The Global Data Preparation Tools Market was valued at USD 1.10 billion in 2016 and is predicted to reach USD 8.47 billion by 2025 due to increase in demand for data from various industries for analysis. Data Preparation is the method of collecting, integrating, structuring and organizing data so that is can be examined as a part of visualization, analytics and machine learning applications. The demand for data from retail and IT sector is increasing, due to which the market is expected to grow substantially with a CAGR of 25.1%.
The components of data preparation include pre-processing, profiling, cleansing, validation and transformation; it also involves pulling together data from different internal and external sources. Data Preparation is performed by Information Technology and Business Intelligence teams since they combine data sets to store the data in data warehouse, Hadoop data leak repository or NoSQL database. Moreover, data analysts can take the help of self-service data preparation tools to gather and prepare analytical data with data visualization tools like Tableau. Data preparation makes sure that the data to be analyzed is consistent and accurate for the valid and useful results. Sometimes, data is created with inaccuracies, missing values and other errors. Data is also stored in different databases and files that causes confusion and ambiguity for data reconciliation. At such times, data preparation process is required for the improvements like fixing inaccuracies, performing verification, and integrating data sets for improved analytic results.
The major driving forces of the Data Preparation Market comprise the rising significance of on-time qualified data, benefits of simplified business operations, the growing need to follow regulatory and compliance requirements and the use of data preparation tools in analytical data. The quality of data is influenced by the data storing and management technique. Therefore, businesses are adopting data quality tools for maintaining consistency, which improves decision making. The retail shops, commercial buildings, educational institutions, malls, restaurants, hotels are some of the industries which are extensively adopting data preparation tools for decision making, resource allocation and asset management. The use of Data Preparation Tools in these sectors is largely contributing the Data Preparation Tools Market.
Moreover, data security is one of the issues that is hindering the Data Preparation Market. Also, the costly initial implementation is another factor expected to restrain the Data Preparation Tools Market. Nevertheless, the selection of right cloud infrastructure partner and appropriate analytical tools are challenges for the Data Preparation Tools Market.
The market is categorized on the basis of deployment model, tool type, platform, industry vertical, and geography. On the basis of deployment model, the market is divided into hosted and on premise. On the basis of tool type, market can be divided into data curation, data cataloging, data quality, data ingestion, and data governance. On the basis of platform, the Data Preparation Tools Market can be classified into self-service and data integration data preparation. On the basis of industry vertical, market can be divided into Banking, Financial Services & Insurance, transportation, energy & utility, healthcare, government, IT & telecommunications, manufacturing, and etc.
Geographically, the Data Preparation Tools Market can be segmented as North America, Asia Pacific, Europe, Middle East & Africa and South America. North America is predicted to contribute maximum share of the Data Preparation Tools Market owing to significant growth in demand of data through IOT (Internet of Things) and other connected devices in the area.
Some of the prominent Data Preparation Tools Industry players summarized are Alteryx, Inc., Tableau Software, Inc., Informatica Corporation, Datawatch Corporation, International Business Machines Corporation, Tibco Software Inc., SAS Institute, Microsoft Corporation, SAP SE., Talend, and Qlik Technologies Inc.
Data Preparation Tools Platform Outlook (Revenue, USD Million, 2014 - 2025)
• Data integration
Data Preparation Tools Function Outlook (Revenue, USD Million, 2014 - 2025)
• Data collection
• Data cataloging
• Data quality
• Data governance
• Data ingestion
• Data curation
Data Preparation Tools Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Data Preparation Tools Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• IT and Telecom
• Retail and E-commerce
• Energy and Utilities
Data Preparation Tools Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa
Research Support Specialist, USA