Data Preparation Software Global Market Report 2024

The data preparation software market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.73 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The expansion observed in the historical period can be credited to several factors such as surge in demand for data preparation tools driven by their necessity in advanced analytics and AI applications.

The data preparation software market size is expected to see strong growth in the next few years. It will grow to $52.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The anticipated growth in the forecast period can be attributed to several key drivers. Firstly, the integration of AI and machine learning capabilities into data preparation software is expected to enhance efficiency and accuracy.

The escalating demand for self-service data preparation tools is poised to drive the growth of the data preparation software market. These tools empower users to manipulate and transform raw data into usable formats without requiring extensive technical expertise or IT intervention. The surge in demand is fueled by the increasing complexity and volume of data, coupled with the imperative for agility and accessibility in data analytics processes. Data preparation software providers cater to this demand by offering solutions that streamline data cleansing, integration, and enrichment, thereby fueling the need for user-friendly and efficient data preparation solutions. For example, Tidio's report in August 2021 highlighted that the global market for self-service technology reached $34 billion in 2022, with projections indicating a compound annual growth rate of nearly 14% from 2023 to 2030, reaching $92 billion by 2030. Hence, the escalating demand for self-service data preparation tools serves as a catalyst for the expansion of the data preparation software market.

Key players in the data preparation software market are focused on innovating advanced solutions to maintain a competitive edge. One notable example is the development of new IBM business analytics enterprise software aimed at dismantling data silos. This enterprise software assists organizations in consolidating data from disparate sources, enabling swift data-driven decision-making and adept management of unpredictable disruptions. IBM's launch of the business analytics enterprise software in November 2023 underscores its commitment to breaking down data silos and streamlining planning and analytics processes. Offering features such as data silo breakdown, business intelligence capabilities, and AI-powered planning, this platform empowers enterprises to embrace a more data-driven approach and foster streamlined planning and decision-making.

In February 2022, Alteryx Inc. strengthened its position in the data preparation software market by acquiring Trifacta Inc. This strategic acquisition aims to offer flexible deployment options across various cloud providers, enhance collaboration between IT and business teams, and deliver actionable insights. Trifacta Inc., known for its expertise in cloud data engineering and data preparation software, aligns with Alteryx's vision of providing robust data analytics automation platforms and facilitating seamless data-driven workflows.

Major companies operating in the data preparation software market are Amazon Web Services Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce.com Inc., SAS Institute Inc., SAP SE, Hitachi Vantara Corporation, NICE Ltd., Teradata Corporation, Informatica Inc., Tibco Software Inc., Quest Software Inc., Alteryx Inc., Rapid Insight Inc., QlikTech International AB, Altair Engineering Inc., Micro Strategy Incorporated, DataRobot Inc., Dataiku Inc., Datawatch Corporation, Unifi Software Inc, Datameer Inc., InfluxData Inc., Crate Tech Inc.

North America was the largest region in the data preparation software market in 2023. The regions covered in the data preparation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the data preparation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data preparation software comprises tools specifically engineered to streamline the cleaning, transformation, and organization of raw data, rendering it suitable for analysis. These solutions play a pivotal role in expediting data processing tasks, thereby ensuring the accuracy and efficiency required for informed decision-making processes driven by data.

The primary categories of data preparation software are cloud-based and web-based solutions. Web-based software is accessible through web browsers, necessitating only an internet connection for use. These solutions are deployed either on-premise or hosted, with pricing models typically offered as subscription-based or one-time payment options. Functionality encompasses data integration, cleansing, transformation, and profiling, serving various industry verticals such as banking, financial services, insurance (BFSI), healthcare, manufacturing, retail, telecom, energy, and education.

The data preparation software market research report is one of a series of new reports that provides data preparation software market statistics, including the data preparation software industry global market size, regional shares, competitors with data preparation software market share, detailed data preparation software market segments, market trends, and opportunities, and any further data you may need to thrive in the data preparation software industry. This data preparation software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The data preparation software market consists of revenues earned by entities by providing services such as data cleansing, data integration, data wrangling, data enrichment, and data profiling. The market value includes the value of related goods sold by the service provider or included within the service offering. The data preparation software market also includes sales of servers, storage devices, networking equipment, and computing infrastructure. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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