Global Data Preparation Market - Segmented by Deployment Type (On-Premise, Cloud), Enterprise Size (SMEs and Mid Sized, Large Enterprise) End User Vertical (BSFI, Healthcare, Retail, Manufacturing, IT and Telecommunication) and Region - Growth, Trends and Forecasts (2018 - 2023)
Data Preparation Market has been valued at USD 1.78 billion in 2017 and is expected to grow at a CAGR of 22.7% during the forecast period (2018 - 2023), to reach USD 6.06 billion by 2023. The scope of the report is limited to deployment type including on-premise and cloud, enterprise size including SMEs and mid-sized and large enterprise, and end user vertical including BSFI, Healthcare, retail, manufacturing, IT and telecommunication, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The study also emphasizes the benefits of semiconductor memory in accordance with diverse application and future prospect of the same.
The companies are demanding fast debugging time to generate meaningful insights than ever to sustain in the market owing to digital disruption. As a result, the requirement for analytics, particularly data analytics is becoming pervasive across various size of organizations. The data analytics professionals and companies are finding difficulties in driving insights owing to rising complexities in the procurement of data. The data collected are usually unstructured or semi-structured which requires being in the uniform format leading to maximum yield and efficiency. In response to this problem, companies are devoting more or maximum time in data preparation to generate and have clean data to perform analytics. According to Oracle, it is estimated that approximately 90% of the time is invested for data preparation in the chain of data analytics.
Rising Complexity of Data Structures
The increasing volume of unstructured and semi-structured data are increasing owing to diverse data sources which require data preparation as a vital process which is likely to foster the market growth. Additionally, the complex data is required to have precise data cleaning to extract meaningful insights from the same which is expected to propel the market growth over the next six years.
Cloud to Exhibit the Highest Growth
The deployment of data preparation tools over cloud offers various advantages over on-premise including scalability and flexibility. Companies such as Google are moving towards the adoption of cloud-based tools owing to enhance the flexibility of the same. In September 2017, Google introduced a beta version of public cloud data prep which is likely to compel similar industry players to enter in the market which is, in turn, expected to fuel the market growth over the forecast period.
Asia Pacific to Witness the Highest Growth
There is a rise in crimes reported in the BFSI sector in India, leading to financial sectors rapidly adopting fraud detection techniques to prevent the same. These techniques predict the fraud(s) based on the big data generated from users and previous data which requires intense amount of data preparation thereby having a positive impact on the market in Asia Pacific region.
Key Developments in Data Preparation Market
January 2018 - IBM launched platform approach to data science offering such as hybrid data management, unified integration & governance platform, and data science & business analytics platform which will comprise data cleaning as a crucial step thereby widening the consumer base
Major Players: MICROSOFT CORPORATION, TABLEAU SOFTWARE, INC., QLIK TECHNOLOGIES INC., SAP SE, IBM, SAS INSTITUTE, ALTERYX, INC, CAMBRIDGE SEMANTICS, and TALEND, amongst others.
Reasons to Purchase Data Preparation Market Report
The future prospect of the data preparation market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
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