Data extraction has emerged as a technique of extracting and discovering new knowledge in data implicit in a large data warehouse to enable better business decisions and strategy formulation. Various organizations are focusing on data extraction techniques to handle huge amount of data, and to apply interesting data extraction algorithms and visualizations in quick time. Data extraction software market is witnessing rapid growth, owing to the growing demand of artificial intelligence and machine learning technologies. Data extraction software are reshaping the industry by enabling digital transformation across industries such as banking, process manufacturing, professional services and federal/central government and business processes. Due to increase in organizational data, the adoption of big data solutions, and usage of business analytics has been increased in the organizations to better understand their customers, and drive efficiencies.
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Data extraction is the set of methodologies used in analysing data from various dimensions and perspective, finding hidden patterns, classifying and summarizing the identified relationship. As the world is becoming more digital and connected, data extraction software is creating new opportunities for data collection, storage and intelligence processing and analysis. With the huge amount of data generation, data storage and data capture, data extraction software has emerged as an important technology to study and solve data related problems.
Global Data Extraction Software Market: Drivers and Challenges
Strong demand for advanced business intelligence tools and the shift towards artificial intelligence and machine learning technologies are the primary factors driving the growth of the data extraction software market. Furthermore, growing need among organizations across industry verticals to gain valuable insights into the data generated from different business processes, technological advancements, and the use of cloud-based solutions are expected to drive the growth of the data extraction software market. Moreover, the growth of smartphone and tablet market is enthralling many organizations to adopt data extraction software to identify immediate needs in digital customer experience.
Apart from this, the rising trend of BYOD (Bring-your-own-devices) in multiple organizations and the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated, and due to this, the demand for data extraction software is increasing rapidly. Moreover, the rapid demand of data extraction software from IT and ecommerce organizations to quickly resolve issues and problems in order to provide higher level of business user satisfaction at reduced cost is one of the significant factors driving the growth of data extraction software market.
Changing government rules, regulations, and policies are the major factors which are expected to restrict the growth of the data extraction software market. Furthermore, less development in technology base, and less spending on research & development by various countries in Latin America and Middle East & Africa are few other factors hampering the growth of the data extraction software market.
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Global Data Extraction Software Market: Segmentation
Segmentation of the Data Extraction Software Market on the Basis of Component:
Segmentation of the Data Extraction Software Market on the Basis of Organization Type:
- Large Enterprises
- Small and Medium Enterprises
Segmentation of the Data Extraction Software Market on the Basis of Deployment Type:
Segmentation of the Data Extraction Software Market on the Basis of Vertical:
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunication
- Medical & Healthcare
- Government and Public Sector
- Others ( Media & Entertainment, Energy & Utility, Defence)
Global Data Extraction Software Market: Competition Landscape
The prominent players in the global Data Extraction Software market are IBM Corporation, SAS, RapidMiner, Inc., KNIME AG, MathWorks, Inc., Alteryx, Angoss Software Corporation, SAP SE, Oracle Corporation, Fair Isaac Corporation, Teradata, Microsoft Corporation, Salford Systems, and BlueGranite, Inc.