Data Extraction Market Statistics: 2027
The global data extraction market was valued at $2.14 billion in 2019, and is projected to reach $4.90 billion by 2027, growing at a CAGR of 11.8% from 2020 to 2027. Data extraction implies to the process of cleaning, restructuring, and enhancing the available raw data into the desired format to improve the decision-making capability of the organization. In addition, data extraction software helps companies and employees to improve the productivity of the organization and to provide enhanced security features to the company’s valuable data. Numerous advantages provided by data extraction software include structuring huge amount of data, improving the accuracy of the data, and providing easy access to large volume of data.
Surge in adoption of big data and business analytics software by multiple organizations and need for dedicated storage system for growing volume of data across the globe drive the growth of the market. In addition, numerous benefits provided by data extraction software fuel the growth of the data extraction market. Moreover, rise in concerns regarding the quality of data and complexity in extracting data from various sources hamper the growth of the market. Furthermore, growing adoption of AI in data extraction and emerging trends of adopting virtual data warehousing are expected to provide lucrative opportunity for the market expansion during the forecast period.
By industry vertical, the global data extraction market is led by the BFSI segment in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to surge in adoption of data extraction for analyzing large quantity of financial data of the customers. However, the education segment is expected to grow at the highest rate during the forecast period, owing to increase in adoption of this tools in schools as it provides a conceptual framework of the school subjects and manages the students and their learning record, then performs analysis of their academic achievements.
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 factors that drive the growth of the market in this region include presence of key players and rise in penetration of data extraction software across the region. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to surge in adoption of mobile and cloud-based technology by SMEs among the developing nations such as China and India.
The report focuses on the growth prospects, restraints, and trends of the global data extraction market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global data extraction market.
Solution is projected as one of the most lucrative segments.
The global data extraction market is segmented on the basis of component, data type, deployment model, enterprise size, industry vertical, and region. In terms of component, the market is fragmented into solution and service. The data type covered in the study include unstructured and semi-structured & structured. By deployment model, it is segregated into on-premise and cloud. As per enterprise size, it is divided into large enterprise and small & medium enterprises. In terms of industry vertical, it is fragmented into BFSI, manufacturing, healthcare, government, energy & utilities, transportation, retail & e-commerce, IT & telecom, education and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Data Type
Semi structured & Structured segment is projected as one of the most lucrative segments.
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.
By Deployment Model
On-Premise is projected as one of the most lucrative segments.
COVID-19 impact analysis
The data extraction market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness slight decline in growth rate in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The data extraction market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations across the globe have initiated work-from-home culture for their employee, which is creating demand for the cloud-based data extraction software to manage and analyze critical information of organizations, thus, creating lucrative opportunity for the market.
By Enterprise Size
Large Enterprises is projected as one of the most lucrative segments.
Top impacting factors
Rise in application of AI in data extraction
Artificial Intelligence (AI) and Machine Learning (ML) technologies are disrupting the data extraction solutions. The use of AI and ML facilitates a smart data extraction and warehouse that automatically optimizes and transforms data to user requirements, using machine learning. Enterprises are applying these technologies to ultimately, achieve the ability to convert data into value iteratively and continuously, which is estimated to distinguish it from its competitors and make it agile and innovative. It also helps in the automatic extraction of hidden predictive information from large databases and enables automated knowledge discovery, prediction and forensic analysis through machine learning. Thus, applying these technologies for data extraction solutions are expected to offer great opportunities for this data extraction industry during the forecast period.
By Industry Vertical
BFSI is projected as one of the most lucrative segments.
Emerging trend of adopting virtual data warehousing
A virtual data warehouse offers a condensed outlook of the data inventory that comprises meta data. Virtual data warehousing utilizes middleware to form connections to different data sources. It can be as fast as it lets users to filter the most important parts of data from various legacy applications. The metadata is used for establishing logical enterprise data model and it is contained in virtual data warehousing. Virtual data warehousing approach entails less time and expenditure to develop, and involves less risk of data loss. It is schema-less model and independent on the IT strategy. It can easily accommodate the changes to be made in the business. As the requirements change, modifying the models and redeveloping the views from the virtual mart or store can be done in very less time after adopting the virtual data warehousing. In addition, by avoiding physical data replication with its associated storage and support requirements, data virtualization reduces both times to solution and ongoing operating costs, often as much as fourfold.
Asia-Pacific would exhibit the highest CAGR of 14.7% during 2020-2027.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global data extraction market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global data extraction market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Data Extraction Market Report Highlights
By Data Type
By Deployement Model
By Enterprise Size
By Industry Vertical
Key Market Players
Microsoft Corporation, SAP SE, .Alteryx, Inc., .TERADATA CORPORATION, ALTAIR ENGINEERING INC., International Business Machines Corporation, Fair Isaac Corporation, SAS Institute Inc., Matillion Ltd, Oracle Corporation
The adoption of data extraction is increasing, owing to rise in demand for structured data from organizations and need for cleaning, enriching, and structuring raw data into meaningful format. In addition, data extraction provides various advantages such as providing advance security to confidential information and increasing the safety of data from various cyberattacks. Furthermore, increase in volume and velocity of data across the organizations and technological advancement such as AI and machine learning technologies in data extraction drives the growth of the market. In addition, growth of edge computing solutions fuels the growth of the market. However, reluctance to shift from traditional ETL tools to advance automated tools hampers the growth of the market. Furthermore, increase in regulatory pressure among the enterprises is expected to present major opportunities for the expansion of the market in the future
The data extraction market is consolidated with the presence of key vendors such as IBM Corporation. North America and Europe are the prime users of data extraction technology. However, Asia-Pacific is expected to experience significant growth in the near future, owing to increase in adoption of IoT devices and rapid adoption of smart cities in the emerging countries of Asia-Pacific. Some of the key players profiled in the report include 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. For instance, in June 2019, Alteryx launched Assisted Modeling, an interactive guide built into the Alteryx Platform to enable users to access the creation of machine learning models. It further enhances data analytics solutions of Alteryx.