Dublin, Sept. 30, 2024 (GLOBE NEWSWIRE) -- The "Data Preparation - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Data Preparation was estimated at US$6.8 Billion in 2023 and is projected to reach US$22.5 Billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030.
In the era of big data, the volume, variety, and velocity of data that organizations need to handle have increased dramatically. Data preparation tools and techniques play a pivotal role in managing this complexity by ensuring that data sets are clean, well-organized, and structured properly before they enter any analytical process. With the rise of advanced analytics and machine learning, the demand for high-quality data has never been more critical. Data preparation ensures that the datasets fed into analytical algorithms are free from biases and anomalies that could lead to incorrect conclusions. Moreover, well-prepared data can significantly speed up the analysis process by reducing processing time and resources required, thereby enhancing overall operational efficiency and enabling businesses to respond more swiftly to market changes or internal demands.
What Challenges Do Organizations Face in Data Preparation?
Despite its importance, data preparation poses several challenges, primarily due to the diverse sources and formats of data that organizations collect today. Integrating data from structured databases, unstructured text files, and real-time data streams into a cohesive dataset can be daunting. Each source may require different handling techniques, making the preparation process complex and time-consuming. Additionally, maintaining the accuracy and consistency of data throughout the preparation phase is a significant challenge, especially when dealing with large volumes of data that may contain hidden duplicates, missing values, or incorrect entries. There's also the issue of scalability; as data volumes grow, the tools and processes used for data preparation must also scale without compromising performance or increasing costs disproportionately.
What Drives the Growth in the Data Preparation Market?
The growth in the data preparation market is driven by several factors, reflecting the expanding role of data in strategic decision-making and operational management. As more organizations embark on digital transformation initiatives, the need for robust data preparation tools that can handle increasing volumes of complex data becomes crucial. The proliferation of data analytics and business intelligence platforms has also heightened the demand for data preparation solutions, as these platforms require clean, accurate data to function optimally.
Furthermore, regulatory pressures concerning data privacy and accuracy are compelling businesses to invest in advanced data preparation tools to ensure compliance. Technological advancements, such as automation and artificial intelligence, are making data preparation tools more sophisticated and user-friendly, enabling users without technical backgrounds to perform complex data preparation tasks. This democratization of data processing capabilities, along with the growing awareness of the strategic value of data, ensures sustained growth in the data preparation market, highlighting its critical role in enhancing data-centric business practices.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the BSFI End-Use segment, which is expected to reach US$11.1 Billion by 2030 with a CAGR of a 19.0%. The Retail End-Use segment is also set to grow at 16.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $1.9 Billion in 2023, and China, forecasted to grow at an impressive 17.8% CAGR to reach $3.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Data Preparation Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Alteryx, Inc., Cambridge Semantics, ClearStory Data, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $6.8 Billion |
| Forecasted Market Value (USD) by 2030 | $22.5 Billion |
| Compound Annual Growth Rate | 18.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Data Preparation - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Surge in Analytics and Business Intelligence Spurs Need for Robust Data Preparation Tools
- Expansion of Data Lakes and the Need for Structured Data Environments Propel Data Preparation Efforts
- Growing Complexity of Data Sources Necessitates More Comprehensive Data Preparation Solutions
- Increased Adoption of Data Preparation in Healthcare for Research and Compliance
- Rising Awareness of the Business Value of Clean and Prepared Data
- Growing Use of Data Preparation Tools in Financial Services for Risk Management
FOCUS ON SELECT PLAYERS (Total 42 Featured):
- Alteryx, Inc.
- Cambridge Semantics
- ClearStory Data, Inc.
- IBM Corporation
- Informatica LLC
- Lavastorm Analytics, Inc.
- Microsoft Corporation
- Qlik Technologies, Inc.
- Rapid Insight.
- SAP SE
- SAS Institute, Inc.
- Tableau Software, Inc.
- Talend
For more information about this report visit https://www.researchandmarkets.com/r/g1yox8
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