What Has Been the Growth of the Data Extraction Software Market So Far?
The data extraction software market has seen considerable growth due to a variety of factors.
• The market size for data extraction software has shown a rapid expansion in previous years. The predictions show it is set to increase from $1.76 billion in 2024 to $2.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.5%.
This growth during the past timeline could be linked to the modernization of military programs, escalating threats, and conflicts, requirements for interoperability, focus on urban warfare and special operations, alongside the emphasis on network-centric warfare.
What Are the Future Growth Projections for the Data Extraction Software Market?
The data extraction software market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the data extraction software market is predicted to undergo swift expansion. The market size is projected to reach $3.64 billion in 2029 with a compound annual growth rate (CAGR) of 15.9%.
This anticipated growth can be tied to the incorporation of artificial intelligence, the utilisation of software-defined radios, the integration of unmanned systems, improved range and connections, and the execution of multi-domain operations. Key trends forecasted for this period include concerns about cybersecurity, advancements in technology, progress in encryption and cybersecurity measures, the development of more compact and lightweight designs, and the emergence of technologies that utilize the spectrum more efficiently.
What Are The Core Factors Supporting Growth In The Data Extraction Software Market?
The surge in unstructured data, information that is not well-organized or lacks a standard data model, is predicted to boost the data extraction software market's expansion. The complexity of unstructured data necessitates the use of particular tools and techniques for processing and extraction. Data extraction software can help automate these processes and convert the unstructured data into a structured format, hence providing valuable insights for business intelligence and analytics applications. To illustrate, a survey by U.S. firm Komprise in August 2022 showed a rise from 70% in 2021 to 87% in 2022 in the number of IT leaders prioritizing the management of unstructured data growth. Also, approximately 65% of companies are planning to or have already started delivering unstructured data to their big data analytics platforms. Consequently, a rise in the volume of unstructured data is driving the data extraction software market's growth.
Data Extraction Software Market Driver: Soaring Digitization Fuels Demand For Data Extraction Software In The Market
What Are The Major Segments Within The Global Data Extraction Software Market?
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
Subsegments:
1) By Tools: Web-Based Extraction Tools, Cloud-Based Extraction Tools, On-Premise Extraction Tools
2) By Services: Consulting Services, Integration And Deployment Services, Support And Maintenance Services
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What Emerging Trends Are Influencing The Growth Of The Data Extraction Software Market?
Top enterprises in the data extraction software market are actively pursuing the development of advanced technological solutions, such as artificial intelligence (AI) technologies based in the cloud, to offer personalized services to their clientele. Cloud-based AI technologies refer to the use of AI tools and applications made accessible via cloud computing infrastructure. For example, in February 2023, Kofax, an American software corporation, unveiled TotalAgility 7.11, a low-code automation platform with enhanced intelligence. The new version includes several enhancements, such as optimized Intelligent Document Processing (IDP), novel low-code design elements, and improved DevSecOps functionalities. TotalAgility 7.11 is designed to assist companies in effectively managing crucial, disorganized data straight out-of-the-box, while also encouraging developers and business users to embrace automation. All of this is done with a serious focus on securely scaling automation in cloud settings.
Who Are the Key Players In The Data Extraction Software Market?
Major companies operating in the data extraction software market report are:
• International Business Machines Corporation
• UiPath Inc.
• Hyland Software Inc.
• Talend Inc.
• Nintex USA Inc.
• Fivetran Inc.
• Hevo Data Inc.
• Astera Software Corporation
• Skyvia Inc.
• Oxylabs
• Nano Net Technologies Inc.
• AIMLEAP Inc.
• Ocrolus Inc.
• Square 9 Softworks
• Lexion
• Alkymi Inc.
• Adverity
• Bright Data Ltd.
• Grepsr
• AmazingHiring Inc.
• QuickScraper
• ProWebScraper
• Scraping Fish
• Crawlbase
• Extract Systems
• Simpleindex
What Is The Most Dominant Region In The Data Extraction Software Market?
North America was the largest region in the data extraction software market in 2024. The regions covered in the data extraction software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
