(Wireless-NewsWire.Com, November 05, 2020 ) The data prep market size is estimated to grow from USD 1.46 Billion in 2016 to USD 3.93 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period.
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The key forces driving the data prep market include increasing importance of on-time qualified data, rising need to adhering to regulatory and compliance requirements, benefits of streamlined business operations, and the use of data prep tools in predictive analytics.
Among the platforms, the self-service data prep segment is expected to grow at a fast pace during the forecast period. The demand for self-service data prep platform is increasing among enterprises as it helps canvas the existing data into user-centric formats, which then help in efficient data analysis, faster decision making, optimized internal business processes, increased operational efficiency, and a competitive advantage in the market.
Among tools, the data quality segment is expected to hold the largest market share in 2016. Data quality tools ensure that the data fits a particular user- specific task and is accurate & timely. Data quality is affected by the way data is entered, stored, and managed, and organizations are making use of the data quality tools to maintain consistency and improve decision making. Educational institutions, malls, retail shops, commercial buildings, hotels, and restaurants are increasingly deploying data prep to make important decisions about asset management and resource allocation. The hosted deployment of data prep has been in demand for sectors such as educational institutions, retail outlets, and hospitality sector, thereby contributing to the growth of the market.
North America is expected to hold the largest market share and dominate the data prep market from 2016 to 2021, owing to large investments in cloud-based solutions, early adoption of new & emerging technologies, and a large number of players present in this region. The APAC region is in the initial growth phase; however, it is expected to be the fastest growing region for the global market. The key reason for the high growth rate in APAC is the growing demand for cost-effective data prep platforms and tools among small and medium enterprises in this region.
The major vendors providing data prep are Alteryx, Inc. (U.S.), Informatica (U.S.), International Business Corporation (U.S.), TIBCO Software, Inc. (U.S.), Microsoft Corporation (U.S.), SAS Institute (U.S.), Datawatch Corporation (U.S.), Tableau Software, Inc. (U.S.), Qlik Technologies Inc. (U.S.), SAP SE (U.S.), Talend (U.S.), and Microstrategy Incorporated (U.S.).
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