Global Data Quality Tools Market Research Report: Forecast (2024-2030)

Market Definition

Data quality tools are software solutions devised to assess, monitor, and enhance data quality within organizations. These tools present a wide range of functionalities, including data profiling, cleansing, validation, and enrichment, enabling businesses identify and resolve their data's duplicates, inconsistencies, and inaccuracies, ensuring data integrity and reliability.

Market Insights & Analysis: Global Data Quality Tools Market (2024-30)

The Global Data Quality Tools Market size was valued at USD 2.1 billion in 2022 and is projected to grow at a CAGR of around 18.5% during the forecast period, i.e., 2024-30. The business terrain is witnessing an unprecedented surge in data production in terms of volume and variety. This progression has compelled businesses to implement robust data quality tools to ensure data privacy and integrity, owing to the rising awareness of data governance and regulatory compliance requirements, such as the General Data Protection Regulation (GDPR) in Europe.

Countries like the United States, United Kingdom, Germany, Canada, and Australia abode numerous industries heavily relying on data analytics, including finance, healthcare, retail, and manufacturing. However, countries across the Asia-Pacific region are amplifying data generation and are likely to expand their horizon during the forecast period. As such, the need to ensure accurate and reliable data for critical operations and improved business outcomes is fueled by the implementation of data quality tools in these regions.

Moreover, the proliferation of complex data sources, including IoT devices, social media, and cloud platforms, has restricted data integration and standardization, positively influencing the demand for data quality tools, capable of handling diverse data types and formats. These factors converge to drive data quality tools market expansion and highlight the critical role such tools play in ensuring reliable and high-quality data for businesses. Consequently, the market for data quality tools is highly competitive, with numerous vendors offering solutions that cater to various industries and data management needs.

Global Data Quality Tools Market Driver:

Elevating Business Data Production Projecting the Need to Ensure Data Accuracy and Reliability - The ever-increasing volume of data generated across industries has made it extremely crucial to effectively manage the data as businesses rely heavily on data-driven insights for decision-making. The increasing dependence on data necessitates accuracy, consistency, and completeness, resulting in the growing adoption of innovative tools the tech giants offer to control and use data in order to gain actionable insights efficiently. Further, the increasing focus on customer-centric strategies and the significance of accurate customer data for personalized marketing and improved customer experiences have also aided in enhanching the Data Quality Market size in recent years.

Global Data Quality Tools Market Growth Opportunity:

Leveraging Advanced Technologies for Data Quality Paired with Incorporation of External Data Sources - Internal data generation has reached unparalleled levels as numerous industries continue to embrace digital transformation and leverage advanced technologies like AI, ML, and IoT. For instance, Pyramid Analytics raised USD 120 million in a Series E round of funding with its flagship platform, Pyramids Decision Intelligence, which combines business analytics, data preparation, and data science capabilities with AI guidance functionality.

On the contrary, a swift surge in the adoption of external data sources such as third-party data providers, data acquired from social media platforms, and public data sets has been witnessed in recent years. On the one hand, these external data sources present valuable insights and enrich internal datasets, enabling businesses to flourish with informed decision-making. And on the other hand, its growing adoption also compels businesses to simultaneously ensure data accuracy and reliability.

Owing to the varied veracity of external data, companies are required to implement robust data quality tools and strategies to validate, measure, cleanse, and integrate external data with their internal data warehouses, creating remunerative opportunities for companies offering these tools.

Global Data Quality Tools Market (2024-30): Segmentation Analysis

The Global Data Quality Tools Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on End-User,

• BFSI
• Government
• Retail and E-commerce
• Healthcare
• IT & Telecom
• Others

The Healthcare industry is antuicipated to hold the larget market share and is set to witness substantial growth in the forecast years with frequent collaboration and adoption of new tools among healthcare companies. Healthcare providers are embracing big data analytics and population health management technologies to meet standards and patient expectations. Business intelligence (BI) solutions leverage electronic health records and genetic studies for individualized treatment and improved quality performance. With abundant data from multiple sources, including patient records, clinical information, and wearable technology, ensuring data integrity has become paramount. Thus, the shift towards electronic health records and cloud storage, along with government incentives, is driving the adoption of this tool to mitigate vulnerabilities, further aiding in enhancing the Data Quality Tools Market size.

Global Data Quality Tools Market Regional Projection

Geographically, the Data Quality Tools Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Among others, The APAC region is anticipated to register the fastest growth by holding the potential share of the Data Quality Tools Market through 2030. It can be attributed to advancing technological infrastructures entwined with a growing emphasis on data-driven decision-making in countries like China, Japan, India, and others in order to achieve effective data governance. In addition, several regional governments continue to emphasize forming a data resource system, clarifying data management responsibilities, and gaining basic data facilities for government affairs.  For instance,

In October 2023, The State Council of China revealed its plan to create a National Integrated Government Affairs Big Data System by the end of 2023. The system is expected to make millions of government data sets available in one place. Per the blueprints, governments across China have already contributed to a data catalog detailing more than 20 million information items and over 3 million government data libraries at all levels, along with the datasets on China's economy, natural resources, and legal persons.

Global Data Quality Tools Industry Recent Developments 

• In February 2023, To offer pushdown processing and data observability features to shared customers, Ataccama, a leading provider of unified data management platforms, announced that it had strengthened the integration of its Ataccama ONE platform with Snowflake, the Data Cloud firm. Data is thus processed directly on Snowflake's solitary, integrated platform, yielding quicker, less expensive, and more secure outcomes.
• In September 2022, the Spin-off of the MIT Computer Science and Artificial Intelligence Laboratory, Synthetic Data (SD) Metrics, a new tool from DataCebo, was made available to businesses to compare the quality of machine-generated synthetic data against actual data sets.

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