May 08, 2019: The global data preparation tools market size is anticipated to reach USD 8.47 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 25.1% over the forecast period. Data preparation tools can help organizations augment their efficiency by ensuring easy access to data. Increasing demand for data analytics, particularly in IT and retail sectors, is expected to drive demand for data preparation tools.
The growth of the data preparation tools market can be attributed particularly to capabilities of self-service data preparation tools to ensure easy interchangeability, collaboration, and profiling of data. These tools can also address concerns associated with safety of the data. Demand for self-service data preparation tools will continue to increase as data analytics companies continue to demand efficient solutions to access and analyze large volumes of data.
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On-premise deployment of data preparation tools accounted for the largest revenue share in 2016 as organizations prefer to adopt conventional data collection and preparation techniques. However, demand for deployment of data preparation tools over the cloud is expected to grow over the forecast period, as cloud deployment can ensure easy access to data via virtual sources.
Data preparation tools help enterprises collect, analyze, and standardize data. The data collection segment accounted for the largest market share of more than 28.0% in 2016. However, the data governance segment is expected to expand noticeably over the forecast period.
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North America accounted for the largest share in the data preparation tools market in 2016. Demand for data preparation tools is expected to increase over the forecast period in line with growing adoption of data preparation tools for data analytics in U.S. However, Asia Pacific is expected to exhibit the highest CAGR over the forecast period.
Further key findings from the report suggest:
- Demand for data preparation tools is expected to increase as various companies jointly adopt data governance initiatives
- The market size of the IT and telecom segment is anticipated to expand at a CAGR of 26.8% over the forecast period
- Asia Pacific is expected to witness significant growth over the forecast period owing to large-scale adoption of data preparation tools in retail analytics
- Alteryx, Inc.; Datawatch Corporation; Informatica Corporation; International Business Machines Corporation; Microsoft Corporation; MicroStrategy Incorporated; Qlik Technologies Inc.; SAP SE; SAS Institute Inc.; and Tibco Software Inc. are some of the key players in the market for data preparation tools.
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