According to the report titled ‘Global Data Extraction Software Market Size study by Component (Tools and Services), by Organization Type (Large Enterprises and Small and Medium Enterprises), by Deployment Type (On-premises and Cloud-based), by Vertical (Banking, Financial Services, and Insurance (BFSI), Retail, IT & Telecommunication, Medical & Healthcare, Manufacturing, Government and Public Sector and others) and Regional Forecasts 2020-2027’, available with Market Study Report, global data extraction software market was worth USD 9.2 billion in 2019 and is expected to grow with a CAGR of 5.1% during 2020-2027.
 

Surging demand of machine learning (ML) and artificial intelligence (AI) technologies, and growing digital transformation across sectors like professional services, banking, process manufacturing, central government, and business processes are the key factors driving the growth of global data extraction software market.
 

For those uninitiated, data extraction is a method of extracting and exploring the concept of implicit data in a massive data warehouse, allowing companies to make informed business decisions and formulate strategies. Different companies are implementing this methodology to manage large quantities of data and to easily apply data extraction algorithms for quick visualizations.
 

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Widespread incorporation of Big Data solutions and usage of business analytics in organizations to better understand clients would further propel global data extraction software industry scenario. In addition, the launch of products and services by main vendors, as well as other strategic alliances, would generate lucrative revenues in coming years.
 

In fact, in May 2020, SAS launched an AI and ML based visual text analysis environment to rapidly extract and classify tens of thousands of COVID-19 research articles and provide scientists with answers. However, varying government policies and regulations are likely to act as a restraining factor for the industry landscape over the study period.
 

Citing the regional landscape, worldwide data extraction software market sphere is segmented into North America, Asia Pacific, Latin America, Europe, and Rest of the World. The report claims that North America currently accounts for a significant market share and is projected to grow further over the analysis period. The regional growth is attributable to growing bring-your-own-devices (BYOD) trend in various firms, surging demand for technologically advanced BI (Business Intelligence) tools, and rising penetration of mobile devices and apps.
 

Major contenders in global data extraction software market are Fair Isaac Corporation, Oracle Corporation, SAP SE, Angoss Software Corporation, Alteryx, MathWorks Inc., KNIME AG, RapidMiner Inc., SAS, and IBM Corporation.