Data Extraction Market Size, Share, Trends, Growth and Forecast 2030

The global data extraction market size was worth around USD 2734.98 Million in 2022 and is predicted to grow to around USD 5691.02 Million by 2030 with a compound annual growth rate (CAGR) of roughly 9.80% between 2023 and 2030. The report analyzes the global data extraction market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the data extraction industry.

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Global Data Extraction Market: Overview

Data extraction is the method of retrieving data from different sources. To store the data in a centralized location such as cloud-based or on-site for analysis and transformation, data extraction combines, processes, and defines data. Data extraction is also well-known as data collection as it includes collecting data from diverse sources such as scanned text, Portable Document Format (PDFs), documents, Relational Database Management System (RDBMS), flat files, emails, web pages, etc. The sources from which this data is extracted can be unstructured or structured.

Global Data Extraction Market: Growth Factors

The global data extraction market is growing at a speedy rate. With an increase in digitalization across several sectors, most of the companies are transiting into online businesses. Thus, there is a rise in the importance of data that resulted in the necessity to collect and transform the data in a form for analysis. This is the major factor that is primarily driving the growth of the global market. In addition to this, the growing need for storage systems for the large volume of data that is been generated and the increase in adoption of business analytics & big data software are also contributing to the market growth. Further, improve data quality, export data into widely used applications, extract structured data from general document formats, advanced processing/enrichment real-time extraction, and user-friendly interface are some of the functionality of data extraction that can have a positive impact on the workflow.

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In addition to this, data extraction enables better decision-making, reduction of manual errors, faster processes, and cost savings. Owing to all such factors there is an increase in the adoption of data extraction tools among small & mid-size enterprises which in turn is fostering the growth of the global data extraction market. Moreover, the growing adoption of cloud-based technology and heavy investment in the development of data extraction tools & software are also boosting the overall market growth. Furthermore, rise in use of machine learning and artificial intelligence for data extraction may generate beneficial opportunities for the growth of the global data extraction market over the forecast period. However, an increase in complexity in the process of data extraction and growing concerns related to data quality may impede the growth of the global data extraction market.

The outbreak of Covid-19 has led to significant growth in the global data extraction market. Due to nationwide lockdown and restrictions on movement to control the spread of the virus, most of the organizations across the world initiated work from home policy. This resulted in the demand for cloud-based data extraction tools to analyze and manage the information. Thus, the global market witnessed a healthy growth rate during the pandemic.

Global Data Extraction Market: Segmentation

The global data extraction market is classified based on component, enterprise size, deployment mode, data type, industry vertical, and region.

Based on the component, the global data extraction market is divided into service and solution. The enterprise size segment is split into large enterprises and small & medium enterprises.

Based on the deployment mode, the global market is categorized into cloud and on-premise.

The data type segment comprises semi-structured & structured and unstructured.

The industry vertical segment consists of BFSI, IT & telecom, retail & e-commerce, government, healthcare, manufacturing, and others.

Data Extraction Market: Report Scope

Global Data Extraction Market: Regional Analysis

North America is predicted to dominate the global data extraction market during the forecast period. Major factors such as the presence of well-established IT infrastructure, increase in adoption of data extraction software, and presence of advanced technology are fueling the growth of the market in this region. Europe is anticipated to contribute significant share in the market owing to growing need for data collection for analysis and increase in adoption of cloud technology. Asia Pacific market is estimated to grow at a speedy rate during the forecast period owing to adoption of data extraction tools by small & mid-size enterprises.

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

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.