Data Preparation Tools Market to grow at a CAGR of 18.6% by 2028

Data Preparation Tools Industry Overview

The global data preparation tools market size is anticipated to reach USD 12.89 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.6% from 2021 to 2028. Data preparation tools can help organizations augment their efficiency by ensuring easy access to data. The increasing demand for data analytics, particularly in the IT and retail sectors, is expected to drive the demand for data preparation tools.

The growth of the market can be attributed particularly to the capabilities of self-service data preparation tools to ensure easy interchangeability, collaboration, and profiling of data as well as to address the concerns associated with the safety of the data. Demand for self-service data preparation tools would continue to increase as data analytics companies continue to demand efficient solutions to access and analyze large volumes of data.

Data Preparation Tools Market Segmentation

Grand View Research has segmented the global data preparation tools market based on platform, function, deployment, vertical, and region:

Based on the Platform Insights, the market is segmented into Self-service and Data Integration

• The data integration platform dominated the data preparation tools market and accounted for more than 60% of the revenue share in 2020.
• The self-service platform also assists in integrating and analyzing the data collected from IoT devices, thereby helping organizations develop their business intelligence.

Based on the Function Insights, the market is segmented into Data Collection, Data Cataloging, Data Quality, Data Governance, Data Ingestion, and Data Curation

• The data collection dominated the market and accounted for more than 27% of the revenue share in 2020.
• Moreover, the data cataloging function is expected to demonstrate a notable shift in its demand, registering a CAGR of 19.9% over the forecast period.
• The growing concerns over security while handling and analyzing big data are anticipated to increase the demand for the data security functions of data preparation tools.

Based on the Deployment Insights, the market is segmented into On-premise and Cloud

• The on-premise segment dominated the global market and accounted for a revenue share of more than 49% in 2020.
• The cloud segment is expected to expand at the highest CAGR over the forecast period.

Based on the Vertical Insights, the market is segmented into IT and Telecom, Retail and E-commerce, BFSI, Government, Healthcare, Energy and Utilities, Transportation, Manufacturing, and Others

• IT and telecom dominated the market and accounted for more than 35% of the revenue share in 2020.
• Retail analytics is one of the primary applications of data preparation tools. Retail analytics requires data to be collated from different input sources and supplied to various analytics firms for analysis.
• Hence, the market size of the retail and e-commerce sub-segment is expected to register a significant CAGR over the forecast period.

Data Preparation Tools Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The key players are expected to focus on advancing their product line, through new product development and implementation of cutting-edge technologies to mark their footprint in the unreached market.

Some prominent players in the global Data Preparation Tools market include:

• Alteryx, Inc.
• Datawatch Corporation
• Informatica Corporation
• International Business Machines Corporation
• Microsoft Corporation
• MicroStrategy Incorporated
• Qlik Technologies Inc.
• SAP SE
• SAS Institute Inc.
• Tibco Software Inc.

Order a free sample PDF of the Data Preparation Tools Market Intelligence Study, published by Grand View Research.