What to expect for data prep and data analytics in 2022
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While modern organizations generate astronomical amounts of data every day, many still struggle to make sense of it all. However, that’s gradually starting to change, as more data prep and analytics providers come to the surface to empower nonspecialist users to translate raw data into actionable insights.
In fact, researchers estimate that the Data Preparation Tools Market size will grow at a CAGR of over 20% to reach a total value of $13.15 billion by 2028, with organizations having a range of accessible data analytics providers to choose from, such as Alteryx, IBM Watson Studio, TIMi Suite, and Incorta.
With the data analytics and preparation market in a state of growth, in 2022, more companies those data analytics providers will invest in will develop solutions that give decision makers better transparency over their operational data.
Alteryx acquires data preparation provider Trifacta for $400 million
Data preparation provider Alteryx announced it invested $400 million to acquire visual data engineering cloud platform Trifacta.
By acquiring Trifacta, Alteryx intends to use its advanced cloud platform to help customers build a more robust data pipeline with greater profiling and preparation capabilities.
It’s worth noting that this acquisition comes after two recent acquisitions, including Hyper Anna, a cloud platform for deriving AI-driven insights, and Lore IO, a data modeling solution.
2021 was a successful year for Trifacta, with the company announcing an annual recurring revenue of $579 million, an increase of 29% from the year before.
A key reason for the organization’s success in the market is its ability to differentiate itself from other specialist solutions by ensuring that non-developers have the option to gain access to meaningful insights.
IBM acquires Envizi, mParticle acquires Indicative
There have also been a number of other notable acquisitions occurring in the data analytics and preparation space. At the start of this year, IBM announced the acquisition of environmental performance management and data analytics provider Envizi for an undisclosed amount.
The acquisition will enable IBM to create more effective supply chain management solutions, while offering greater cover of Environmental, Social, Governmental (ESG) metrics.
“To drive real progress toward sustainability, companies need the ability to transform data into predictive insights that help them make more intelligent, actionable decisions every day. Envizi’s software provides companies with a single source of truth for analyzing and understanding emissions data across the full landscape of their business operations and dramatically accelerates IBM’s growing arsenal of AI technologies for helping businesses create more sustainable operations and supply chains,” said Kareem Yusuf, general manager of IBM AI Applications in the announcement.
In the future, IBM intends to integrate Envizi with some of its existing solutions including IBM Maximo, IBM sterling, IBM Environmental Intelligence Suite, and IBM Turbonomic.
Similarly, shortly after raising $150 million in Series E funding in November, customer data infrastructure provider mParticle announced it had acquired customer journey analytics platform Indicative.
The company has completed the acquisition in an attempt to help customers gain better visibility over the customer journey, while making it easier to extract data from external data sources like Snowflake.
By augmenting its analytics offering, mParticle will be in a strong position to increase its customer base over the course of the year, which already includes brands like NBC Universal, Spotify, and Airbnb.
Insights are everywhere
Whether an organization wants to monitor ESG goals or the customer journey, there is plenty of data to process, and a growing number of accessible solutions to process it. In 2022, expect to see the number of easy-to-use data preparation tools increase further, as providers aim to break down the barriers to insights.
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