Data Quality Tools Market will Procure $1,283.83 Million by 2022

Zion Market Research has published a new report titled “Data Quality Tools Market by Data Type (Financial Data, Supplier Data, Customer Data, and Product Data), by Components (Software and Services) for Verticals (Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and E-commerce, Healthcare and Life Sciences, Manufacturing, and Government) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022”. According to the report, global data quality tools market was valued at approximately USD 505.65 Million in 2016 and is expected to reach approximately USD 1,283.83 Million by 2022, growing at a CAGR of around 16.8% between 2017 and 2022. 

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Over the past few years, data quality has become a major concern for large companies in various activities, i.e. in customer relationship management (CRM), data integration, or regulatory requirements. Organizations are extracting more data from various sources and using it in more ways than ever before. In this scenario, data quality management is difficult as well as crucially important. Data quality tools enable organizations to jump-start their data quality initiatives while also providing a smooth path to data quality program growth and maturation. Data quality tools correspond to dedicated data decontamination tools such as address normalization tools and de-duplication tools. 

Data quality tools are gaining a wide momentum due to the increased volume of business data across industries and this factor is primarily anticipating the growth of data quality tools market globally. Many organizations are strategizing their business operations by analyzing bottom line performance in consumer perspective. Thus, emergence for improving bottom-line performance through better customer engagement further drives quality data tool market. Many business analysts recognize the importance of high-quality data for the success of their business. Thus, growing trend of integrating data quality management within particular organizations drives this market worldwide. Increasing competition among businesses demands effective business operation, which can be achieved by handling and managing business data effectively.

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Furthermore, increasing competition in business strategies and working dynamics drive data quality tools market. The exponential growth of big data with the increase of Internet of Things (IoT) devices is expected to fuel the data quality tools market globally. However, lack of awareness in modern data quality tools, primarily restraining the global data quality tools market. Due to data security concerns, many organizations shifted to the cloud, this factor also restrains the market. 

Data quality tools market is segmented based on data type, component, vertical, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Data type segment under this study includes financial data, supplier data, customer data, and product data. The component segment includes software and services. The vertical segment includes banking, financial services, and insurance (BFSI), telecommunications and IT, retail and e-commerce, healthcare and life sciences, manufacturing, and government.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil. 

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The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include Information Builders, Microsoft Corporation, Pitney Bowes Inc., Syncsort, International Business Machines Corporation, Informatica, Oracle Corporation, SAP SE, SAS Institute Inc., Talend, Experian PLC. +