Market Trends of Data Preparation Industry
IT and Telecom Segment is Expected to Hold a Significant Market Share
- Telecom and IT companies worldwide are creating a data gold mine as they generate plenty of data. The lack of practical analysis of unstructured and structured data to get more profound insights into customer behavior and the growing need to analyze their preferences and service usage patterns in real-time motivates these companies to adopt data analytics, indirectly impacting the market's growth.
- Further, in the highly evolving and competitive industry, the telecommunication industry plays a significant role in handling massive data sets of customers, network, and call data. Further, to thrive in such a competitive environment, the telecom industry players are significantly adopting data preparation solutions to create helpful business insights to stay ahead of the competitors.
- Data solutions help the IT and telecom industry to empower exploratory analytics, increase analyst productivity, and improve organizational data usage. While telecommunications providers are used to dealing with large volumes of customer data, the considerable complexity of modern-day data is a new challenge.
- In addition, the exponential growth in data traffic also drives the demand for data preparation in the IT and telecom industry. For instance, according to the data from Cisco Systems, by 2022, mobile data traffic worldwide is expected to reach 77.5 exabytes per month.
- Moreover, as per Ericsson, In 2022, smartphones across the globe used an average of 15.93 gigabytes of mobile data per month, up from 12.18 gigabytes in 2021. Additionally, the figure is expected to reach 47.27 gigabytes by 2028.
- Moreover, market vendors like IBM Corporation have helped many leading telecom industry data analytics providers re-engineer their market measurement products. The effort included restructuring data integration processes, developing new custom user interfaces, and making workflow automation. Further, integrating the ML solution with data preparation tools is gaining the market.
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North America is Expected to Hold the Largest Market Share
- North America is expected to have a significant share in the market studied during the forecast period, mainly due to high investments in cloud-based, data analytics, and data-oriented solutions, early adoption of new and emerging technologies, and a large number of significant data preparation market vendors in the region.
- Moreover, the volume and complexity of data in the past few years have only made data preparation essential for various technologically advanced end-user industries across the region, which are constantly evolving and becoming more data-centric to keep themselves ahead of the fierce competition.
- Many regional programs and researchers use data science for better insights. Data preparation solutions can penetrate this opportunity and help them easily access extensive data and enhance visualization. For instance, according to the US Bureau of Labor Statistics data, demand for experienced and informed data scientists will likely increase by 27.9% by 2026.
- In addition, with the growing popularity of cloud services, enterprises in the region are increasingly looking for data preparation solutions that can be deployed in the cloud. The increasing use of advanced technologies such as AI and ML in data preparation solutions, coupled with the ever-increasing demand from enterprises for data preparation tool solutions that are flexible in terms of deployment, will shape the future of the growth of the data preparation market in the region over the forecast period.
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