Global Data Quality Tools Market to grow at a CAGR of over 22% by 2025
Data Quality Tools Market is valued at USD 713.78 Million in 2018 and expected to reach USD 2277.07 Million by 2025 with the CAGR of 22.08% over the forecast period.
This Data Quality Tools Market report also covers the impact of COVID-19 on the global market. The pandemic caused by Coronavirus (COVID-19) has affected every aspect of life globally, including the business sector. This has brought along several changes in Data Quality Tools Market conditions.
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Growing amounts of business data, rising investments in BigData, cloud technologies, increasing need for customer relationship management to maintain positive brand image, and rising adoption of external sources for information, are the major factors for driving the growth of Global Data Quality Tools Market.
Scope of Global Data Quality Tools Market Report-
Data quality tools analyze sets of information and identify insufficient data. It helps maintain customer relationship management (CRM), data integration and regulatory requirements. Data quality tools help extract large amounts of data from many sources and use that data to provide more ways to analyze your business. Maintaining data quality is a daunting task and it has become critical. Many organizations use data quality tools to launch their data quality plans to improve data quality plans, as they also offer standardization and deduplication capabilities. Data quality tools provide standardization, matching and analysis of data to capture statistical information, monitor and maintain data integrity constraints. Several large companies collaborate to develop powerful data quality tools for their business.
Data quality software improves data quality through various standardized processes to maintain data quality in accordance with specific industry standards. Data quality tools solve key problems in all areas of information resource management, typically involving a variety of key applications, including CRM, ERP and BI. Data quality tools can improve the accuracy, timeliness, completeness and consistency of information in various business operations. Available Data quality tools in the market serve a variety of functions, including data cleaning, data profiling, data matching, data normalization, data enrichment and data monitoring.
Data Quality Tools Market report covers major key players in the market like,
Microsoft Corporation, IBM Corporation, SAS Institute Inc., SAP SE, Oracle Corporation, Informatics Corporation, Pitney Bowes, Information Builder, Experian Data Quality, Talend, and others.
Global Data Quality Tools Market is segmented on the basis of data outlook, component type, functionality, deployment outlook and vertical. On the basis of data outlook, the market is segmented into product data, supplier data, consumer data, financial data, compliance data, employee data and others. On the basis of component type, market is segmented into software and services. On the basis of deployment outlook, the market is segmented into on-premise and on-demand. On the basis of functionality, the market is segmented into sales, marketing, operations, HR, IT, international business, and legal. On the basis of vertical, the market is segmented into banking, IT, telecommunications, finance, government, manufacturing, retail, energy, media, entertainment, healthcare and others.
The regions covered in this Data Quality Tools market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Data Quality Tools is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Global Data Quality Tools Market Dynamics-
Growing amounts of business data reaching to terabytes, rising investments in BigData and cloud technologies, increasing need for customer relationship management to maintain positive brand image, and rising adoption of external sources for information, and transforming regulatory compliance methods based on data are the major factors for driving the growth of Global Data Quality Tools Market. Based on IBM study of 2017, the world has created close to 90% of the present data in 2015 and 2016. As per statistics, over 2.54 quintillion of data is being produced by internet users each day. As per 2018 study by New Vantage, around 96.9% of business organizations are making huge investments in BigData and AI.
Global Data Quality Tools Market Segmentation: -
By Data: Product data, Supplier data, Consumer data, Financial data, Compliance data, Employee data
By Functionality: Sales, Marketing, Operations, HR, IT, International business, Legal
By Vertical: Banking, IT, Telecommunications, Finance, Government, Manufacturing, Retail, Energy, Media, Entertainment, Healthcare
Moreover, increasing dependency over accumulated data to extract viable information and carve out strategies accordingly for beneficial business practices, and a growing thrust for powerful regulatory compliances are other major factors driving the market growth.
However, deployment of data quality tools with a high degree of authentication and security provisions, makes it an expensive tool to hire. Additionally, lack of awareness of such quality management applications is still a prevalent issue in various SMEs and MSMEs. All these factors are expected to act as restraints for the growth of data quality tools market. There is a growing concern over maintaining standard data quality guidelines in various organizations, the rising interest in researching innovative data quality strategies and methods, and the expansion of systematic data governance programs in end user organizations has accelerated the global market for data quality tools. growth of. Incorporation of AI technology for efficient data quality management, the integration of data quality tools with data integration tools and MDM products is considered a major trend in the global market for data quality tools. In addition, the expansion of business applications across diverse industries and structured processes to create efficient workflows, task management and problem tracking in organizations of all sizes are becoming increasingly important and further stimulates the market growth.
North America is expected to remain a dominant region in the Global Data Quality Tools Market.
North America is the dominant region in the market with the largest share of the global Data Quality Tools market, due to a prominent space of the region on a technological front. Countries in North America like USA are always the early adopters of new technology. Moreover, widely spread digitalization, along with efficient IT enabled data quality handling systems, and large-scale incorporation of AI and IoT in various segments of data quality management tools are the main reasons for the dominance of the region in the market.
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