Rise in adoption of big data analytics software by multiple organizations, increase in demand for cloud-based big data analytics software among SMEs, and several advantages provided by data wrangling solutions drive the growth of the global data wrangling market
PORTLAND, Oregon, March 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Data Wrangling Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Business Functions (Finance, Marketing & Sales, Operations and Human Resources), Industry Vertical (BFSI, Government & Public Sector, Healthcare & Life Science, Retail & E-Commerce, Media & Entertainment, Energy & Utilities, IT & Telecom, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global data wrangling market was estimated at $1.45 billion in 2018 and is expected to reach $5.58 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in adoption of big data analytics software by multiple organizations, rise in demand for cloud-based big data analytics software among SMEs, and several advantages provided by data wrangling solutions fuel the growth of the global data wrangling market. On the other hand, lack of awareness regarding data wrangling tools among SMEs, and concerns regarding the data quality issues curb the growth to some extent. Nevertheless, development of edge computing is expected to create multiple opportunities in the industry.
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The solution segment to maintain its leadership status till 2026
Based on component, the solution segment held the major share in 2018, garnering nearly three-fourths of the global data wrangling market. The fact that data wrangling solutions are cheaper than other solutions and are faster to deploy has driven the growth of the segment. The service segment, on the other hand, would grow at the fastest CAGR of 20.8% throughout the forecast period. Rise in need of various services such as managed and professional services propels the segment growth.
The on-premise segment to rule the roost during the estimated period
Based on deployment, the on-premise segment contributed to nearly three-fifths of the global data wrangling market share in 2018, and is projected to dominate by the end of 2026. Increase in adoption of these systems due to enhanced security features provided by them has boosted the segment growth. Simultaneously, the cloud segment would cite the fastest CAGR of 20.1% from 2019 to 2026, owing to different services provided by the cloud.
North America to maintain its dominance throughout the forecast period
Based on region, North America accounted for nearly two-fifths of the global data wrangling market revenue in 2018, and is anticipated to maintain the lion's share by 2026, owing to its adoption among businesses in the region to effectively prepare data for getting accurate analytics for informed decision making. At the same time, Asia-Pacific would manifest the fastest CAGR of 20.9% during the study period. This is due to rise in digitalization in emerging economies such as China and India.
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Key market players
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