The data preparation market was valued at USD 1.02 billion in 2019 and is projected to reach USD 2.18 billion by 2025 at a CAGR of 14.5%, during the forecast period (2020 - 2025). 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 among different organizations. The data analytics professionals and companies are finding difficulties in driving insights owing to rising complexities in the procurement of data.
- This significant increase in the volume of data resulted in the swift proliferation of data and data analytics. Therefore, businesses are demanding faster time to insight than ever before, in order to remain competitive, particularly as more industries are facing digital disruption.
- The cloud and data centres have become the backbone of the banking sector during the digitization movement. The increasing competition and demand for online services in the banking and financial sectors are driving the market for data centres.
- Large enterprises perform a variety of applications, which comprise of many aspects, such as merging of different sources, changing the format, maintaining the data quality, managing data provenance, and using reproducible processes, in order to easily process and analyze the unstructured data.
Scope of the Report
Data preparation is an exhaustive process of gathering, combining, structuring and organizing data so that it can be analyzed by the help of data visualization, analytics and machine learning applications. Advanced analytics utilize different types of data, from different sources, and apply precise algorithmic processing. Moreover, with the rising demand of ETL (Extract, Transform, Load) integration, the time and cost spent in preparing the data for analysis are fueling the demand of the data preparation market during the forecast period.
Key Market Trends
IT and Telecom Segment is expected to hold a Significant Market Share
- Telecom and IT companies around the world are creating data gold mine, as they generate plenty of data. The lack of effective analysis of both unstructured and structured data to get more profound insights into customer behaviour, as well as the growing need to analyse their preferences and service usage patterns in real-time, is motivating these companies to adopt data analytics, which is indirectly impacting the market’s growth.
- Moreover, data solutions are helping the IT and telecom industry to empower exploratory analytics, increase analyst productivity, and improve organizational data usage. While telecommunications providers are used to dealing with large volumes of customer data, the considerable complexity of today’s data is a new challenge.
North America is Expected to Hold the Largest Market Share
- North America dominates the market studied, mainly due to high investments in cloud-based and data-oriented solutions. Moreover, early adoption of new and emerging technologies, along with the presence of a large number of significant market vendors is fueling the market across the North America region.
- Data preparation platforms and tools across the region also help the government in enhancing their public services. For instance, Accenture used data solutions for the US city, Chicago, and assisted in identifying high-value projects and developing a road map for moving forward with Big Data analytics. Various other companies used these datasets from various type of sources to improve their service delivery.
The data preparation market is highly competitive and consists of several major players across the market space. However, with the growing innovation across the cloud segment along with the advancement across the data preparation technique, most of the companies are increasing their market presence thereby tapping into new markets of emerging economies.
- February 2019 - Tableau expands data prep capabilities with Tableau Prep Conductor, a product, which enables organizations to schedule and manage self-service data preparation. Tableau Prep Conductor is part of a new subscription offering called “Tableau Data Management Add-On”. This helps the customers to ensure that governed and timely data is available and ready for analysis.
- November 2018 - Informatica announced Cloud Analytics Modernization Solution with Tableau powered by AWS. The solution includes integrated data cataloguing, cloud data integration, data warehousing, and visual analytics powered by Informatica, Tableau, and Amazon Redshift, running on AWS.
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