The global data prep market is estimated to register growth at a CAGR of 14.5% during the forecast period, between 2021 and 2026. As a result, the market for data prep is prognosticated to gain a valuation of US$ 2,983.99 Mn by 2026. The total valuation of the data prep market was US$ 1,324.15 Mn in 2020.
Due to rising digital disruption across the globe, major enterprises from varied industry verticals are increasing the demand for swift debugging time in order to gain meaningful insights and sustain in the market. This situation is boosting the need for analytics, specifically data analytics among numerous organizations. This factor is driving the sales growth in the global data prep market.
The concept of data prep is being increasingly adopted by companies from varied industry verticals such as the healthcare, BFSI, manufacturing, retail, and IT and telecommunication industries. Increased inclination among companies from diffident industry verticals toward the adoption of cloud technologies and automation is generating immense amount of data and cloud data traffic, thereby fueling the demand prospects in the global data prep market.
The data preparation tools are gaining immense popularity and being increasingly adopted by the medical researchers owing to their ability to assist researchers in cleansing different datasets. This factor is anticipated to propel the global data prep market during the forecast period.
Many pharmaceutical companies across the globe are increasing focus on the development of effectual vaccines for the coronavirus. Hence, rise in the number of clinical trials globally is fueling the need for maintaining huge datasets of the earlier trials together with the record of patients suffering from the health condition. Thus, surge in the demand for effective solutions to prevent the coronavirus spread is resulting into revenue-generation opportunities in the global data prep market.
Data preparation involves collecting, cleaning, and consolidating data into a single file or database to be utilizable for analysis purposes. Data preparation is mostly used for non-standard data, for combining data from several sources, dealing with data from unstructured sources, and reporting on data that was entered manually.
Data prep employs tools such as data cataloging, data ingestion, data curation, data quality, and data governance to create high quality consistent data. Data prep also eliminates low quality and incorrect data which is detrimental to the efficient functioning of data mining and analytics processes. It also helps to validate and rationalize data procured from multiple sources to be useful for different applications.
The emergence of big data and attempts of organizations to turn massive data sets into a competitive advantage has led to the rise of data prep technologies. Data prep tools are increasingly being used by organizations due to the need to analyze large volumes of data that is generated from internal and external sources on a daily basis. At present, data prep is abuzz in the business as well as IT sides of organizations. Vendors engaged in the development of data prep tools are also focused on developing newer software for accelerating the analytical process, which, in turn, supports business analytics.
The complete process of data prep includes preparing, blending, cleansing, integrating, transforming, and defining the metadata of data collected from multiple sources. While the entire process of data prep has been a job of an IT personnel, however, with expanding interest of individuals in data science and analytics, it has drawn the interest of non-IT personnel for the execution of these tasks.
Self-service data preparation is recommended to enable users understand data better and reduce efforts invested in data preparation. Analysts spend a majority of their time in preparing data across most of the organizations, delaying the time to analyze the data and thus decision making. Compounding the concern is that a majority of analysts still use traditional tools, which in most cases are unable to handle data obtained from novel sources.
With the latest innovations in self-service data prep, analysts are able to access information from various sources and work directly with data to clean, enhance, an combine. As per recent studies the staggering volume of data generated regularly owing to the exponential growth of the big data, analytics, and other modules will give impetus to the global data prep market. The demand for data prep services will also rise as organizations exhibit higher demand for actionable insights.
For the purpose of the study, the global data prep market can be segmented into tool, platform, deployment model, and region. The core objective of this market study is to define and describe the global data prep market. It also intends to present refined outlook for the market, thereby shedding light on key opportunities and threats that the leading players should take a note of.
Data prep tools such as data cataloging, data ingestion, data curation, and data governance are used to create relevant information consistent with high quality standards. The technology also helps in eliminating risks of incorrect data, which could adversely impact the functioning of processes such as data mining and analytics. Data preps enable validation of data obtained from disparate sources, thereby aiding integration of diverse applications. The technology therefore eases the process of preparing relevant data to be used for analytics, besides optimizing to generate relevant information.
The staggering volume of data generated across organizations has boosted the demand for technologies such as data prep, which will help them efficiently process information. Data prep tools are thus gaining traction as the need to analyze such voluminous data becomes a critical operation. Currently, the technology has stirred a buzz in IT and business sides of any organization alike. In order to capitalize on prevailing opportunities data preparation vendors are focusing on innovating software technologies for accelerating the process of business analytics.
Spurred by these factors, the global data prep market will record high growth during the course of the forecast period.
Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa are some of the key regional markets for data prep. Among this, the market is currently witnessing lucrative opportunities in North America. The rapid growth of the IT industry in the region has significantly aided the expansion of the data prep market in North America. The region is also at the fore of adopting the latest in technology, which has given impetus to the data prep market herein. Besides this the market is also expected to gain robust opportunities across emerging nations due to the rapid proliferation of IoT and other smart devices.
Microsoft Corporation, TIBCO Software, IBM Corporation, Alteryx, Inc., Datawatch Corporation, SAP SE, SAS Institute, Informatica, and Talend are some of the leading companies operating in the global data prep market. Marketing strategies adopted by these companies and increased funding on research and development will have a positive influence in the overall market as well.
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