Data Preparation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Data Preparation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The data preparation market was valued at USD 1,324.15 million in 2020 and is projected to reach USD 2,983.99 million by 2026 at a CAGR of 14.5% during the forecast period (2021 - 2026). The companies are demanding fast debugging time to generate meaningful insights than ever to sustain in the market, owing to digital disruption. As a result, the analytics requirement, particularly data analytics, is becoming pervasive among different organizations. The data analytics professionals and companies are finding difficulties in driving insights, owing to rising complexities in the procurement of data.

• The rapid adoption of automation and cloud technologies across enterprises and businesses resulted in tremendous data generation and cloud data traffic. According to the Cisco Systems, the global IP data traffic is anticipated to reach 278,108 petabytes per month by 2021. There is a major shift in data traffic from P2P (peer-to-peer) file sharing to video content delivery, especially in large content service providers (CSPs).
• This significant increase in the volume of data has resulted in the swift proliferation of data and data analytics. Therefore, businesses are demanding faster time to insight than ever before, to remain competitive, particularly as more industries are facing digital disruption. As a result, analytics is becoming more pervasive across enterprises, and insights are being derived from larger numbers of diverse data sources
• Further, there is an increase in demand for big data analytics. In a 2019 survey done by Accenture and Qlik, titled “The Human Impact of Data Literacy” and conducted for The Data Literacy Project, identified that most organizations understand the incredible opportunity of data. Also, five steps were mentioned, which organizations can consider when planning their data literacy strategy to build a data-driven workforce.
• Additionally, the spread of COVID-19 has accelerated the adoption of data preparation tools. For instance, IBM Cognos Analytics is an AI-fueled business intelligence platform that supports the entire analytics cycle, from discovery to operationalization. It cleanses and combines data sources in minutes with AI-assisted data preparation. IBM recently released a new, global interactive dashboard built on IBM Cognos Analytics to show the spread of COVID-19 across the world. The general public, researchers, data scientists, and media can utilize this dashboard to conduct deeper analysis and regional filter data.
• Owing to ongoing efforts to develop an effective vaccine for COVID-19, it becomes essential to maintain the large datasets of the previous trials and the database of affected patients. Data preparation tools can assist medical researchers in cleansing those datasets and are expected to provide temporary high positive demand in the industry segment.

• Telecom and IT companies worldwide are creating data gold mine, as they generate plenty of data. The lack of effective analysis of both, unstructured and structured data to get more profound insights into customer behavior, as well as the growing need to analyze their preferences and service usage patterns in real-time, is motivating these companies to adopt data analytics, which is indirectly impacting the market’s growth.
• Moreover, data solutions help the IT and telecom industry to empower exploratory analytics, increase analyst productivity, and improve organizational data usage. While telecommunications providers are used to dealing with large volumes of customer data, the considerable complexity of modern-day data is a new challenge.
• For instance, vendors such as IBM Corporation have helped many leading telecom industry data analytics providers re-engineer their market measurement products. The effort included restructuring data integration processes, developing new custom user interfaces, and making workflow automation. As a result, a new product developed delivered high-quality services to IBM customers while simultaneously reducing the volume of support, which is needed by 55%. Further, the integration of the ML solution with data preparation tools is significantly gaining the market.

• North America is expected to have a significant share in the market studied during the forecast period, mainly due to high investments in cloud-based and data-oriented solutions, early adoption of new and emerging technologies, and a large number of significant market vendors in the region. Investments are increasing in anticipation of data deluge, where cloud computing is impacting analytic initiatives by 23% and 16%, by both internets of things and big data.
• United States turned out to be having 44% of front-line employees having access to data and analytics. In 2020, 55% use of analytics is currently happening to analyze how current products and services are used, 54% to drive strategy and change, 51% to monitor and improve financial performance, and 49% to analyze workplace and workforce productivity. This significantly caters to the demand for data preparation solutions
• IBM predicts that the demand for data scientists may soar by 28% by 2020, with 2.7 million data-savvy professionals in United States. Many programs and researches in the region are using data science for better insights. Data preparation solutions can penetrate in this opportunity and help them in having easy access to extensive data and enhance visualization.

The data preparation market is highly competitive and consists of several major players across the market space. However, with the growing innovation across the cloud segment and the advancement across the data preparation technique, most companies are increasing their market presence, thereby tapping into new markets of emerging economies.

• June 2020: IBM Corporation announced its plans to integrate Anaconda’s Python-based data science platform into its Watson Studio and Cloud Pak data offerings to advance open-source AI development. Watson Studio, IBM’s data prep and model building platform, will, in turn, be offered on Anaconda’s repository. It will allow data scientists to manage AI projects in an enterprise-grade environment.
• February 2019 - Tableau expands data prep capabilities with Tableau Prep Conductor, a product that enables organizations to schedule and manage self-service data preparation. Tableau Prep Conductor is part of a new subscription offering called “Tableau Data Management Add-On.” This helps the customers to ensure that governed and timely data is available and ready for analysis.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support