Data quality tools are analytical tools that help in meeting the four basic requirements of data quality, i.e. data cleansing, master data management, metadata management and data integration. These solutions help in the extraction and integration of large-scale data from a variety of sources. These tools help in making sense of this data collection by analyzing and representing them in a well-defined understandable manner. These tools enables enhancement of business functionality and operations as it helps in easier data management helping categorize and standardize the data sets.
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Data quality tools market is growing due to growing volume of business data, adoption of external data sources; the effects of these factors are mentioned below:
Product expansions and business acquisitions conducted by different market players:
The market is segmented on the basis of data type as customer data, financial data, product data, compliance data, supplier data; component is categorized into software, services; organization size is categorized as large enterprises, small & medium-size enterprises; business function as marketing, sales, finance, legal, operations, human resources; vertical as BFSI, telecommunications & IT, retail & e-commerce, healthcare & life sciences, manufacturing, energy & utilities, media & entertainment, government, others.
“According to Data Bridge Market Research, global data quality tools market is expected to be growing with a healthy CAGR of 18.1% during the forecast period of 2018 to 2025”
Some of the major players operating in market are IBM Corporation, Informatica, Oracle, SAP SE, SAS Institute Inc., Information Builders, Syncsort Inc., Tamr Inc., Microsoft, Pitney Bowes Inc., Talend, Experian PLC, Trianz, Neopost S.A., Oceanos, Inc., Siftrock, Cloudingo, RingLead, DupeCatcher and ArcGIS Data Reviewer among others.
One of the major opportunities that various market players are presenting their consumers with is the availability of AI-based data quality tools, wherein the functioning of these solutions is carried out by artificial intelligence platforms. This availability of advanced analytical tools is invoking various consumers to increase their adoption rate for these solutions as they exhibit greater effectiveness in business operations providing the organizations with better management of their operational data helping in greater revenue generations.
Global Data Quality Tools Market– Industry Trends and Forecast to 2025