According to the research report titled ‘Global Data Preparation Tools Market Size study, by Platform (Self-service, Data Integration), By Deployment (On premises, Cloud), By Vertical (IT & Telecom, Retail & E-commerce, BFSI), By Function (Data collection, Data cataloguing, Data quality) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global data preparation tools market was valued approximately at USD 3.08 billion in 2020 and is anticipated to reach USD 10.17 billion by 2027, developing at a CAGR of more than 18.6 % throughout the forecast period.
 

Rising adoption of advanced technologies, advanced analytics, and business intelligence solutions by several industries is largely enhancing the global data preparation tools market outlook, claims the study. Moreover, widespread usage of cloud-based tools in various data-driven applications is slated to boost the industry demand in the forthcoming years.
 

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For the unversed, data preparation tools involve transforming, discovering, combining, and refining data. It is worth noting that many major telecom industry data analytics providers are aided by vendors such as IBM Corp. to re-engineer their market assessment solutions.
 

Moreover, penetration of specific tools and technologies to boost data access and data convergence is expected to propel market expansion further during 2021-2027. However, on the downside, industry’s growth is likely to be hampered by lack of knowledgeable and experienced professionals, as well as operational glitches.
 

The worldwide data preparation tools market is segmented on the basis of platform (self-service, data integration), deployment (on premises, cloud), vertical (IT & telecom, retail & e-commerce, BFSI), and function (data collection, data cataloguing, data quality).
 

With respect to geographical perspective, the industry is fragmented into North America (U.S., Canada), Europe (UK, Germany, France, Spain, Italy, RoE), and Asia Pacific (Japan, South Korea, Australia, China, India, RoAPAC) and Latin America (Brazil and Mexico). Among the aforementioned regions, North America holds a significant market share, mainly due to increasing usage of artificial intelligence (AI) and mobile operating platforms in e-commerce.
 

Meanwhile, Asia-Pacific industry is expected to develop rapidly between 2021 and 2027, attributable to notable development in data analytics field in developing countries like China and India, and expanding retail and e-commerce industries in APAC region.
 

Considering the competitive landscape, Tibco Software Inc., SAS Institute Inc., SAP SE, Qlik Technologies Inc., MicroStrategy Inc., Microsoft Corp., IBM Corp., Informatica Corp., Datawatch Corp., and Alteryx Inc. are the major contenders in the global data preparation tools industry.