According
to the new market research report "Data Prep Market by
Platform (Self-Service Data Prep, Data Integration), Tool (Data Curation, Data
Cataloguing, Data Quality, Data Ingestion, Data Governance), Deployment,
Vertical, and Region - Global Forecast to 2021", published
by MarketsandMarkets™, 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.
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.
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Self-service data prep platform is expected to grow at the highest
rate during the forecast period
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.
Data quality segment is expected to contribute the largest market
share in 2016
Among tools,
the data quality segment is expected to hold the largest market share in the
data prep market 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 data prep market.
North America is expected to contribute the largest market share;
Asia-Pacific (APAC) to grow the fastest
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 data
prep 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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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/data-prep-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/data-prep-market.asp
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