Global Data Preparation Tools Market Expected to See Great Growth by 2031

Data preparation tools are used in various applications around the world, including data cleansing, aggregation, integration, data wrangling and engineering, data enrichment and data quality monitoring. These technologies are used to prepare data for various applications, such as predictive modeling, machine learning, business intelligence, and reporting. They help to ensure that data is correct, comprehensive, consistent and timely, according to Straits Research.

Importance of Effective Data

“The global data preparation tools market size was valued at USD 4,293.6 million in 2022,” reports Straits Research. “It is estimated to reach USD$19,189.9 million by 2031, growing at a CAGR [compound annual growth rate] of 18.1% during the forecast period (2023–2031).” 

Data preparation is becoming more popular in data-driven industries. The basic goal of these technologies is to efficiently discover the correct data at the right moment. However, problems with data preparation might result in insufficient and time-consuming outcomes, impeding decision-making. Analytic tools spend much time looking for the proper data. In many circumstances, the data discovered is faulty or was not created in accordance with the criteria.

User involvement with analysts leads to better data preparation since analysts acquire deeper insights into users' requirements. For instance, users spend more time crafting queries and questions that analysts may already have prepared and that users might easily use. Despite highly automated data preparation methods, many business intelligence analysts spend more time preparing data than evaluating it. This is due to the fact that the availability of a high volume of data frequently leads to businesses spending more time purifying the data, according to Straits Research.

Key Highlights

Based on the platform, the global data preparation tools market is bifurcated into self-service platforms and data integration. The self-service segment dominates the global market and is expected to exhibit a CAGR of 27.1% over the forecast period.

Based on deployment, the global data preparation tools market is segmented into on-premises and cloud services. The on-premises segment dominates the global market and is predicted to exhibit a CAGR of 9.1% during the forecast period.

Based on function, the global data preparation tools market is bifurcated into data collection, cataloging, quality, and governance. The data collection segment owns the highest market share and is predicted to exhibit a CAGR of 16.8% over the forecast period.

Based on end users, the global data preparation tools market is divided into IT and telecom; retail and e-commerce; banking, financial services and insurance; government; healthcare; energy and utilities; and more. The IT and telecom segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.61% over the forecast period. 

North America is the most significant global data preparation tools market shareholder and is expected to exhibit a CAGR of 9.11% over the forecast period.

Competitive Players

The Top 10 players in the global data preparation tools market are Altair Engineering, Inc., ALTERYX, INC., Datawatch Corporation, Informatica, International Business Machines Corporation, Microsoft, MicroStrategy Incorporated, QlikTech International AB, SAP SE, SAS Institute Inc., and TIBCO Software Inc. are some of the companies that make up Altair Engineering, Inc.

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Sources: Press materials received from the company and additional information gleaned from the company’s website.