Global Data Quality Tools Market: AI-based Data Quality Tools Presenting an Innovative Marketing Assessment Tools for Different Enterprises

Global Data Quality Tools Market

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:

  • Growing volume of business data: One of the factors inducing the need for better data management solutions is the significant increase in the volume of data streams being generated by different organizations and enterprises. These organizations require specialized tools/solutions to make sense of this vast data streams as a majority of information extracted from these data sets can help in better business planning of organizations, helping them in making strategic marketing, production and promotional decisions for their portfolio
  • Adoption of external data sources: The availability of information from different specialized database management companies has also induced the need for managing this large-scale data streams by adopting data quality tools which help in management of business operations. These data needs to be normalized and valuable information is to be extracted from these sources with the help of these specialized solutions. These tools help in providing their consumers with valuable statistical representation so that the integrity of these data sets can be verified.

Product expansions and business acquisitions conducted by different market players:

  • In March 2018, Infogix announced that they had acquired Lavastorm, which will help in greater business capabilities of the Infogix by combining Lavastorm’s analytics solutions. This combination will provide greater management of data while improving the functionality of these business operations. This acquisition will help in strategic enhancement of their market capabilities as the company will be able to provide their consumers with higher visualization servicing helping them analyze their business data in a better analytical way
  • In February 2017, Informatica announced the availability of “Informatica Axon”, which will help organizations in better controlling of their operational data. This solution offering is the industry’s first integrated enterprise data governance offering applicable in a wide range of industrial verticals ranging from financial services, healthcare, life sciences, insurance and various others. This solution is expected to completely transform the data governance offerings available in the market

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.