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
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., 2023-28. 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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 18.5% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Ataccama Corporation, Experian PLC, IBM Corporation, Informatica, Information Builders Inc, International Business Machines Corporation, Oracle Corporation, Pitney Bowes Inc, SAP SE, SAS Institute Inc, Syncsort Inc., Talend Inc., Tamr |
| Market Value (2022) | USD 2.1 Billion |
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 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.
Market Dynamics
Key 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.
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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.
Market Segmentation
Based on End-User,
The Healthcare industry is set to witness substantial growth in the global data quality tools market 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 data quality tools to mitigate vulnerabilities.
Regional Projection
Geographically, the Data Quality Tools Market expands across:
Among others, The APAC region is anticipated to register the fastest growth through 2028. 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.
Recent Developments in the Global Data Quality Tools Market
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Frequently Asked Questions
A. The Data Quality Tools Market is projected to grow at a CAGR of around 18.5% during 2023-28.
A. Elevating business data production projecting the need to ensure data accuracy and reliability is likely to drive the market further during the projected time frame.
A. The prominent players anticipated to stiffen the competition globally are Ataccama Corporation, Experian PLC, IBM Corporation, Informatica, Information Builders Inc, International Business Machines Corporation, Oracle Corporation, Pitney Bowes Inc, SAP SE, SAS Institute Inc, Syncsort Inc., Talend Inc., and Tamr.
A. Healthcare is anticipated to emerge as an area of remunerative opportunities for the leading players in the Data Quality Tools Market during the forecast period.
A. Globally, Asia-Pacific would provide lucrative prospects for the Data Quality Tools Market in the years ahead.
A. Leveraging advanced technologies for data quality paired with incorporation of external data sources is expected to present remunerative opportunities for the leading players in the Data Quality Tools Market during the forecast period.
