Drivers & trends in Data Extraction market revolve around increasing volume of data, growing adoption of automation, and advancements in NLP and ML.
PORTLAND, OREGON, UNITED STATES, June 27, 2023/EINPresswire.com/ — With a predicted CAGR of 11.8% from 2020 to 2027, the global Data Extraction Market, which was valued at $2.14 billion in 2019, is expected to expand to $4.90 billion by 2027.
Data consolidation, processing, and refinement are all carried out by data extraction software in order to extract useful information from massive amounts of data. Finding hidden patterns in the data and analysing big blocks of information to identify significant patterns and trends are the main objectives of data extraction software.
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With the proliferation of digital technologies and the rise of the Internet of Things (IoT), the volume of data generated by businesses has grown exponentially. This surge in data has created a need for efficient and effective data extraction solutions. Businesses are seeking advanced tools and techniques to extract relevant information from diverse data sources, enabling them to gain valuable insights, make informed decisions, and drive business growth.
The demand for automation in data extraction processes is increasing rapidly. Manual data extraction is time-consuming, error-prone, and inefficient. Automation solutions, powered by artificial intelligence (AI) and machine learning (ML), offer improved accuracy, speed, and scalability. By automating data extraction tasks, businesses can streamline workflows, reduce costs, and accelerate data-driven decision-making processes.
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Compliance regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), have placed greater emphasis on data privacy and protection. Data extraction solutions that ensure compliance with these regulations are in high demand. Businesses are seeking tools that can extract relevant data while adhering to strict privacy guidelines, enabling them to maintain compliance and mitigate the risk of data breaches.
Advancements in NLP and ML algorithms have greatly improved the accuracy and efficiency of data extraction. These technologies enable the extraction of unstructured data from various sources, such as emails, documents, social media, and web pages. NLP-based techniques, such as entity recognition and sentiment analysis, further enhance data extraction capabilities. Businesses are leveraging these advancements to extract valuable insights from unstructured data, enabling them to gain a competitive edge and drive innovation.
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The key players profiled in the data extraction market analysis are Alteryx, Inc., Altair Engineering Inc., Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Matillion Ltd., Oracle Corporation, SAS Institute, Inc., SAP SE, and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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