Data Extraction Market to Reach $4.90 Billion by 2027, Driven by Surging Demand for Efficient Data Management Solutions
Automation demand, data proliferation, and business intelligence needs are key drivers for the Data Extraction Market’s growth.
PORTLAND, ORIGON, UNITED STATES, October 27, 2023 /EINPresswire.com/ — Increase in adoption of big data analytics software by multiple organizations, need for dedicated storage systems, and numerous benefits offered by data extraction solutions drive the growth of the global data extraction market. However, complexity and concerns regarding data quality issues hamper the market growth. On the contrary, surge in application of artificial intelligence in data extraction and adoption of virtual data warehousing are expected to create lucrative opportunities for the market growth.
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COVID-19 scenario:
► Due to lockdown, there is a significant rise in online education and demand for data extraction tools to improve performance of students by adopting suitable policy for them.
► As most of the organizations have adopted work from home, this has boosted the demand for data extraction to monitor each employee’s performance.
► Moreover, government are leveraging data extraction to take new steps against COVID-19 spread and device regulation accordingly.
By deployment model, the cloud segment is projected to portray the fastest CAGR of 13.1% during the study period, owing to its high data transfer speed and security features. However, the on-premise segment held the largest share in 2019, contributing to more than half of the global data extraction market, due to rise in adoption of cloud services across various industries.
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By component, the solution segment held the largest share in 2019, accounting for more than two-thirds of the global data extraction market, owing to growing need to manage increasing data across the globe. However, the service segment is expected to manifest the highest CAGR of 13.4% during the forecast period, due to adoption of services among end users, as they ensure the effective functioning of data extraction software.
By region, the market across North America contributed the highest share in 2019, holding to nearly half of the market, owing to business in North America adopting data extraction tools to easily extract insights from unstructured data. However, the global data extraction market across Asia-Pacific is expected to register the highest CAGR of 14.7% during the forecast period, due to strategies adopted by key players to establish their business in the emerging countries such as China and India.
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Major market players:
► Alteryx, Inc.
► Fair Isaac Corporation
► Altair Engineering Inc.
► Microsoft Corporation
► IBM Corporation
► Oracle Corporation
► Matillion Ltd.
► SAP SE
► SAS Institute, Inc.
► Teradata Corporation
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