The latest research report by MarkNtel Advisors on the Global Data Quality Tools Market provides a detailed analysis and a vivid insight into the major aspects of the industry. According to the report, the Global Data Quality Tools Market was valued at around USD 2.1 billion in 2022 and is set to record a remarkable CAGR of about 18.5% in the forecast period.
Data quality tools are the technologies and processes used to measure the quality of the data, further helping the user to identify the errors, get an enhanced understanding of the data, and improve the accuracy and reliability of the data. These tools enable businesses to identify & resolve duplicates, inconsistencies, and inaccuracies of their data, thus ensuring the reliability and integrity of the same through several functions like data profiling, cleansing, validation, and enrichment. Moreover, with the increasing awareness of governing compliance requirements and data governance such as GDPR in Europe, businesses are compelled to implement strong data quality tools to ensure the privacy & integrity of data due to the record surge of data protection in terms of volume & variety.
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Furthermore, several industries in the US, the UK, Germany, Canada, and Australia depend on data analytics, including finance, healthcare, retail, and manufacturing. In these regions, the requisite to ensure the accuracy and reliability of the data for critical operations and improved business consequences is powered by the implementation of data quality tools, therefore aiding in infusing the Data Quality Tools Market share in the years ahead.
Companies Having a Solid Foothold in the Global Data Quality Tools Market
There are several companies dealing with or providing the data quality tools, some of the topmost organizations 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., Tamr, and others.
Breakdown of the Global Data Quality Tools Market Segmentations
- By Deployment (Cloud-based and On-Premise)
- By Size of the Organization (Small & Medium Enterprises and Large Enterprises)
- By Component (Software and Services)
- By End User (BFSI, Government, Retail & E-commerce, Healthcare, IT & Telecom, and Others)
- By Region (North America, South America, Europe, Asia-Pacific, and the Middle East & Africa)
The Healthcare industry is expected to have a substantial grip over the Data Quality Tools Market in the forecast years, because of the implementation of new tools and frequent collaboration among the healthcare companies. The integrity and safety of data have become extremely crucial due to the presence of ample data from numerous sources, including patient records, clinical information, and wearable technology. Further, the Data Quality Tools Market size is enhanced by a shift towards electronic health records and cloud storage along with government incentives.
By 2030, the Asia-Pacific region is expected to hold the largest share and list the fastest progress in the Data Quality Tools Market among all the regions. Countries like China, Japan, India, and others are accentuating data-driven decision-making to attain effective data governance along with progressing technological infrastructures which can be a key factor in boosting the Data Quality Tools Market. Numerous regional governments additionally continue to highlight forming a data resource system, clarifying data management responsibilities, and attaining basic data services for government matters.
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