Surge in application of artificial intelligence in data extraction and adoption of virtual data warehousing are expected to create multiple opportunities in the coming years. Rise in adoption of big data analytics software by multiple organizations, increase need for dedicated storage systems, and numerous benefits offered by data extraction solutions fuel the growth of the global data extraction market.
Major industry players such as – Altair Engineering Inc., IBM Corporation, Fair Isaac Corporation, Alteryx, Inc., Microsoft Corporation, Matillion Ltd., Oracle Corporation, SAS Institute, Inc., Teradata Corporation, and SAP SE.
The global data extraction market was estimated at $2.14 billion in 2019 and is expected to hit $4.90 billion by 2027, registering a CAGR of 11.8% from 2020 to 2027.
The global data extraction market is analyzed across component, data type, deployment model, enterprise size, industry vertical, and region. Based on component, the solution segment contributed to more than two-thirds of the total market share in 2019 and is anticipated to rule the roost by 2027. The service segment, on the other hand, would manifest the fastest CAGR of 13.4% throughout the forecast period.
Based on geography, North America generated the highest share in 2019, garnering nearly half of the global market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.7% by 2027. The other two regions covered in the study include LAMEA and Europe.
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Based on deployment model, the on-premise segment accounted for more than half of the total market revenue in 2019 and is anticipated to rule the roost by 2027. At the same time, the cloud segment is expected to exhibit the fastest CAGR of 13.1% from 2020 to 2027.
- The outbreak of the pandemic led to growing inclination toward online education and work-from-home policy.
- Accordingly, there’s been a steep rise in demand for data extraction tools, as cloud-based data extraction software is highly fabricated to manage and analyze critical information of educational as well as corporate organizations.
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