According to a recent report published by Allied Market Research, titled, " Data Wrangling Market by Component, Deployment Model, Organization Size, Business Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global data wrangling market was valued at $1.45 billion in 2018, and is projected to reach $5.58 billion by 2026, growing at a CAGR of 18.40% from 2019 to 2026.
Data wrangling is the process of converting raw data into another valuable format with the purpose of making it more appropriate for advance tasks such as machine learning and data analytics. The primary goal of data wrangling is to provide help to the organizations to reduce the time spent on collecting and arranging data. In addition, data wrangling helps data scientists to focus mainly on analysis rather than focusing on wrangling of data.
Increase in volume and velocity of data across the organizations and technological advancement such as AI and machine learning technologies in data wrangling, 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, increasing regulatory pressure among the enterprises is expected to present major opportunities for the expansion of the market in future.
The operations segment dominated the data wrangling market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in its use to align large amount of data and to transform the data for analysis in very less time. Furthermore, human resources segment is expected to grow at a significant CAGR during the forecast period, owing to the adoption by enterprises for extracting data from multiple human resource information system systems (HRIS) and retain precise enterprise wide reporting.
The BFSI sector dominated the data wrangling market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in number of financial institutions are using graph database solutions to solve a variety of data problems. Furthermore, the retail & e-commerce sector is expected to grow at a significant CAGR during the forecast period, owing to the major shift toward digitization in the retail industry.
By region, the global data wrangling market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes growing adoption of data wrangling solution by businesses to effectively prepare data for getting accurate analytics for informed decision making. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to adoption of data wrangling solution by large enterprises in the emerging countries such as China and India, for refining large volumes of data.
Key Findings of the Study:
- By component, the solution segment led the data wrangling market size in terms of revenue in 2018.
- By deployment model, the cloud segment accounted for the highest data wrangling market share in 2018.
- By industry vertical, the BFSI segmented accounted for the highest data wrangling market share in 2018.
- By region, North America generated the highest revenue in 2018.
The report analyses the profiles of key players operating in the market IBM Corporation, Oracle Corporation, SAS institute, Tibco Software, Hitachi Vantara, Teradata Corporation, Alteryx, Impetus, Trifacta Software Inc., and Paxata Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.