According to the latest report by IMARC Group, titled “Data Quality Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global data quality market size exhibited strong growth during 2015-2020. 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.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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 around 18% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Ataccama Corporation (Adastra Corporation)
- Experian PLC
- International Business Machines
- Informatica LLC
- Information Builders Inc.
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Syncsort Incorporated
- Talend Inc.
- Tamr Inc.
- Trianz Inc
Data Quality Tools Market Segmentation:
Our report has categorized the market based on region, data type, functionality, component, deployment type, organization size and vertical.
Breakup by Data Type:
- Customer Data
- Product Data
- Financial Data
- Compliance Data
Breakup by Functionality:
- Data Validation
- Data Standardization
- Data Enrichment and Cleansing
- Data Monitoring
Breakup by Component:
- Professional Services
- Managed Services
Breakup by Deployment Type:
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- Banking, Financial Services and Insurance
- Telecommunication and IT
- Retail and E-Commerce
- Healthcare and Life Science
- Energy and Utilities
- Media and Entertainment
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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