At 18.5% CAGR, Data Preparation Tools Market Size & Share to Surpass USD 12.66 Billion by 2030 | Industry Trends, Demand, Value, Analysis & Forecast Report by Polaris Market Research
The global data preparation tools market size is expected to reach USD 12.66 billion by 2030 according to a new study by Polaris Market Research.
The growing need for real-time information, as it facilitates users to take quick and competent decisions, coupled with the increasing demand for the self-service information preparation tools owing to the adoption of the Business Intelligence (BI) and advanced analytics platforms is augmenting the industry growth. In addition, the rising integration of a self-service information preparation platform and cloud platform, along with the modernization of business operations are further surging the industry demand across the globe.
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Based on function, the data collection segment is dominating the global industry with the largest revenue share. The information collection function presents access to information from various sources to the customers, thereby; this factor may attribute to the segment growth. Whereas, the information cataloging is showing the highest CAGR rate that leads the industry demand. The constant developments of the IoT devices and rising concern for security while managing and scrutinizing big information are the chief factors that act as a catalyzing factor for the segment growth in the impending years.
The growing importance of effective information management and the benefits of adopting information preparation tools is the primary factor for the global industry demand. The rising need for creating more actionable insights is propelling the demand for information management across various organizations that may accelerate industry growth. The information preparation tools offer benefits such as better information usage, quick error fixing, integration, and improved scalability, thus; these advantages are gaining huge traction for the adoption of the information preparation tool. Consequentially, these factors may stimulate market demand in the near future.
Market participants such as International Business Machines Corporation, Altair Engineering, Inc., QlikTech International AB, TIBCO Software Inc., MicroStrategy Incorporated, ALTERYX, INC., SAP SE, Microsoft, SAS Institute Inc., and Informatica are some of the key players operating in the global market.
Various market players are working on the development and introduction of new products for gaining a significant position in the global market. For instance, in July 2021, Zoho Corporation declares the introduction of the company’s new Business Intelligence service Platform that allows organizations to surface accurate and actionable approaches with self-service information analytic tools and services.
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Polaris Market Research has segmented the data preparation tools market report on the basis of platform, function, deployment, vertical, and region:
Data Preparation Tools, Platform Outlook (Revenue – USD Billion, 2018 – 2030)
- Data integration
Data Preparation Tools, Function Outlook (Revenue – USD Billion, 2018 – 2030)
- Data quality
Data Preparation Tools, Deployment Outlook (Revenue – USD Billion, 2018 – 2030)
Data Preparation Tools, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- IT and Telecom
- Retail and E-commerce
- Energy and Utilities
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