$8.6 billion global data preparation market 2021-2027, with Microsoft, IBM, SAP, MicroStrategy and Alteryx

DUBLIN, January 28, 2022 /PRNewswire/ — The “Global Data Preparation Tools Market by Component, By Function, By Deployment Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to from ResearchAndMarkets.com offer.

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The global data preparation tools market size is expected to reach $8.6 billion by 2027, growing the market at 17% CAGR during the forecast period.

Data preparation tools are used to process, discover, blend, enrich, refine, and transform data. It enables improved consumption, integration and analysis of huge datasets using advanced BI with analytics solutions. In addition, data preparation transforms datasets in such a way that the information available in them is displayed in the best possible way.

Moreover, data preparation tools also help in converting, analyzing, discovering, transforming, cleaning, modeling, structuring, curating, exploring, and cataloging data. Some of the major activities of the data preparation tools market are self-service data preparation, data cleaning and manipulation, data source growth, advanced analytical techniques and metadata sharing. With data preparation tools, companies can successfully manage data, because poor quality data usually leads to careless data extraction and erroneous results.

Additionally, data preparation tools improve data quality and integrity with different techniques such as parsing for improved cleanup and unclear matching. Moreover, these tools develop recurring workflow designs, which speed up the data delivery procedure and increase productivity. The demand for additional investment in channel partnerships, systems integration, service transmission, and analytics technology is driven by the growth of the data preparation tools market.

In the data preparation tools market, all manufacturers of storage management systems, systems, networks and processor chips are expected to have the largest share. The emergence of big data has led to the development of data storage technologies. The accessibility of a huge amount of data has prompted the development of specialized tools for data preparation. Such tools are becoming popular due to the growing need to evaluate internal and external data sources produced by companies on a daily basis.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has spurred the adoption of data preparation tools. The increased requirement to manage large datasets when developing an effective vaccine has compelled institutions and organizations to adopt these tools to better manage and collate their huge amount of data. Additionally, data preparation tools can help medical researchers clean up previous trials and related datasets, which is expected to increase market growth.

Businesses generate a huge volume of data that needs to be managed, gathered, and governed, for which companies are strongly adopting data preparation tools. Additionally, the growing popularity of cloud-based tools and solutions has created a demand for cloud-based data preparation tools in the market, which is expected to drive the overall market growth over the forecast period.

Market Growth Factors:

The growing importance of effective data management

There is an increasing importance of effective data management in enterprises to generate more actionable insights, which is expected to support the growth of the data preparation tools market over the forecast period. Additionally, data preparation tools can collect and organize data in less time by helping business users such as data engineers, citizen integrators, analysts, and citizen data scientists to combine external data sets. and internal for their use cases.

Benefits of Data Preparation

Data preparation tools provide several benefits, such as rapid error correction, better scalability, increased data utilization, and collaboration. These benefits are attracting more businesses towards its adoption and thus propelling the growth of the data preparation tools market. Data readiness helps streamline the empowerment associated with collaboration and build a data-driven culture. It also helps establish a symbiotic relationship between the line of business and IT.

Market Restraint Factor:

High implementation cost

One of the main challenges faced by companies implementing these data preparation tools is the high cost of deployment. Due to the high cost, several small and medium enterprises might limit themselves to using these tools, which is expected to hamper the overall growth of the data preparation tools market over the forecast period.

Market Segments Covered in the Report:

By component

  • Data integration

  • Self service

By function

  • Data gathering

  • Data cataloging

  • Data governance

  • Data quality

  • Data ingest

  • Others

By type of deployment

Per end user

  • IT & Telecom

  • Retail and e-commerce

  • BFSI

  • Health care

  • Government

  • Energy and Utilities

List of companies featured in the report:

  • Microsoft Corporation

  • IBM Corporation

  • SAP SE

  • Altair Engineering, Inc.

  • MicroStrategy, Inc.

  • Alteryx, Inc.

  • QlikTech International AB (Thomas Bravo)

  • Informatica, LLC

  • Tibco Software, Inc. (Vista Equity Partners)

  • SAS Institute, Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/sxo3g9

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