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Data Preparation Tools Market

Data Preparation Tools Market: Information by Platform (Self-service, Data integration), Function (Data collection, Data cataloging), and Region- Forecast till 2030

Published On : 14 Oct, 2022
Updated On : 17 Oct, 2022
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Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
18.23 %
Fastest Growing Market:
Asia-Pacific
Largest Market:
North America

The global data preparation tools market size was valued at USD 4.50 billion in 2021 and is projected to reach USD 20.31 billion by 2030, registering a CAGR of 18.23% from 2022 to 2030. The primary goal of data preparation tools is to discover the relevant information at the right moment. These tools are commonly employed by businesses that must deal with massive amounts of raw data and extract valuable insights. These technologies are required to effectively manage information, as faulty findings are typically the result of inaccurate statistics. Moreover, the increasing need for analytics from diverse verticals, such as IT & Telecom, BFSI, and others, as information preparation tools facilitate quick access to data, is another factor contributing to the expansion of the data preparation tools market.

Among the key drivers driving the growth of the data preparation tools market is the increasing demand for predictive business analytics, the growing importance of quality data, and the streamlining of corporate operations. In addition, the increased use of information preparation tools in data-driven industries such as BFSI, IT & Telecom, and others are anticipated to create lucrative growth possibilities for the market. In addition, expanding information preparation tools in the retail sector is predicted to create enormous growth potential for the industry. In retail analytics, information from multiple input sources must be compiled and distributed to various analytics businesses for analysis. Using self-service preparation technologies can completely automate this process. In addition, the massive increase in the volume of information, resulting in an increased demand for analytics, is expected to propel the industry's growth. For businesses to remain competitive, they want faster and more accurate insights. As a result, analytics is becoming more convincing across various industries, fueling demand for these preparatory tools.

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Market Dynamics

Global Data Preparation Tools Market Drivers

Rapid growth in demand for self-service data preparation tools

The primary purpose of data preparation tools is to combine data from numerous sources and prepare it for analysis. Data preparation technologies have been on the market for a very long time; nonetheless, there was a great demand for expert assistance in the past. The acceptance of data preparation increases in data-driven industries such as IT and BFSI. These technologies' primary purpose is to locate the appropriate data at the appropriate time efficiently. However, data preparation concerns may lead to poor and time-consuming outcomes, consequently impeding decision-making. As businesses and organisations implement sophisticated analytics and Business Intelligence (BI) systems, the demand for self-service data preparation solutions is expanding rapidly. Adopting cloud and self-service data preparation platforms are becoming increasingly popular among data-driven IT organisations.

The growing importance of efficient data management

The increased necessity of good data management across companies to provide more actionable insights is anticipated to drive the market for data preparation tools over the forecast period. In addition, data preparation technologies enable business users such as data engineers, citizen integrators, analysts, and citizen data scientists to mix external and internal datasets for specific use cases, allowing for faster data collection and organisation. Data preparation technologies offer numerous advantages, including rapid error correction, improved scalability, increased data utilisation, and cooperation. These advantages are luring more businesses towards its adoption, driving the market for data preparation tools forward. Data preparation facilitates the streamlining of empowerment and collaboration and the development of a data-driven culture. It also aids in establishing a symbiotic relationship between the business line and IT.

Global Data Preparation Tools Market Restraints

High implementation cost

The high cost of deployment is one of the most significant issues that businesses are facing as a direct consequence of using these data preparation solutions. This is one of the considerable concerns that businesses are encountering. This issue is harming commercial enterprises all around the world. Due to the high price, some smaller and medium-sized organisations probably won't use these products at all. This is because of the expense. As a consequence, it is projected that a barrier will be placed in the way of the general expansion of the data preparation tools market during the duration of the forecast.

Global Data Preparation Tools Market Opportunities

Demand growth for data analytics

In many data-driven applications, the increased demand for data analytics is anticipated to increase the demand for cloud-based data preparation tools. In addition, a growing emphasis on the self-service platform is anticipated to improve organisational processes, boosting the demand for data preparation tools. Various data-driven corporations have invested in the research and development of the market for data preparation in response to the growing need for analytics in businesses. Due to advantages such as extracting business insights from socially shared images and automatically organising untagged photo collections, the market is anticipated to experience a rise in the technology's usage. In addition, it helps autonomous vehicles offer better safety features, such as emergency vehicle identification, terrain detection, wear detection, and condition monitoring. Several disciplines have incorporated data-driven machine learning, including robotics and drones, automatic picture arrangement of visual webpages, and facial recognition on social networking websites.

Segmentation of the Global Market

In 2021, the data integration platform controlled more than 60 % of the data preparation tools market's revenue share. Based on the platform, the market has been subdivided into self-service and data integration segments. Numerous data analytics and big data organisations, such as Talend and Datameer Inc., have adopted the self-service segment to provide a competitive edge. Self-service data preparation platforms are growing market share due to their capacity to facilitate data accessibility, provide improved levels of data security, and support data governance. The self-service platform also aids in integrating and analysing the data acquired from IoT devices, facilitating business intelligence development in enterprises. IBM teamed with Datawatch Corporation to provide users of IBM Cognos Analytics and IBM Watson Analytics with improved and faster data access and self-service data preparation.

In 2021, the data collecting segment represented more than 27 % of the market's revenue share. Based on function, the market has been split into data collecting, cataloguing, data quality, data governance, data ingestion, and data curation. It is anticipated that the data collecting segment will dominate the market due to its capacity to provide consumers with access to data from various sources. In addition, the demand for the data cataloguing function is anticipated to increase at a CAGR of 20 % throughout the forecast period. Due to the increasing deployment of IoT devices that generate vast quantities of data, the demand for efficient cataloguing tools to analyse IoT data is anticipated to expand over the forecast period. As a result, the demand for data cataloguing is increasing. The data cataloguing subsegment is predicted to grow at the highest CAGR throughout the forecast period. Growing security concerns during the management and analysis of large data sets are expected to raise the demand for data preparation solutions with data security capabilities.

In 2021, IT and telecom dominated the market and accounted for over 35% of the revenue share. The market has been subdivided based on vertical into IT and telecom, retail and e-commerce, BFSI, government healthcare, energy and utilities, transportation, and manufacturing. IT and telecom companies are the primary users of data preparation technologies, as they are the most data-driven industries. The IT and telecom subsegment currently holds a sizeable market share, and its market size is projected to expand at a CAGR of 20.1% over the projection period. One of the critical applications of data preparation technologies is retail analytics. Retail analytics necessitates collecting data from multiple input sources and distributing that data to various analytics organisations for analysis. Using self-service data preparation technologies, this entire process can be automated. Consequently, the retail and e-commerce subsegment's market size is anticipated to expand rapidly over the forecast period.

The market for data preparation technologies has been subdivided into on-premise and cloud deployments. In 2021, the on-premise segment dominated the global market and accounted for more than 49 % of sales. On-premise implementation of services grants users control over sensitive corporate data and local network-connected equipment or infrastructure. The cloud category is anticipated to grow fastest during the projection period. Adopting a combination of cloud technologies and a self-service platform is becoming a common trend among many data-driven organisations. It provides users with access to both local and cloud-based sources, thereby supporting them in significantly boosting the company's productivity.

Regional analysis of the Global Market

In 2021, North America held a dominant position in the market and accounted for more than 36 % of the total global revenue. This significant proportion can be attributed to the increasing prevalence of artificial intelligence (AI) and mobile computing platforms in online buying and e-commerce platforms. It generates a significant amount of data that can be used for annotation. However, the Europe sub-segment is rapidly catching up thanks to the increasing investments in data analytics in the regional markets of Europe, particularly in the United Kingdom. Several organisations specialising in data processing and analytics have begun deploying cloud-based solutions across Europe.

Data Preparation Tools Market Regional Analysis

Regional Growth Insights Request Sample Pages

The process of preparing data for analysis is included in data analytics. As the retail and online shopping industries continue to gain ground in developing economies like China and India, there has been an accompanying surge in demand for data analytics in these countries. It is anticipated that these factors will fuel the expansion of the market in the Asia Pacific region.

Competitive Landscape

  • Alteryx Inc.
  • Datawatch Corporation
  • Informatica Corporation
  • International Business Machines Corporation
  • Microsoft Corporation
  • MicroStrategy Incorporated
  • Qlik Technologies Inc.
  • SAP SE
  • SAS Institute Inc.
  • Tibco Software Inc.

Recent Developments

  • In June 2022, Alteryx Accelerates Customer Innovation in the Snowflake Data Cloud.
  • In May 2022, Alteryx Announces New Cloud Capabilities that Empower Businesses to Deploy Analytics at Enterprise Scale.
  • In June 2022, Informatica Launches New Enterprise Data Integrator as Native Application in Snowflake Marketplace.
  • In May 2022, IBM Unveils New Roadmap to Practical Quantum Computing Era; Plans to Deliver 4,000 Qubit System.

Global Data Preparation Tools Market: Segmentation

By Platform

  • Self-service
  • Data integration

By Function

  • Data collection
  • Data cataloging
  • Data quality
  • Data governance
  • Data ingestion
  • Data curation

By Deployment

  • On-premise
  • Cloud

By Vertical

  • IT and Telecom
  • Retail and E-commerce
  • BFSI
  • Government
  • Healthcare
  • Energy and Utilities
  • Transportation
  • Manufacturing
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • LAMEA
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