Global Data Preparation Tools Market 2023-2030

Global Data Preparation Tools Market 2023-2030

Global Data preparation tools Market Size, Share & Trends Analysis Report by Type (Self – service and Data integration), by Deployment (On-premise and Cloud), and by Industry Verticals (IT & Telecom, E-commerce, BFSI, Government, Healthcare and Others), Forecast Period (2023-2030)

The global Data preparation tools market is anticipated to grow at a CAGR of 16.2% during the forecast period (2023-2030). Data preparation tools are software applications that help users cleanse, transform, and integrate data from various sources into a format that is suitable for analysis and modeling. These tools play a crucial role in the data lifecycle by ensuring that data is accurate, consistent, and ready for use. This process typically includes the following steps, data collection, data cleansing, data transformation, and data validation.

In November 2020, AWS unveiled Glue DataBrew, a new visual data preparation tool for AWS Glue that is designed to help users clean and normalize data without writing code. Data preparation is the Achille’s Heel of advanced analytics and machine learning, as it regularly consumes upwards of 80% of data scientists and analysts’ time. However, without spending this time to clean, transform, and prepare data for analysis or for training machine learning models, the analysis or ML activity risks being flawed.

Segmental Outlook

The global Data preparation tools market is segmented on the type, deployment, and industry vertical. Based on the type, the market is sub-segmented into self-service and data integration. based on deployment, the market is sub-segmented into on-premise and cloud. And based on the industrial verticals, the market is sub-segmented into IT & telecom, E-Commerce, BFSI, government, healthcare, and others. Among the end user, the IT & telecom sub-segment is anticipated to hold a considerable share of the market, owing to Data preparation tools are widely used in IT & telecom industries for several reasons which includes, better decision making, availability of large amount of data and growth of E-commerce platforms. Data preparation tools are essential components of automated systems, providing accurate analysis of data and help to take the right decision.

The Cloud Sub-Segment is Anticipated to Hold a Considerable Share of the Global Data preparation tools Market

Among the deployment, the cloud sub-segment is expected to hold a considerable share of the global Data preparation tools market. Cloud-based data preparation tools are becoming increasingly popular because they offer scalability, flexibility, and cost-efficiency. Cloud-based tools also make it easier for organizations to collaborate on data preparation tasks. This segmental growth is attributed to several factor such as increasing demand for safety and convenience, rising demand for cloud services, and availability of cloud platforms at affordable price for small and mid-sized organization. It provides advantages such as highly reliability and convenience. Hence, companies are working on development of better technology and adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, in November 2023, IBM announced that it has been working with Amazon Web Services (AWS) on the general availability of Amazon Relational Database Service for Db2, a fully managed cloud offering designed to make it easier for database customers to manage data for artificial intelligence (AI) workloads across hybrid cloud environments. Businesses are turning to AI to unlock insights that can lead to more informed decisions, automation of repetitive tasks, and greater efficiencies. These AI technologies are powered by massive amounts of data that require modern data stores residing on cloud-native architectures to provide scalability, cost optimization, enhanced performance, and business continuity.

Regional Outlook

The global Data preparation tools market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia pacific is anticipated to hold a prominent share of the market across the globe, owing to increasing demand for data analytics is growing rapidly in developing countries, such as China and India, as the retail and e-commerce sectors continue to gain traction in these countries. in the region.

The North America Region is Expected to Grow at a Significant CAGR in the Global Data Preparation Tools Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to several factors such as, increasing demand for renewable energy resources, and growing digitization in the energy sector. hence, the market players are continuously working on strategic development such as, merger, acquisition, adding innovation and partnership to stay competitive in the market.For instance, In May 2022, Alteryx, Inc. announced Alteryx AiDIN, the industry's first engine that combines the power of artificial intelligence (AI), machine learning (ML), and generative AI with the Alteryx Analytics Cloud Platform to accelerate analytics efficiency and productivity. Alteryx now brings the most advanced models and methods to more users across the organization, enabling anyone to capture the competitive advantage of AI and ML. Alteryx is combining the power of its trusted Alteryx analytics outputs with generative AI and large language models to supercharge the democratization of analytics and dissemination of insights across the organization, while still capturing the governance and observability.

Market Players Outlook

The major companies serving the Data preparation tools market include AB Volvo, Bayerische Motoren Werke AG, Ford Motor Company, General Motors, Hyundai Motor Group, Mercedes-Benz AG, Renault SA, Tesla, Inc., Toyota Motor Corp, Volkswagen Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, TMC technology provider Element has expanded its reselling agreement with cloud computing company Zoho to include a data preparation service powered by ChatGPT. Zoho recently announced the integration of ChatGPT into its business intelligence and data preparation tools, which Element will add to its reselling repertoire. The AI-powered tools will also allow users to request data or information and set KPIs by using natural language, eliminating the need for complex SQL formulas, according to the company. Advanced features include formula generation from chat, the creation of new data sets and data customization.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Data preparation tools market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.