According to Acumen Research and Consulting, the global Data Preparation Tools Market size is estimated to grow a CAGR above 20% over the forecast timeframe and reach a market value of around USD 13.15 billion by 2028.
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Data preparation tools are widely used where an organization has to deal with bulk raw data and process it to gather actionable insights. Data prep tools help data analysts efficiently visualize scattered and unfiltered information that is understood easily. These tools are vital for successful data handling since poor quality data often results in unreliable data mining and inaccurate results. Owing to a robust digital disruption, many companies are demanding immediate debugging time to generate meaningful insights to sustain in the competitive environment, which primarily boosts the demand of the data preparation tools market.
Some of the major factors driving the growth of the global data preparation tools market are the growing prominence of on-time qualified data, streamlined business operations, and rising demand from predictive business analytics. However, lack of expertise and limited awareness of data preparation tools in developing economies has limited the market demand for the past few years. However, rising technological advancements and integration of IoT in varied industries will certainly recognize the significance of these tools in underdeveloped countries. In addition, the evolution of IoT across the world generates a bulk volume of raw data, which is transformed into vital information with the help of data preparation tools. For instance, according to the recent IoT analytics, there are more than 10 billion IoT devices active currently. Also, it is estimated that the number of IoT devices will surpass 25 billion by 2030.
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Many data integration companies are funding the cloud-based services market to accelerate their workflow in the competitive industry. Recently, Matillion, a cloud data integration technology company raised $150 million in its ETL platform from multiple giant equity firms to harness data and make better business decisions. Matillion’s ETL platform collects data from a wide range of sources such as on-premises and cloud databases and software-as-a-service applications and moves it to cloud data warehouse including Amazon Redshift, Google Big Query, Microsoft Azure Synapse, Snowflake, and Databricks Delta Lake.
Self-service led the platform segment in 2020
The self-service segment occupied the majority of the share in 2020 as they are considered an efficient solution to access and analyze large volumes of data. Self-service platforms use a range of sophisticated tools designed for ease of use and access by business users in a self-service atmosphere. Moreover, it provides users with powerful capabilities to explore, manipulate, and merge new data sources even without the assistance of IT staff.
Data collection is expected to lead the function segment in the coming years
The data collection segment dominated the market with maximum share and is likely to continue its trend throughout the forecast period. The high growth in the market is ascribed to its ability to offer access to data from various sources. However, data cataloging is likely to witness the fastest growth in the coming years.
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Among verticals, IT & telecom acquired the largest market shares in 2020
In 2020, the IT & telecom vertical dominated the market with the largest shares and is expected to continue its trend throughout the forecast period. The IT & telecom industry is generating a significant amount of data daily. This structured and unstructured data requires effective analysis to get more profound insights into customer behavior, which motivates these organizations to adopt data analytics impacting the market growth.
In 2020, the North American region led the global data preparation tools market with a major share. The growing adoption of data analytics, increasing investments in cloud-based solutions, and increased usage of IoT devices fuels the North American data preparation tools market. However, the Asia-Pacific region is likely to witness the fastest growth right through the forecast period. Growing number of smart phone users, as well as huge demand from internet users in countries such as China and India, propel the demand for data preparation tools in the APAC market. As of May 2021, there were 1.35 billion smart phone users in China and India combined. In addition, according to the Internet World Stats, there were more than 1.7 billion internet users combined in China and India as of June 2020.
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Data Preparation Tools Market is consolidated with a large number of players. The key players profiled in the report include Alteryx, Inc., Datawatch Corporation, Talend, Informatica Corporation, Tableau Data Integration, Inc., International Business Machines Corporation, Microsoft Corporation, SAP SE, MicroStrategy Incorporated, Qlik Technologies Inc., SAS Institute Inc., and Tibco Data Integration Inc.
Key players are involved in business expansion activities such as product launch, mergers & acquisitions, technological innovations, collaborations, etc. Some of the players such as Talend and Tableau are primarily focused to expand their presence in the competitive market.
For instance, in August 2021, Talend announced its latest innovations to provide data professionals with new, high-performance integration tools to leading cloud intelligence platforms, collaborative data governance capabilities, and private connections between Microsoft Azure and Amazon AWS to ensure data security.
Further, in December 2020, Tableau Software announced the release of Tableau 2020.4, which streamlines enterprise-wide data preparation and analysis by bringing the complete collection of Tableau Prep capabilities to the browser on Tableau Online and Tableau Server.
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