Data Extraction Software Global Market Report 2024

The data extraction software market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be attributed to military modernization programs, escalating threats and conflicts, interoperability requirements, emphasis on special operations and urban warfare, and a focus on network-centric warfare.

The data extraction software market size is expected to see rapid growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The projected growth in the forecast period can be attributed to the integration of artificial intelligence, the adoption of software-defined radios, the integration of unmanned systems, improved range and connectivity, and the emphasis on multi-domain operations. Key trends expected in the forecast period include heightened concerns about cybersecurity, advancements in technology, the implementation of advanced encryption and cybersecurity measures, the trend towards miniaturization and lightweight designs, and the adoption of spectrum-efficient technologies.

The anticipated surge in unstructured data amounts is poised to drive the expansion of the data extraction software market in the foreseeable future. Unstructured data, characterized by the absence of a predefined data model or organization, presents challenges in analysis, requiring specialized tools for processing and extraction. Data extraction software plays a crucial role in automating processes and extracting valuable insights from unstructured data by converting it into a structured format suitable for business intelligence (BI) and analytics applications. Komprise, a US-based provider of unstructured data management surveys, conducted a survey in August 2022 with 1,000 employees, revealing that 87% of IT leaders considered managing unstructured data growth a top priority in 2022, up from 70% in 2021. Additionally, approximately 65% of organizations either plan to or are already delivering unstructured data to their big data analytics platforms. Consequently, the rise in unstructured data amounts is a key driver for the data extraction software market.

The ongoing trend of digitization is expected to fuel the growth of the data extraction software market. Digitization involves converting analog information, found in non-digital formats such as physical documents and images, into digital data for storage and analysis. This process enhances data extraction software, enabling the efficient capture and conversion of valuable information from various sources. This, in turn, facilitates streamlined data analysis, decision-making, and automation, ultimately enhancing productivity and data accessibility. Augusta Free Press reported in December 2022 that global digital transformation spending reached approximately $1.85 trillion, marking a 16% increase from the previous year. Therefore, the growing digitization efforts contribute to the growth of the data extraction software market.

The escalating concerns regarding privacy and security are expected to impede the growth of the data extraction software market. Heightened awareness and apprehensions about data privacy and security pose challenges to the widespread adoption of data extraction software. Users and businesses become more cautious due to potential breaches and unauthorized access, impacting the overall expansion of the market. According to the CISCO Data Privacy Benchmark Study 2023 by Cisco Systems Inc., a US-based technology company, 95% of respondents in 2023 consider privacy a critical business necessity, up from 90% in 2022. Additionally, 94% believe that customers are unlikely to make purchases from businesses without proper data protection. Consequently, rising privacy and security concerns act as a constraint on the growth of the data extraction software market.

Major companies in the data extraction software market are prioritizing innovative technological solutions, including cloud-based AI technologies, to offer customized services to their customers. Cloud-based AI technology involves utilizing AI tools and applications delivered through cloud computing infrastructure. Base64.ai, a US-based software company, introduced a cloud-based AI technology in November 2021 that comprehends and processes various document types in real-time. The company's all-purpose document processing AI allows businesses to automate document processing without the need to build individual machine learning models for each document type, resulting in time and cost savings.

In January 2023, Scaleworks, a US-based B2B SaaS-focused venture equity firm, acquired Import.io Ltd. for an undisclosed amount. This acquisition positions Scaleworks to broaden its portfolio by addressing complex web data extraction challenges and providing essential services to its customers. Import.io Ltd., a US-based software company, specializes in offering web data extraction software for enterprises and customers.

Major companies operating in the data extraction software market report are International Business Machines Corporation, UiPath Inc., Hyland Software Inc., Talend Inc., Nintex USA Inc., Fivetran Inc., Hevo Data Inc., Astera Software Corporation, Skyvia Inc., Oxylabs, Nano Net Technologies Inc., AIMLEAP Inc., Ocrolus Inc., Square 9 Softworks, Lexion, Alkymi Inc., Adverity, Bright Data Ltd., Grepsr, AmazingHiring Inc., QuickScraper, ProWebScraper, Scraping Fish, Crawlbase, Extract Systems, Simpleindex.

North America was the largest region in the data extraction software market in 2023. The regions covered in the data extraction software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the data extraction software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data extraction software refers to a category of computer programs or tools specifically crafted to retrieve both structured and unstructured data from diverse sources and convert it into a format suitable for analysis, reporting, or other applications. Widely employed in business, research, and data analysis, this software streamlines the automation of collecting data from various locations, including websites, databases, documents, and even legacy systems.

The primary components of data extraction software encompass tools and services. Data extraction software tools are applications or platforms designed to retrieve, transform, and transfer data from diverse sources into a structured format for subsequent analysis, reporting, or storage. These tools can be deployed in various modes, such as cloud and on-premises, catering to the needs of both large enterprises and small to medium enterprises (SMEs). End users of this software span across sectors, including banking, financial services, and insurance (BFSI), retail, IT and telecommunication, manufacturing, medical and healthcare, government and public sector, and other verticals.

The data extraction software market research report is one of a series of new reports that provides data extraction software market statistics, including data extraction software industry global market size, regional shares, competitors with data extraction software market share, detailed data extraction software market segments, market trends, and opportunities, and any further data you may need to thrive in the data extraction software industry. This data extraction 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 extraction software market consists of revenues earned by entities by providing services such as data integration, data cleaning, and support and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The data extraction software market also includes sales of hard drives, graphics processing units, and CPUs. 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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