansing, consolidation, and structuring of data for analysis. This process is critical in converting raw data into valuable insights, which aids decision-making in businesses. Moreover, data preparation tools also provide functionalities such as data cataloguing, data quality, and data lineage, which contribute to efficient data governance.
The expanding necessity for informed decision-making in businesses, which significantly relies on data analysis, is a key driver of the global data preparation market growth. With the proliferation of data in the digital era, the demand for robust data preparation tools capable of processing vast data volumes in a time-effective manner has grown significantly. Additionally, the increasing focus on predictive analytics and data-driven strategies in business operations has intensified the demand for data preparation solutions.
The widening application scope of data preparation across various sectors also significantly contributes to the data preparation market expansion. In the healthcare sector, data preparation is crucial for patient data analysis and healthcare management. In finance, it aids in risk assessment and fraud detection. The retail sector leverages it for customer behaviour analysis and inventory management. Such broad utility further propels the global market growth.
Moreover, the continuous advancements in artificial intelligence (AI) and machine learning (ML) have revolutionised the data preparation process. These technologies aid in automated data preparation, reducing manual effort and improving the speed and accuracy of data analysis. As a result, the incorporation of AI and ML in data preparation tools is amplifying the data preparation market development.
Additionally, the ever-increasing volume of data and the growing adoption of data analytics in decision-making processes are anticipated to propel the market growth. Further, as businesses increasingly understand the value of data as a strategic asset, the demand for data preparation is set to rise. This growing awareness, coupled with ongoing advancements in AI and ML, is poised to catalyse the global data preparation market expansion throughout the forecast period.
Data Preparation Market Segmentation
The market can be divided based on platform, deployment, function type, industry vertical, and region.
Market Breakup by Platform
- Data Integration
Market Breakup by Deployment
Market Breakup by Function Type
- Data Collection
- Data Cataloguing
- Data Quality
- Data Governance
- Data Ingestion
- Data Curation
Market Breakup by Industry Vertical
- IT and Telecom
- Retail and E-commerce
- Energy and Utilities
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Data Preparation Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global data preparation companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- IBM Corporation
- Microsoft Corporation
- QlikTech International AB
- EMIC Corporation
- Altair Engineering, Inc.
- SAS Institute Inc.
- Informatica Inc.
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