Data Extraction Market Size Experiences Phenomenal Expansion | Anticipated to Surpass USD 4.90 Billion by 2027

The increasing need for efficient data utilization and automation in businesses is a primary driver of the data extraction market growth.

PORTLAND, OREGON, UNITED STATES, September 20, 2023/EINPresswire.com/ — With a predicted CAGR of 11.8% from 2020 to 2027, the global Data Extraction Market, which was valued at $2.14 billion in 2019, is expected to expand to $4.90 billion by 2027.

Data consolidation, processing, and refinement are all carried out by data extraction software in order to extract useful information from massive amounts of data. Finding hidden patterns in the data and analyzing big blocks of information to identify significant patterns and trends are the main objectives of data extraction software.

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The large enterprise segment dominated the data extraction market in 2019, and is projected to maintain its dominance during the forecast period, owing to growing adoption of data extraction tools by large enterprises to manage and analyze large quantity of data. Furthermore, the SMEs segment is expected to grow at a significant CAGR during the forecast period, owing to the need of this enterprises to discover real time data and to analyze large volume of data.

Data extraction is undergoing a transformation with the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI-powered data extraction solutions can automatically identify and extract relevant information from a variety of unstructured sources, such as documents, images, and emails. This trend is streamlining data processing, reducing manual labor, and improving accuracy.

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The adoption of cloud-based data extraction solutions is on the rise. Cloud platforms offer scalability, accessibility, and the ability to process vast amounts of data in real-time. Organizations are leveraging cloud-based data extraction to centralize data access and extraction, facilitating remote work and data sharing.

With increased concerns about data privacy and regulatory compliance, data extraction solutions are incorporating enhanced security features. Encryption, access controls, and compliance with data protection regulations (e.g., GDPR) are becoming integral to data extraction tools, ensuring that sensitive information is handled securely. Data extraction is no longer an isolated process but an integral part of the broader data analytics ecosystem. Organizations are integrating data extraction tools with their analytics platforms to gain actionable insights quickly. This trend enables businesses to make data-driven decisions by extracting, transforming, and analyzing data in a seamless workflow.

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Region wise, the data extraction market was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in this region includes early adoption of advanced technology among end users. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in adoption of digital technologies across the emerging countries and growth in investment of key players of the data extraction market in China and India to expand their operations.

The key players profiled in the data extraction market analysis are Alteryx, Inc., Altair Engineering Inc., Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Matillion Ltd., Oracle Corporation, SAS Institute, Inc., SAP SE, and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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