Global Data Extraction Market Size, Share, & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By Enterprise Type (Large Enterprises and Small and Medium Enterprises (SMEs)), By End-user (BFSI, Retail, Healthcare, IT & Telecom, Manufacturing, Transportation, and Others), and Regional Forecast, 2024-2032

Data extraction encompasses various technologies, tools, and services designed to extract data from diverse sources, such as websites, documents, databases, emails, social media platforms, and others. Some common techniques for data extraction include web scraping, optical character recognition, screen scraping, and data integration from different databases. Businesses across various sectors, such as finance, marketing, healthcare, retail, and logistics, heavily rely on data extraction solutions to streamline their operations, gain a competitive edge, and enhance their understanding of customer behaviour and market trends. For instance,

• In October 2022, Tellimer Group, a financial data and technology provider, released Parsel V2.0, an advanced AI-powered data extraction tool. Parsel is an intelligent document processing (IDP) solution specifically developed by Tellimer that aids financial and capital-market consumers in analysing and processing credit sovereign, company, and other financial information.

Additionally, with the exponential growth of data and the importance of data-driven decision-making, the data extraction market is expected to continue expanding.

Impact of COVID-19 on the Data Extraction Market

The COVID-19 pandemic profoundly impacted the data extraction market, with significant shifts in demand, usage patterns, and business priorities. As the world grappled with the challenges of the pandemic, businesses rapidly adapted to remote work and digital operations. This increased demand for data extraction solutions as organizations sought to automate processes gained valuable insights from many digital sources.

Furthermore, the accelerated adoption of online platforms and e-commerce during the pandemic further fuelled the need for data extraction technologies to gather information from websites, social media, and other digital channels. Certain industries, such as healthcare, pharmaceuticals, and logistics, experienced a surge in demand for specific data extraction tools to address pandemic-related challenges.

Segmentation

Analysis By End-user

The data extraction market is segmented into BFSI, retail, medical & healthcare, IT & telecom, and others. BFSI holds the largest market share and is projected to grow at the highest CAGR during the forecast period owing to the increasing adoption of data extraction in analysing vast amounts of financial data and customer learning records. Moreover, this industry relies heavily on data entry and extraction to gain valuable insights for financial institutions.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Key Players


• Impact of COVID-19 on the Global Data Extraction Market


• Consolidated SWOT Analysis of Key Players

Regional Analysis

The global data extraction market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. North America dominates the global data extraction market due to the growing demand for digital technologies such as Artificial Intelligence (AI) and machine learning. The region's significant presence of data extraction solution vendors also plays a crucial role in driving the market growth. For instance,

• In May 2022, UiPath, an enterprise automation software company, integrated its platform with Adobe’s digital document production and e-signature capabilities. It allows customers to automate end-to-end document processes seamlessly, which results in increased employee productivity, enhanced digital customer experiences, and reduced costs.

Asia Pacific is expected to experience substantial growth in the data extraction market, owing to the rapid expansion of e-commerce retailers in the region. Additionally, numerous small and medium companies' increasing adoption of cloud and mobile technologies is projected to fuel the market's growth in the coming years. These factors create a favourable environment for adopting regional data extraction solutions.

The distribution of the global data extraction market by region of origin is as follows:

• North America – 32%


• South America – 7%


• Europe – 24%


• Middle East and Africa – 12%


• Asia Pacific – 25%

Key Players Covered

The key players in this market include UiPath, Newgen, Sesame software, Datahut, Oracle Corporation, Extract systems, Tellimer Group Astra software, SmartPanda, Cloudera, Inc., KNIME AG, Hubdoc Inc., WebHarvy, Mozenda Inc., Astera Software, Altair Engineering Inc., IBM Corporation, Kofax Inc., Microsoft Corporation, and others.

Key Industry Developments:

• May 2023 - Synapse, a performance management firm, unveiled its latest data extraction tool, Analytics Data Extraction (ADE). This tool can extract unsampled data from Universal Analytics (UA), even for extensive data sets.


• May 2023 - Parchment, an academic credentials management company, partnered with SmartPanda, a provider of essential software solutions for higher education. This collaboration offers admissions and enrolment leaders an efficient way to automate the extraction of transcript data from PDFs or XML/EDI files into their student information systems (SIS) or contact management systems (CMS). This eliminates the need for time-consuming and costly manual data entry processes.