Report : Data Wrangling Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Tools and Services); Business Function (Finance,
According to our latest market study on “Data Wrangling Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by Component (Tools and Services); Business Function (Finance, Marketing and Sales, Operations, Human Resources and, Legal), Organization Size (SMEs and Large Enterprise), Industry Vertical (BFSI, Government, Healthcare, IT and Telecom, Manufacturing, Retail, and Others), and Geography,” 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.
North America dominated the data wrangling market in 2019 with a share of 37.9%. The US, Canada, and Mexico are major economies contributing to the data wrangling market in North America. Continuous technological advancements, led by notable R&D investments by tech giants, have created a stir in the competitive market in this region. Retail, technology, banking, and healthcare are emerging industries in the US. The banking industries in the US and Canada are embracing several technological advancements to improve customer experience in banking. The integration of IoT in banking applications has led the way to smart banking through digitalization, which generates enormous data in the banking sector. Thus, the use of machine learning-based data analytics is anticipated to increase in this sector to manage data such huge data volumes; moreover, the application of machine learning would allow users to draw valuable insights from the data.
In 2019, Europe stood second in the data wrangling market with a decent market share, and it is anticipated to witness a decent CAGR from 2020 to 2027. Europe comprises developed economies such as Germany, France, the UK, and Italy. Norway, Finland, Sweden, the Netherlands, Denmark, Switzerland, and the UK provide strong tech strength to the region. The UK, Germany, France, Italy, and the Netherlands are among the world’s top 12 developers of software services. Italy holds a massive share of total SMEs in Europe, including IT industries. Moreover, the Netherlands is the sixth-largest economy with presence of prominent ICT companies. ~55% of all Forbes 2000 companies in the IT industry have operations in the Netherlands. The strong presence of the ICT sector in Europe eventually supports the development of data wrangling tools. Furthermore, the presence of highly specialized tech companies in Helsinki, London, Berlin, Tallinn, and Copenhagen helps transform the European economy, which fuels the data wrangling market growth in the region
The data wrangling market players mainly focus on the several strategy to expand their business and maintain their brand name globally. For instance, in 2020, Trifacta, a global leader in data wrangling, declared that it had secured US$ 100 million in funding. This round of funding welcomed new investors such as Telstra Ventures, Energy Impact Partners, NTT DOCOMO Ventures, BMW iVentures, and ABN AMRO Digital Impact Fund.
Impact of COVID-19 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 a few of the worst-affected countries due to the COVID-19 outbreak. The outbreak was first reported in Wuhan, China, in 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 took the worst hit in 2020. Moreover, the business functions of SMEs are disturbed due to temporarily business shutdown and lockdown. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the business operations of SMEs, further hampering the supply and sales of various products. 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. Although various industries worldwide are still generating high volumes of data, at present, their operations are heavily interrupted, which has resulted in decline in the sales of data wrangling tools.
The report segments the global data wrangling market as follows:
By Business Function
By Organisation Size
By Industry Vertical