Data Wrangling Market is emerging with Growing Demand for Data-Driven Decision-Making Process by 2027
NEW YORK, UNITED STATES, November 25, 2021 /EINPresswire.com/ — According to The Insight Partners' latest market study on “Data Wrangling Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast” the market was valued at US$ 1,377.8 million in 2019 and is projected to reach US$ 6,034.4 million by 2027; it is expected to grow at a CAGR of 20.9% from 2020 to 2027.
Market Size Value in – US$ 1,377.8 Million in 2019
Market Size Value by – US$ 6,034.4 Million by 2027
Growth rate – CAGR of 20.9% from 2020-2027
Forecast Period – 2020-2027
Base Year – 2020
No. of Pages – 191
No. Tables – 110
No. of Charts & Figures – 95
Historical data available – Yes
Segments covered – Component; Business Function ; Organization Size ; and Industry Vertical
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Integration of AI and ML into Data Wrangling
In the new era of fueling data, the advent of big data and machine learning would prove to be a game-changer for industries. Big data requires data wrangling and performs its task of delivering quality information for management decision making. The need to classify data is characterized by its large volume and speed. Similarly, due to its ability to learn the tags for every kind of information set in the system, machine learning is likely to boost the market for data wrangling. Also, companies are integrating technologies, such as AI and ML, to automatically analyze sensitive data behavior and enhance security measures to prevent incidents involving data breach. These technologies help companies reduce error rates through manual processes or user interference while classifying sensitive data and empowering data wrangling solutions to leverage continuous learning processes to automatically categorize data in a more refined and precise way, based on user-defined rules and policies. By presenting better and more complete data, third-party organizations and government units can significantly add value to the quality of a management system and MDM platforms, contributing to precise decision making. AI makes suggestions on what to get from a given set of data and the build's data connections. When a company has detailed and clean data in one place, the chances of making informed decisions are higher.
Impact of COVID-19 Pandemic on Data Wrangling Market
According to latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 also. AI and big data technologies were used to strengthen the contact tracing and management of priority populations. Personal data processing is difference in every geographical location. For instance, China, US, and the European Union have different legislation for governing processing personal data of their respective citizens.
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Data wrangling tools and services offer numerous benefits, such as delivering better and faster decision making and providing a competitive advantage by promptly analysing & acting upon information. Companies are also adopting data wrangling for real-time forecasting and monitoring various occasions that may affect the performance of the organizations. The ability to mitigate risks by optimizing complex decisions about unplanned events, such as cyberattacks and other crises, propels the growth of the data wrangling market. Further, the demand for data wrangling is increasing due to growing instances of cyberattacks as the wrangling process makes data easier to locate and retrieve. When it comes to managing risk, compliance, and data security, data wrangling is of particular importance. The wrangling of data involves tagging the data to make it easy to search and track. It also eliminates data duplications, reducing storage and backup costs while accelerating the search process. Data wrangling provides a clear view of all data within the control of an organization and a clear understanding of where the collected data is stored, how to access it quickly, and the best way to protect it against potential security risks.
Component Market Insights
Based on component, the data wrangling market is segmented into tools and services. The services segment can be further categorized into professional services and managed services. Tools segment led the data wrangling market in 2019, however, services segment is anticipated to grow at the highest CAGR during the forecast period.
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• In October 2019, DataRobot, acquired Paxata, the pioneer of self-service data preparation and leading data fabric provider, to fulfill its mission to build the world’s first automated end-to-end enterprise AI platform.
• In August 2018, TMMData, declared the launch of new “bulk entry forms” as part of its suite of self-service data blending tools. This released improved the platform’s data workflow capabilities so digital marketing and analytics teams can better scale their campaign management process with automation.
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Source: EIN Presswire