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The data preparation market was valued at USD 1.78 billion in 2017, and is expected to witness a CAGR of 22.7% during the forecast period (2018 - 2023)

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Data Preparation Market. The data preparation market was valued at USD 1. 78 billion in 2017, and is expected to witness a CAGR of 22. 7% during the forecast period (2018 - 2023), to reach USD 6.

New York, Nov. 05, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "Global Data Preparation Market - Segmented by Deployment Type, Enterprise Size, End User Vertical and Region - Growth, Trends and Forecasts (2019 - 2024)" -
06 billion by 2023. The scope of the report is limited to deployment type including on-premise and cloud, enterprise size including SMEs and mid-sized and large enterprise, and end-user vertical including BSFI, healthcare, retail, manufacturing, IT and telecommunication, and other end-user verticals. The regions considered within the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of semiconductor memory in accordance with diverse applications and future prospects of the same.

The companies are demanding fast debugging time to generate meaningful insights to sustain in the market, owing to digital disruption. As a result, the requirement for analytics, particularly data analytics, is becoming pervasive across various sizes of organizations. The data analytics professionals and companies are finding difficulties in driving insights, owing to rising complexities in the procurement of data. The data collected is usually unstructured or semi-structured, which requires being in the uniform format for maximum yield and efficiency. In response to this problem, companies are devoting more or maximum time in data preparation to generate and have clean data to perform analytics. According to Oracle, it is estimated that approximately 90% of the time is invested for data preparation in the chain of data analytics.

Rising Complexity of Data Structures

The increasing volume of unstructured and semi-structured data can be attributed to diverse data sources that require data preparation as a vital process, which is likely to foster market growth. Additionally, the complex data is required to have precise data cleaning to extract meaningful insights from the same, which is expected to propel the market growth over the next six years.

Cloud to Exhibit the Highest Growth

The deployment of data preparation tools over cloud offers various advantages over on-premise, including scalability and flexibility. Companies, such as Google, are moving toward the adoption of cloud-based tools, owing to enhanced flexibility of the same. In September 2017, Google introduced a beta version of public cloud data prep, which is likely to compel similar industry players to enter into the market which is, in turn, expected to fuel the market growth over the forecast period.

Asia-Pacific to witness the Highest Growth

There is a rise in crimes reported in the BFSI sector in India, leading to financial sectors rapidly adopting fraud detection techniques to prevent the same. These techniques predict the fraud(s) based on the big data generated from users and previous data, which require an intense amount of data preparation, thereby showing a positive impact on the market in Asia-Pacific.

Key Developments in Data Preparation Market

- January 2018 - IBM launched platform approach to data science offering services, such as hybrid data management, unified integration and governance platform, and data science and business analytics platform, all of which will comprise data cleaning as a crucial step, thereby widening the consumer base

Data Preparation Market Major Companies
Microsoft Corporation
Tableau Software, Inc.
Qlik Technologies Inc.


SAS Institute
Alteryx Inc
Cambridge Semantics
Talend, amongst others

Reasons to Purchase Data Preparation Market Report

- The future prospect of the data preparation market and opportunities
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Regional analysis of the market
- Identify the latest developments, market shares and strategies employed by the major market players
- 3 months analyst support along with the Market Estimate sheet (in Excel)

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