According to the latest report by IMARC Group, titled "Data Quality Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global data quality tools market reached a value of US$ 1.4 Billion in 2021. Data quality tools refer to software applications that are widely used for analyzing datasets while identifying and resolving problems. These tools are utilized to enhance the quality of the data through various standardized processes that assist in converting them into meaningful information. This is done in order to address diverse aspects of data quality problems, such as data cleansing, profiling, matching, parsing, standardization and enrichment. Apart from this, these solutions assist in improving the overall timeliness, completeness, accuracy and consistency of information collected from various enterprise operations. As a result, they are increasingly deployed across numerous industry verticals, such as information technology (IT), banking, financial services and insurance (BFSI), healthcare, retail, telecommunications and manufacturing sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Quality Tools Market Trends:
The global market is majorly driven by rapid digitization across several sectors. Supported by the increasing generation of large volumes of digital business data across the industries, this has led to the growing need for quality data tools for strategic decision-making solutions in organizations and businesses. Moreover, the increasing integration of data quality tools with mobile device management (MDM) products for streamlining and managing tasks in an efficient manner while maintaining a steady workflow across the company is also acting as a major growth-inducing factor. The market is further driven by the widespread adoption of these tools across the healthcare sector so as to facilitate proper management of financial data, hospital systems, patient and inventory records, and administration information. Some of the other factors that are providing an impetus to the market growth include the rising product utilization in the life science sector, increasing adoption of the Internet of Things (IoT) solutions and the widespread preference for cloud data storage across varied industries. On account of the aforementioned factors, the market is projected to grow at a CAGR of 18.6% during 2022-2027.
- On the basis of the data type, the market has been divided into the customer, product, financial, compliance and other forms of data.
- Based on the functionality, the market has been classified into data validation, data standardization, data enrichment and cleansing, data monitoring, and others.
- On the basis of the component, the market has been categorized into software and services (professional and managed services).
- Based on the deployment type, the market has been bifurcated into cloud-based and on-premises.
- On the basis of the organization size, the market has been segregated into small and medium enterprises, and large enterprises.
- Based on the vertical, the market has been segmented into banking, financial services and insurance, telecommunication and IT, retail and e-commerce, healthcare and life science, manufacturing, government, energy and utilities, media and entertainment, and others.
- On the geographical front, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Ataccama Corporation (Adastra Corporation), Experian plc, International Business Machines (IBM) Corporation, Informatica LLC, Information Builders, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Syncsort, Inc., Talend Inc., Tamr, Inc., and Trianz, Inc.
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