Data is rightly called the new oil. Almost all business decisions today depend on data. However, most data is tedious to obtain and they can come in unstructured and unreadable formats, rendering it unusable. Taking this into account, many organizations prefer outsourcing data extraction depending on various factors like getting the data extracted by professionals, flexible pricing, and having on-demand support executives.
After taking into consideration the growing number of providers offering data extraction services to meet the increasing demand, G2 is launching a new category for Data Extraction Services Providers.
The state of data extraction software on G2
G2 observed that the reviews for the Data Extraction category upsurged after the COVID-19 pandemic indicating that more and more companies wanted to grow their businesses utilizing the data available. However, for small and mid-enterprises, it takes a lot of resources, time, and a sizable cut in the planned budget. If these companies want to develop their own teams for web scraping or data extraction, it involves getting additional licensing, hiring staff for using this software, and also training them.
Outsourcing data extraction services is an affordable and time-saving decision for such enterprises. Data extraction services providers offer on-demand support along with web scraping services.
With an increase in review trends of small and mid-enterprise buyers, 400% and 42.85% respectively, in Q2 2021 for the Data Extraction category, it was essential to create a new category for services providers. The Data Extraction category on G2 lists all the products that help organizations in extracting data.
Managing data for organizations
Data management is one of the major tasks to look after for any organization. While there are many organizations that have opted for data extraction software, there are others that prefer data extraction services providers. These providers ensure scalability over developing data extraction teams in-house and the organizations also have the benefit of obtaining data in required formats.
Scalability: It becomes difficult to scale your data extraction team in-house. Data extraction services providers make this job easier by providing as much data as and when required.
Better savings: Organizations can save on their budget since the data is obtained at a reasonable price from the providers.
On-demand assistance: Many providers give on-demand support for organizations stuck in the process of data extraction.
Better data quality and management: When data extraction services are outsourced, there is an assured quality of data being passed over to the organization.
Streamlined flow of data: Given that data extraction services providers have a team dedicated to just extracting and processing data, it ensures an unobstructed flow of data to the organization.
Various formats of data extraction: Depending on the requirement, data extraction services providers help the organizations with their preferred formats of data. Usually, data formats like JSON, XML, and others are in demand.
Custom data extraction: Data extraction services can be tailored to suit the organization’s needs.
Industry-specific uses of data extraction services
A large amount of data is generated in the healthcare, supply chain management, and banking industries on a daily basis. Here are some of the industry-specific uses:
Healthcare: Data extraction providers offer document processing services in the healthcare space to find the exact data one is looking for.
Supply chain management: Data extraction services help organizations in supply chain management by deciphering the documents for procurement and feeding that data into ERP software.
Banking: There are a lot of documents that are processed in the banking industry regularly. Data extraction services make data entries easier.
As organizations have come to realize that they can obtain data in readable formats without going through the hassle of extracting it, there is an increased demand for the services of data extraction providers in the market.
With more companies owning this space, it is expected that the data extraction services sector is bound to grow. Depending on a company’s budget and requirements, these providers can also diversify their current offerings in the near future to sentiment analysis.
Shalaka is an associate market research analyst at G2. She is mesmerized by the way technology has affected our lifestyle throughout the years. Prior to joining G2, she worked as a merchandiser in the apparel industry and also had a stint as a content writer. She loves reading and writing in her leisure. She's highly interested in the paranormal and continues to study the spirit world given a chance.