PUNE, India, May 8, 2018 /PRNewswire/ --
According to a new market research report "Data Wrangling Market by Business Function (Marketing and Sales, Finance, Operations, HR, and Legal), Component (Tools and Services), Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 1.29 Billion in 2018 to USD 3.18 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period.
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The key growth factors for the global Data Wrangling Market are the emergence of big data across industry verticals and the increasing need to incorporate AI and ML technologies to gain ultra-competitiveness and sustainability to stay afloat in the dynamic world.
Healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period
Data wrangling in healthcare is gaining traction. Various types of data related to patients, such as personal information; disease, treatment, and medical history; and payment data are generated, which need to cleaned, prepared and set in a proper format to do analysis. Data wrangling tools would be adopted exponentially with the rise of digitalization in the healthcare and life sciences vertical. A complete end-to-end digitalization in healthcare would only be possible if right tools are adopted to clean, de-duplicate, and format the data to investigate and analyze such datasets.
The Operations business function is expected to grow at the highest CAGR during the forecast period
Enterprises are deploying comprehensive analytical solutions to recognize the log pattern, identify the root cause, and analyze the user behavior. Data wrangling tools are thus expected to be aggressively used toward cleaning, profiling, and standardizing data. It would help operations team to have a wider control over their systems.
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With edge analytics gaining widespread adoption, data wrangling tools are expected to be adopted across verticals. These tools would enable to filter out unwanted data and systemize the data that would be efficiently used by AI and ML algorithms to analyze and provide due insights. Operations being a core function are expected to adopt data wrangling tools significantly in near future.
North America is expected to hold the largest market size; and APAC to grow at the highest CAGR during the forecast period
North America is expected to continue to dominate the market during the forecast period. The region remains the single largest contributor when it comes to the adoption of data wrangling tools and services. This region houses some of the major vendors of data analytics and data wrangling tools, such as Trifacta, IBM, Hitchi Vantara, SAS, and Oracle that have their headquarters as well as direct sales offices over there. Moreover, growing partnerships, agreements, and strategic alliances also testify that the region will be at the forefront in the adoption of digital technologies. APAC is expected to grow at the highest rate in the global Data Wrangling Market during the forecast period. Major APAC countries, such as Australia and New Zealand, China, Singapore, and Japan, are witnessing growth in big data and analytics startups. This would create numerous growth opportunities especially in China, India, and Bangladesh. With an increasing number of smart cities and proliferation of IoT devices, the region is expected to witness huge growth in the coming years.
The major vendors offering data wrangling tools and services include Trifacta (US), Datawatch (US), Dataiku (France), IBM (US), SAS Institute (US), Oracle (US), Talend (US), Alteryx (US), TIBCO (US), Paxata (US), Informatica (US), Hitachi Vantara (US), Teradata (US), Datameer (US), Cooladata (US), Unifi (US), Rapid Insight (US), Infogix (US), Zaloni (US), Impetus (US), Ideata Analytics (India), Onedot (Switzerland), IRI (US), Brillio (US), and TMMData (US). These players have incorporated various strategies to expand their global presence to increase their market shares. The strategic partnerships, mergers and acquisitions, product upgrades, and expansions are some of the major strategies embraced by these players.
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