Growth in the global Data Extraction Market is being propelled by the increased need for data-driven insights across industries and the expanding prevalence of automation technologies. The industry is anticipated to grow significantly over the next several years as businesses realise the benefits of gaining insights from massive data collections.
With a CAGR of roughly 9.80% between 2023 and 2030, the global data extraction market size is expected to increase from a value of about USD 2734.98 Mn in 2022 to over USD 5691 Mn in 2030.
The term “data extraction” refers to the methodical gathering of information from a variety of sources and its subsequent transformation into a usable and interpretable format. Businesses may improve their decision-making, productivity, and competitiveness with the use of this data.
Key factors contributing to the rapid growth of the Data Extraction Market include:
- Automation Revolution: Businesses nowadays are increasingly resorting to automation in an effort to boost efficiency and productivity. With the advent of automated data extraction methods, the need for human labour has been drastically cut down, which has both improved accuracy and sped up the processing of data.
- Big Data Proliferation: There are benefits and drawbacks to the growth of big data. Complex data extraction technologies that can process large data sets and extract useful insights are in high demand, as are other novel solutions.
- Growing Analytics Applications: Strong demand for data extraction services has resulted from the widespread adoption of analytics in sectors like the financial services, healthcare, retail, and manufacturing sectors. The growth of the market can be attributed to the fact that businesses are eager to process data in order to gain useful insights.
- Need for Compliance and Risk Management: Companies have been prompted to invest in data extraction solutions by the need for compliance with regulations and strong risk management.
- Cloud Computing Advancements: Recent developments in cloud computing have provided novel avenues for data mining and storage. Companies of all sizes can benefit from the flexibility, efficiency, and convenience of cloud-based data extraction solutions.
Prominent players in the Data Extraction Market are continuously innovating to offer cutting-edge solutions, making the market highly competitive. They are also focusing on strategic partnerships and collaborations to expand their market presence and cater to a broader customer base.
Global Data Extraction Market: Competitive Players
- IBM Corporation
- Fair Isaac Corporation
- Altair Engineering Inc.
- Alteryx Inc.
- Teradata Corporation
- SAS Institute Inc.
- Oracle Corporation
- Matillion Ltd.
- Microsoft Corporation
According to market analysts, the North American region holds a significant share in the Data Extraction Market due to early technology adoption and a well-established IT infrastructure. Meanwhile, the Asia-Pacific region is anticipated to experience substantial growth owing to rapid digitization, a burgeoning tech-savvy population, and a thriving e-commerce industry.
However, challenges such as data privacy concerns and the complexity of unstructured data extraction remain, prompting market players to invest in robust data security and advanced AI algorithms.
Global Data Extraction Market: Segment Analysis
By Component
- Service
- Solution
By Enterprise Size
- Large Enterprises
- Small Enterprises
- Medium Enterprises
By Deployment Mode
- Cloud
- On-Premise
By Data Type
- Semi-Structured
- Structured
- Unstructured
By Industry Vertical
- BFSI
- IT & Telecom
- Retail & E-Comme rce
- Government
- Healthcare
- Manufacturing
- Others
