Many business analysts recognize the importance of high-quality data for the success of their business. Hence, there is a growing trend in integrating data quality management within their particular organizations. It is not easy to do it manually with such an amount of data available these days. Data quality tools are used to deal with various aspects of the data quality predicament such as disintegration of text fields into component parts and formatting of values into reliable layouts based on industry standards; alteration of data values to meet domain limitations, integrity constraints or other business rules that define sufficient data quality for the organization; identification, and linking related entries across sets of data; and exploitation of controls to ensure ongoing conformance of data to business rules that define data quality for the organization.
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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Analyzing and disintegrating huge complex database that arrives in enterprises on daily basis is not an easy task for the analyst. Hence, many organizations are taking help of third party service providers to solve the data related problems. And this factor is primarily driving the growth of data quality tools market. To make business successful one has to gather the business related data from internal as well as external sources. Internal data is can be found in a formatted manner but external data is not well organized. Thus, data quality tools play vital role to organize and analyze the external data.
Growing importance of departmental data in organizations business strategies further anticipated the growth of this market globally. Furthermore, need for improving bottom-line performance through better customer engagement drives the growth of quality data tool market. Rise in artificial intelligence in data quality tools software is expected to fuel the data quality tools market globally. However, lack of awareness of data quality tools among the organizations, especially those organizations which are new in the market and targeting to achieve market share, restrain the growth of global data quality tools market.
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Data quality tools market is segmented based on data type, component, vertical, and region. Data type segment includes in this market are financial data, supplier data, customer data, and product data. Customer data segment is expected to have faster growth in given forecasted period due to an increased focus on customer engagement by enterprises. The component segment includes software and services. Many data quality tool vendors have developed technologically advanced and efficient software to minimize the data complexity. Due to this, software segment has moderate growth in giving forecasted period. The vertical segment includes banking, financial services, and insurance (BFSI), telecommunications and IT, retail and ecommerce, healthcare and life sciences, manufacturing, and government. Retail and ecommerce industry has moderate growth in this market due to huge customer data available. 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.
Key players profiled in this market include Information Builders, Microsoft Corporation, Pitney Bowes Inc., Syncsort, International Business Machines Corporation, Informatica, Oracle Corporation, SAP SE, SAS Institute Inc., Talend, Experian PLC.
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