Data Preparation Tools Market Size, Share, Growth Analysis, By Platform(Self-service, Data integration), By Deployment(On-premise, Cloud), By Functions(Data Collection, Data Cataloging, Data Quality, Data Governance), By Vertical(IT & Telecom, Retail & E-commerce, BFSI, Government), By Region - Industry Forecast 2024-2031

Global Data Preparation Tools Market size was valued at USD 4.9 billion in 2022 and is poised to grow from USD 5.69 billion in 2023 to USD 18.93 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

Global data preparation tools market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Informatica Corporation (US) ', 'International Business Machines Corporation (IBM) (US) ', 'Microsoft Corporation (US) ', 'MicroStrategy Incorporated (US) ', 'SAP SE (Germany) ', 'SAS Institute Inc. (US) ', 'Oracle Corporation (US) ', 'DataRobot, Inc. (US) ', 'Denodo Technologies (Spain) ', 'Hitachi Vantara Corporation (US) ', 'Altair Engineering Inc. (US) ', 'Datameer, Inc. (US) ', 'RedPoint Global Inc. (US) ', 'Sisense Inc. (US) ', 'Teradata Corporation (US) ', 'Collibra NV (Belgium) ', 'Ataccama Corporation (Canada) ', 'Tamr Inc. (US)', 'In April 2022, Bharat Petroleum Corporation Ltd. (BPCL) and Microsoft announced a strategic cloud partnership aimed at accelerating the firm’s digital transformation and shaping the future of innovation in the oil and gas industry. The collaboration seeks to unlock the opportunities that Microsoft’s cloud provides to address the unique challenges of the oil and gas sector, enabling BPCL to accelerate the modernization of its tech architecture to enhance customer experience.', 'In Jan 2022, Alteryx Announces Acquisition of Trifacta. With Trifacta, Alteryx accelerates the development of an integrated end-to-end, low code/no code analytics automation platform in the cloud'

Unstructured data growth has been a significant challenge for many industries. As a result, businesses are looking for tools that can format data correctly. The ability to extract latent information from functional data exchange in a timely manner and a consistent format without the presence of the original author/owner of the data has been one of the benefits of data preparation tools for businesses. Making wise business decisions and aligning organizational strategic initiatives depend on timely, accurate information. The determination of which data is appropriate and who owns the data is the main concern for various departments within an organization. Establishing association rules and co-relations between various heterogeneous variables, as well as helping businesses make the most critical tactical decisions, can all be aided by timely data delivery.

Extensive data generation is resulting telecom and IT companies across the globe are creating a data gold mine. These businesses are driving the adoption of data analytics due to a lack of efficient methods for analysing both structured and unstructured data to gain deeper insights into customer behaviour and the increasing demand for real-time analysis of customer preferences and service usage patterns.

North America is expected to control the data preparation tools market share. More than 31.76% revenue in 2021 came from North America. The increasing use of mobile computing platforms and artificial intelligence in digital shopping and e-commerce is responsible for this high share. It generates a lot of data for annotating. The Europe sub-segment, however, is quickly catching up as a result of increased investments in data analytics in regional European markets, particularly in the U.K. Cloud-based solutions are now being rolled out in Europe by a number of data preparation and analytics firms. Due to the growing popularity of the retail and e-commerce sectors in emerging countries like China and India in the Asia Pacific region, data analytics is in high demand. According to estimates, these factors will accelerate market expansion in the Asia Pacific region.