The Global Data Preparation Tools Market size is expected to reach $8.6 billion by 2027, rising at a market growth of 17% CAGR during the forecast period. Data preparation tools are utilized for processing, discovering, blending, enriching, refining, and transforming data. It allows improved consumption, integration, and analysis of huge datasets utilizing advanced BI with analytics solutions. In addition, data preparation transforms data sets in a way that information available in them is showed in the best possible way.
Further, data preparation tools also help in data conversion, analysis, discovery, transformation, cleaning, modeling, structuring, curation, exploration, and cataloging. Some of the major activities under the data preparation tools market are self-service data preparation, data cleansing & manipulation, growing data sources, advanced analytic techniques, and sharing metadata. Through data preparation tools, companies can successfully manage data as poor-quality data generally leads to reckless data mining and wrong results.
Moreover, data preparation tools enhance the quality and integrity of data with different techniques like parsing for improved cleansing and unclear matching. In addition, these tools develop recurring workflow designs, which accelerate the data delivery procedure and boost productivity. The demand for more investments in channel partnerships, system integration, service conveyance, and analytics technology is the result of the growing data preparation tools market.
In the data preparation tools market, all the core storage management, systems manufacturers, networking, and processor chip fabricators is expected to have the major share. Emergence of big data has resulted in the development of data storage technologies. The accessibility of a huge amount of data has resulted in the development of specialized tools for data preparation. Such tools are becoming popular owing to the increasing requirement to evaluate internal and external sources of data produced by companies on a daily basis.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has boosted the adoption of data preparation tools. The increased requirement of managing the large datasets during the development of an effective vaccine has compelled institutions and organizations to adopt these tools to better manage and collate their huge amount of data. In addition, data preparation tools can help medical researchers cleanse previous trials and related datasets, which is expected to augment the growth of the market.
Companies generate a huge volume of data that is needed to be managed, gathered, and governed, for which, enterprises are highly 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 bolster the overall growth of the market during the forecast period.
Market Growth Factors:
The increasing significance of effective data management
There is a rising importance of effective data management across enterprises to generate more actionable insights, which is expected to bolster the growth of the data preparation tools market over the forecast period. Moreover, data preparation tools can gather and organize data in less time by helping business users like data engineers, citizen integrators, analysts, and citizen data scientists to combine external and internal datasets for their use cases.
Advantages of data preparation
There are several benefits offered by data preparation tools like fixing errors quickly, better scalability, boosted data usage, and collaboration. These benefits are attracting more companies towards its adoption and thus, propelling the growth of the data preparation tools market. Data preparation helps in streamlining the empowerment coupled with collaboration and develop a data-driven culture. It also helps in building a symbiotic relationship among the line of business and IT.
Market Restraining Factor:
High cost of implementation
One of the major challenges faced by the companies that are implementing these data preparation tools is the high cost of deployment. Due to the high cost, several small and medium enterprises may restrict themselves from using these tools, which is expected to hamper the overall growth of the data preparation tools market during the forecast period.
Component Outlook
Based on Component, the market is segmented into Data Integration and Self Service. The self-service segment is majorly used by various data analytics and big data enterprises like Talend and Datameer since it offers a competitive edge to the organizations. Self-service data preparation platforms are becoming more popular in the market due to their ability to facilitate easy access to data, deliver higher levels of data security, and help in data governance.
Function Outlook
Based on Function, the market is segmented into Data Collection, Data Cataloging, Data Governance, Data Quality, Data Ingestion, and Others. The data cataloging segment is projected to witness a promising growth rate during the forecast period. There is an increase in the requirement for effective cataloging tools to evaluate IoT data due to the ongoing launches of IoT devices that produce a huge amount of data, which is expected to further surge the demand for data cataloging. The increasing concerns regarding data security at the time of managing and evaluating big data are estimated to augment the demand for the data security applications of data preparation tools.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment is anticipated to showcase the highest growth rate during the forecast period. The trend of adopting an integration of cloud technologies and a self-service platform among numerous data-driven enterprises is gaining traction because it provides customers access to local and cloud sources, thus helping companies in boosting their efficiency.
End User Outlook
Based on End User, the market is segmented into IT & Telecom, Retail & eCommerce, BFSI, Healthcare, Government, Energy & Utilities and Others. The IT & telecom vertical acquired the highest revenue share in the market in 2020 and is estimated to exhibit a significant growth rate during the forecast period. Data preparation tools are majorly utilized by IT and telecom companies as this vertical is among the key data-driven sectors.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Data preparation is among the important parts of data analytics. Data analytics is witnessing a surge in demand across the emerging nations like India and China of the Asia Pacific region, as the retail & e-commerce sectors are gaining more popularity in these nations. Such aspects are estimated to spur the growth of the market in the Asia Pacific region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Data Preparation Tools Market. Companies such as QlikTech International AB, Informatica, LLC, Tibco Software, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, SAP SE, Altair Engineering, Inc., MicroStrategy, Inc., Alteryx, Inc., QlikTech International AB (Thoma Bravo), Informatica, LLC, Tibco Software, Inc. (Vista Equity Partners), and SAS Institute, Inc.
Recent Strategies Deployed in Data Preparation Tools Market
Partnerships, Collaborations and Agreements:
- Mar-2021: Alteryx came into a partnership with Tech Data, an American multinational distribution company. This partnership aimed to offer Tech Data and its partner’s access to the Alteryx integrated platform, which simplifies analytics, data science, and process automation to boost digital transformation for users
- Feb-2021: IBM entered into a partnership with Palantir Technologies, a public American software company. This partnership aimed to help companies in the financial services industry offer business-ready data and scale AI with confidence.
- Jan-2021: Alteryx formed a partnership with Snowflake, the Data Cloud Company. This partnership aimed to integrate Alteryx analytics automation and data science offerings with Snowflake's platform.
Acquisitions and Mergers:
- Oct-2021: Alteryx took over Hyper Anna, a leading cloud platform for generating artificial intelligence (AI)-driven automated insights from data. This acquisition aimed to enable Alteryx to automate the end-to-end analytic pipeline from various data sources to AI-driven insights.
- Sep-2021: Qlik took over Big Squid, a leading provider of no-code automated machine learning (AutoML). This acquisition aimed to expand data and analytics teams’ capability to use advanced augmented analytics offerings like key driver analysis, predictive analytics, and in case, scenario planning with API deployable AI models for on-demand predictions directly under Qlik.
- Aug-2021: Qlik completed the acquisition of NodeGraph, a customizable metadata management solution. This acquisition focused on expanding its analytics data pipeline offerings with interactive data lineage, impact analysis & governance, and drive explainable BI, with a high level of visibility and trust in data.
- Jan-2021: TIBCO took over Information Builders, a privately held software company. Following the acquisition, Information Builders' data quality, preparation, and integration products is expected to complement the TIBCO Any Data Hub and Responsive Application Mesh strategies.
- Jul-2020: Informatica took over Compact Solutions, provider of information technology services. This acquisition aimed to expand metadata management to the Informatica Intelligent Data Platform, powered by the CLAIRE AI engine.
Product Launches and Product Expansions:
- Oct-2021: TIBCO introduced updates to TIBCO Unify, the company’s portfolio of data management software. These updates bring TIBCO’s collection of data quality tools into the latest TIBCO SQ product family. Through this expansion, the company updated its TIBCO Data Virtualization and Tibco EBX, along with that, the company made key advancements to its data analytics portfolio and its suite of data integration solutions.
- Sep-2021: TIBCO launched a series of innovations to its Predict portfolio. These innovations is expected to help customers to decrease time to data-driven insights, augmenting the pervasive usage of analytics and data science capabilities. These updates to Tibco Data Science, TIBCO WebFOCUS, TIBCO Spotfire, and TIBCO Streaming is expected to develop an important link within the Hyperconverged Analytics experience, helping companies to better evaluate data and predict their future.
- Sep-2021: TIBCO introduced new data quality capabilities into the latest TIBCO DQ product family, coupled with major advancements to TIBCO Data Virtualization and TIBCO EBX under the Unify portfolio. These advancements fulfil companies' data management challenges head-on, helping companies to assemble a flexible data fabric, unrestricted by structured data, on any cloud platform.
- Jul-2021: Informatica introduced Informatica Intelligent Data Management Cloud (IDMC). Through IDMC, companies can drive their digital transformation by embedding data at the center of their business initiatives and decisions.
- May-2021: Alteryx introduced a series of latest innovations in analytics and data science automation, analytics in the cloud, machine learning (ML), and AI. These key innovations include Alteryx Intelligence Suite, Alteryx Machine Learning, Unified Platform API + SDK, Alteryx Designer 2021.2, Alteryx Designer Cloud, Alteryx Community.
- Nov-2020: Informatica launched its data governance solution. This solution is expected to enable users to confidently transform all segments of their business with trusted data and insights provided by Informatica and Snowflake.
- Sep-2020: Qlik introduced a set of updates to Qlik Insight Advisor. This latest Insight Advisor Chat provides a fully conversational analytics experience, which is native to Qlik Sense SaaS and is accessible in the Qlik Sense Hub in several languages. Improved business logic functionality helps customers to develop business rules and metadata to personalize the AI’s behavior.
- Sep-2020: TIBCO unveiled the TIBCO Any Data Hub, an all-encompassing data management blueprint. This framework provides important capabilities to accelerate the demand for precise and constant data across the company with trust and control, supporting IT and the business.
- Jul-2020: Altair launched the latest version of Altair Knowledge Studio. This version brings more flexibility, speed, and transparency to data modeling and predictive analytics.
- Jul-2020: TIBCO expanded the metadata capabilities of TIBCO's Unify offerings. This expansion is expected to help customers to enhance their data literacy, with the full integration of its Software-as-a-Service (SaaS) TIBCO Cloud Metadata portfolio. Through these advancements, TIBCO is expected to add functionality to its Unify solutions to help users in embracing a data-driven approach where they could improve the collection, management, synthesis, and governance of data.
- Jun-2020: Altair unveiled Altair Monarch, a significant new release of its powerful and intuitive data preparation solution. These solutions is expected to strengthen customers' ability to generate and convert data automatically from sources that include PDFs, Excel spreadsheets, and text-based files, and make it rapidly and accurately for efficient data analysis and machine learning predictions.
- Mar-2020: Informatica introduced new updates to its Intelligent Data Platform, powered by Informatica’s AI-powered CLAIRE engine. These new innovations consist of iPaaS, Master Data Management, Cloud Data Warehouse, and Data Lakes, Enterprise Data Catalog, Axon Data Governance & Marketplace.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Data Integration
- Self Service
By Function
- Data Collection
- Data Cataloging
- Data Governance
- Data Quality
- Data Ingestion
- Others
By Deployment Type
- On-premise
- Cloud
By End User
- IT & Telecom
- Retail & eCommerce
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Altair Engineering, Inc.
- MicroStrategy, Inc.
- Alteryx, Inc.
- QlikTech International AB (Thoma Bravo)
- Informatica, LLC
- Tibco Software, Inc. (Vista Equity Partners)
- SAS Institute, Inc.
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
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Table of Contents
Companies Mentioned
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Altair Engineering, Inc.
- MicroStrategy, Inc.
- Alteryx, Inc.
- QlikTech International AB (Thoma Bravo)
- Informatica, LLC
- Tibco Software, Inc. (Vista Equity Partners)
- SAS Institute, Inc.
Methodology
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