Data Quality Tool Market Share, Growth, Trends & Forecast to 2027
Data Quality Tool Market Scenario:
The data quality tool system solutions
enable organizations for better understanding of customer needs, improving the
quality of service, future predictions and business growth. The tools are
increasingly implemented in support of data quality improvement initiatives.
Increasing usage of external data sources and the growing volume of business
data are the factors boosting the growth of the data quality tool market.
The need to meet regulations
& compliance deadlines and need to improve & sustain strategic risk
management has fueled the growth of data quality tool solutions and services.
The augmenting need to capture and analyze the rapidly increasing data in the
digital technologies such as cloud computing, Internet of Things (IoT), and big
data analytics generating the demand for the Data Quality Tool Market.
Market Research Future
(MRFR), in its recently published study report asserts that the booming market
for data quality tool is forecasted to demonstrate a spectacular growth by
2023, growing rapidly over the assessment period. MRFR, further also confirms
that the global Data Quality Tool Market is estimated to reach approximately
1539 Mn. USD by 2023 with 16% CAGR during the forecast period (2017-2023).
Data Quality Tool and data
science initiatives are designed to help the users or analysts tap into the
power of cognitive computing. Through these solutions and services,
organizations can gain greater understanding and control of their data, while
complying with the rising data regulations, such as the European Union’s
General Data Protection Regulation (GDPR).
Additional factors
substantiating the market growth include the growing volume of business data,
increasing usages of external data sources, increasing regulatory pressure and
the need for improvement of the performance of data. Also, the increasing demand
for data quality functions in big data, and the evolving artificial
intelligence in the field of data quality are expected to boost the growth of
the data quality tool market over the forecast period, 2017-2023.
On the other hand, factors
such as lack of awareness and security issues are restricting the growth of the
data quality tool market.
The
COVID-19 pandemic disruption is estimated to transform the Data Quality Tool Market in the
years to come drastically, and its after-effects will be persistently seen in
the years ahead. The MRFR report on the Data Quality Tool Market meticulously
tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise
analysis of drivers and restraints in a post-COVID-19 market offers a coherent
understanding of future growth cues.
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Major Key Players:
Profiled
in MRFR Analysis some of the prominent players in the market of Data Quality
Tool market are Microsoft Corporation (US), SAP SE (Germany), IBM
Corporation (US), SAS Institute Inc. (US), Experian Data Quality (US),
Informatica Corporation (US), Information Builder (US), Pitney Bowes (US),
Oracle Corporation (US), Talend (US), Tamr (US), Trianz (US), and Syncsort (US)
among others.
Data Quality Tool Market Segments:
Data Quality Tool Market can be segmented into six key dynamics for the convenience of
understanding;
By Components: Solutions and Services.
By Data Types: Product Data, Consumer Data, Financial Data, and Supplier Data, among
others.
By Deployments: On- Demand and On-premises.
By Organization size:
Small, Medium and Large.
By Verticals: BFSI, Media and Entertainment, Retail, Manufacturing, Healthcare,
Government, Energy, and Education, among others.
By Regions: North America, Europe, APAC and
Rest-of-the-World.
Data Quality Tool Market Regional Analysis:
North America is projected to lead the data
quality tool market in the forecast period, holding the largest market share.
Factors substantiating the market growth include the unparalleled expansion of
data, increasing adoption of internet of things (IoT), and stringent data
related to regulatory compliances. Furthermore, factors such as substantial
investments in cloud-based solutions, early adoption of emerging technologies,
and the presence of a huge number of players present in this region are
supporting the market growth.
The Asia Pacific market is anticipated to see
exponential progress and is predicted to be the most promising market for data
quality tool, globally, due to the increasing demand for digitization and increasing
awareness about new technological solutions. Additionally, the rising stringent
data related to regulatory compliances imposed by the regulatory bodies and
organizations in the region.
Data Quality Tool Market Competitive
Analysis:
The Data Quality Tool market
demonstrates high growth prospect which in turn is attracting several new
entrants to the market which is anticipated to intensify the market
competition. Data Quality Tool appears
to be highly competitive and fragmented due to the presence of key players
having the global presence.
The key strategies traced
from the analysis of recent developments of the key players include Product
Launch, Agreement & Partnership, Acquisition, and expansion. The study
indicates large investments by multinational companies and startup emerging.
Table
of Contents
1
Market Introduction
1.1
Introduction
1.2 Scope of
Study
1.2.1
Research objective
1.2.2
Assumptions
1.2.3
Limitations
1.3 Market
Structure
2 Research Methodology
2.1 Research
Network Solution
2.2 Primary
Research
2.3
Secondary Research
2.4 Forecast
Model
2.4.1 Market
Data Collection, Analysis & Forecast
2.4.2 Market
Size Estimation
Continued…
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List
of Tables
Table 1 Global Data Quality Tool Market, By Component
Table 2 Global Data Quality Tool Market, By
Deployment
Table 3 Global Data Quality Tool Market, By Data Type
Continued…
List
of Figures
Figure 1 Research Organization Size
Figure 2 Global Data Quality Tool Market, By
Component (%)
Figure 3 Global Data Quality Tool Market, By
Deployment (%)
Continued…
Market
Research Future (MRFR) is a global market research firm that takes great
pleasure in its services, providing a detailed and reliable study of diverse
industries and consumers worldwide. MRFR's methodology integrates proprietary
information with different data sources to provide the client with a
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steps to be taken based on those aspects.
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