Data Quality Tool Market Trends
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Quality Tool Market Trends. The growth sectors of the Data Quality Tool Market Trends are identified with precision for a better growth perspective.
Data quality tool is useful for addressing various aspects of the data quality problem. This tool has garnered a huge prominence over the past few years as enterprises understand the impact of poor-quality data and strive for solutions for improvement. This is resultantly increasing the uptake of data quality tools, further increasing its market value on the global platform.
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Market Research Future (MRFR), in its recently published study report asserts that the booming market for data quality tool is forecasted to demonstrate a spectacular growth by 2023, growing rapidly over the assessment period. MRFR, further also confirms that the global Data Quality Tool Market is estimated to reach approximately 1539 Mn. USD by 2023 with 16% CAGR during the forecast period (2017-2023).
Data Quality Tool and data science initiatives are designed to help the users or analysts tap into the power of cognitive computing. Through these solutions and services, organizations can gain greater understanding and control of their data, while complying with the rising data regulations, such as the European Union’s General Data Protection Regulation (GDPR).
The need to meet regulations & compliance deadlines and need to improve & sustain strategic risk management has fueled the growth of data quality tool solutions and services. The augmenting need to capture and analyze the rapidly increasing data in the digital technologies such as cloud computing, Internet of Things (IoT), and big data analytics generating the demand for the data quality tool market.
Additional factors substantiating the market growth include the growing volume of business data, increasing usages of external data sources, increasing regulatory pressure and the need for improvement of the performance of data. Also, the increasing demand for data quality functions in big data, and the evolving artificial intelligence in the field of data quality are expected to boost the growth of the data quality tool market over the forecast period, 2017-2023.
On the other hand, factors such as lack of awareness and security issues are restricting the growth of the data quality tool market.
Data Quality Tool Global Market - Segments
Data Quality Tool Market can be segmented into six key dynamics for the convenience of understanding;
By Components : Solutions and Services.
By Data Types : Product Data, Consumer Data, Financial Data, and Supplier Data, among others.
By Deployments : On- Demand and On-premises.
By Organization size : Small, Medium and Large.
By Verticals : BFSI, Media and Entertainment, Retail, Manufacturing, Healthcare, Government, Energy, and Education, among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Key Players
Profiled in MRFR Analysis some of the prominent players in the market of Data Quality Tool market are Microsoft Corporation (US), SAP SE (Germany), IBM Corporation (US), SAS Institute Inc. (US), Experian Data Quality (US), Informatica Corporation (US), Information Builder (US), Pitney Bowes (US), Oracle Corporation (US), Talend (US), Tamr (US), Trianz (US), and Syncsort (US) among others.
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This tool has garnered a huge prominence over the past few years as enterprises understand the impact of poor-quality data and strive for solutions for improvement.
This is resultantly increasing the uptake of data quality tools, further increasing its market value on the global platform.Market Research Future (MRFR), in its recently published study report asserts that the booming market for data quality tool is forecasted to demonstrate a spectacular growth by 2023, growing rapidly over the assessment period.
USD by 2023 with 16% CAGR during the forecast period (2017-2023).Data Quality Tool and data science initiatives are designed to help the users or analysts tap into the power of cognitive computing.
Through these solutions and services, organizations can gain greater understanding and control of their data, while complying with the rising data regulations, such as the European Union’s General Data Protection Regulation (GDPR).The need to meet regulations & compliance deadlines and need to improve & sustain strategic risk management has fueled the growth of data quality tool solutions and services.
The augmenting need to capture and analyze the rapidly increasing data in the digital technologies such as cloud computing, Internet of Things (IoT), and big data analytics generating the demand for the data quality tool market.Additional factors substantiating the market growth include the growing volume of business data, increasing usages of external data sources, increasing regulatory pressure and the need for improvement of the performance of data.
Also, the increasing demand for data quality functions in big data, and the evolving artificial intelligence in the field of data quality are expected to boost the growth of the data quality tool market over the forecast period, 2017-2023.On the other hand, factors such as lack of awareness and security issues are restricting the growth of the data quality tool market.According to Market Research Future, market has been segmented into component, data type, deployment, organization size, vertical and region.On the basis of deployment, the market has been bifurcated into on-demand and on-premises.
Global Data Quality Tool Market, By Component (Solutions, Services), By Data (Consumer data, Producer data), By Deployment (On-premises, on-demand), By Organization size (Small, Medium, Large), By Vertical, (BFSI, Healthcare, Education) - Forecast 2023Data Quality Tool MarketThe data quality tool system solutions enable organizations for better understanding of customer needs, improving the quality of service, future predictions and business growth.
The tools are increasingly implemented in support of data quality improvement initiatives.
Increasing usage of external data sources and the growing volume of business data are the factors boosting the growth of the data quality tool market.Data Quality Tool MarketAccording to Market Research Future, market has been segmented into component, data type, deployment, organization size, vertical and region.On the basis of deployment, the market has been bifurcated into on-demand and on-premises.
Out of these deployment, on-demand accounted for the largest market share majorly due to cost benefits and speed of deployment.
However, on-premises segment is expected to boost the market over the forecast period, 2017-2023.
The reason is attributed to increasing number of large enterprises which require storage of data and security concerns.On the basis of region, the market has been segmented into North-America, Europe, Asia-Pacific and Rest of the world.
Global Data Quality Tool Market, By Component (Solutions, Services), By Data (Consumer data, Producer data), By Deployment (On-premises, on-demand), By Organization size (Small, Medium, Large), By Vertical, (BFSI, Healthcare, Education) - Forecast 2027Market SynopsisThe global data quality tool market size is evaluated thoroughly, and the evaluation has established that the data quality tool market is anticipated to hold a substantial value of USD 1539 million, expanding at a CAGR of 16% during the assessment period.
The enlarging volume of business data is projected to be the most imperative factor driving the global data quality tool market 2020.
It is to be noted here that the increasing speed of data accumulation is another factor leading to market expansion during the assessment period from 2020 to 2027.
Several enterprises are making massive investments in data quality tools for comprehending the customer demands efficiently, and thereby making the service quality superior.
The data experts at Market Research Future Reports (MRFR) are evaluating the aftermath of COVID-19.
On the grounds of component, the global data quality tool market can be segmented into services and solutions.
