Data Extraction Software Market Expansion 2024-2033: Growth Drivers and Dynamics

Overview and Scope

Data extraction software is a type of computer program or tool designed to retrieve structured or unstructured data from various sources and convert it into a usable format for analysis, reporting, or other purposes. This software is used in business, research, and data analysis to automate the process of collecting data from different locations, such as websites, databases, documents, or even legacy systems.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the data extraction software market in 2023. The regions covered in the data extraction software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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</b

The data extraction software market report table of contents includes:
1. Executive Summary
2. Data Extraction Software Market Characteristics
3. Data Extraction Software Market Trends And Strategies
4. Data Extraction Software Market – Macro Economic Scenario
5. Global Data Extraction Software Market Size and Growth
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32. Global Data Extraction Software Market Competitive Benchmarking
33. Global Data Extraction Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Extraction Software Market
35. Data Extraction Software Market Future Outlook and Potential Analysis
36. Appendix

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