According to the latest report by IMARC Group, titled "Data Quality Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global data quality market size grew at a CAGR of around 15% during 2014-2019. Data quality tools are used for enhancing the quality of the data through various standardized processes for analyzing datasets and converting them into meaningful information by identifying, understanding and resolving the problems. They are utilized to address numerous aspects of data quality problems, including data cleansing, matching, profiling, parsing, standardization, enrichment and monitoring. These tools enhance the accuracy, timeliness, completeness, and consistency of information across numerous enterprise operations. Consequently, they are extensively utilized across the banking, financial services and insurance (BFSI), information technology (IT), healthcare, retail, telecommunications and manufacturing industries.
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 primarily driven by the increasing digitization across numerous industries and the subsequent rise in data generation and the volume of digital business data. This has contributed to a growing need for quality data utilized for strategic decision-making in organizations, which has contributed to an increase in the investments in data quality tools across big data, cloud, and hybrid environments. The market is further driven by the convergence of data quality with data integration tools and mobile device management (MDM) products for proficiently managing tasks and maintaining a steady workflow efficiency in the enterprise. Apart from this, these tools are widely utilized in the healthcare sector for maintaining patient and inventory records, hospital systems, administration information and financial data. Other factors, such as the growing adoption of the Internet of Things (IoT) and cloud data storage across numerous industries, have led to an escalating uptake of cloud-based data quality tools. On account of the aforementioned factors, the market is projected to exhibit strong growth during the forecast period (2020-2025).
- 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 CORP., 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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