Data Extraction Software Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|International Business Machines Corporation, UiPath Inc., Hyland Software Inc., Talend Inc., Nintex USA Inc.

Uday Kiran

Data Extraction Software Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|International Business Machines Corporation, UiPath Inc., Hyland Software Inc., Talend Inc., Nintex USA Inc.

The Data Extraction Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Data Extraction Software Global Market Report 2024, The data extraction software market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to military modernization programs, increasing threats and conflicts, interoperability requirements, special operations and urban warfare, focus on network-centric warfare.

The data extraction software market size is expected to see rapid growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to integration of artificial intelligence, adoption of software-defined radios, unmanned systems integration, enhanced range and connectivity, multi-domain operations. Major trends in the forecast period include cybersecurity concerns, technology advancements, advanced encryption and cybersecurity, miniaturization and lightweight designs, spectrum-efficient technologies.

The increase in the amount of unstructured data is expected to propel the growth of the data extraction software market going forward. Unstructured data refers to information that does not have a pre-defined data model or is not organized in a pre-defined manner making it more challenging to analyze and requiring specialized tools and techniques for processing and extracting. Data extraction software is used for unstructured data to automate processes and provide valuable insights for decision-making by converting it into a structured format for business intelligence (BI) and analytics applications. For instance, in August 2022, according to a survey 1,000 employees conducted by Komprise, a US-based provider of unstructured data management surveys, it was observed that 87% of IT leaders rate managing unstructured data growth as a top priority in 2022, up from 70% in 2021. Further, around 65% of organizations plan to or are already delivering unstructured data to their big data analytics platforms. Therefore, the increase in the amount of unstructured data is driving the growth of the data extraction software market.

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The data extraction software market covered in this report is segmented –

1) By Component: Tools, Services

2) By Deployment: Cloud, On-Premises

3) By Organization Type: Large Enterprises, Small And Medium Enterprises (SMEs)

4) By Vertical: Banking, Financial Services, and Insurance (BFSI), Retail, IT And Telecommunication, Medical And Healthcare, Manufacturing, Government And Public Sector, Other Verticals

Major companies operating in the data extraction software market are focusing on innovative technological solutions, such as cloud-based AI technologies, to provide customized services to their customers. Cloud-based AI (artificial intelligence) technology refers to the utilization of AI tools and applications that are hosted and delivered through cloud computing infrastructure. For instance, in November 2021, Base64.ai, a US-based software company, launched a cloud-based AI technology that can understand and process various types of documents in real-time. The company's all-purpose document processing AI enables businesses to automate their document processing without the need to build individual machine learning models for each document type, saving time, effort, and money.

The data extraction software market report table of contents includes: