Product Code: 66505
The data quality tools market is expected to register a CAGR of 17.5% over the forecast period. 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. According to a Harvard Business Review study, only 3% of the company's data meets basic quality standards.
- The increasing mobile connectivity and adoption of IoT across all industries have led to data explosion leading to the extraction of data from various sources. Furthermore, the penetration of smart devices and powerful computing tools have contributed to a rise in data. The massive rise in data generation and data volume has led to complex data types and formats, thus driving the growth of the data quality tools market.
- Also, the investments in data quality across big data, cloud, and hybrid environments are increasing the need for reliability of data for strategic decision making in organizations.
- Moreover, the changing regulatory compliance requirements for data quality across various industries, and the rising importance to maintain a standard data quality discipline across multiple organizations are the key factors drives the growth of global data quality tools market.
- However, high cost, less flexible pricing models and longer deployment time are the factors identified as restraints likely to deter the progression of global data quality tools market.
Scope of the Report
Data quality tools are programs or applications used to analyze datasets and convert it into meaningful information by identifying problems and resolving them. They are used to improve the quality of datasets like customer data, financial data, supplier data, product data, etc. These tools ensure the quality of data being delivered to different business processes such as decision making, business intelligence (BI), and analytics. These tools address various aspects of data quality problems such as data enrichment, monitoring, cleansing, matching, parsing, and data profiling.
Key Market Trends
Cloud-based Data Quality Tools Expected to Grow in Adoption
- With the growth in adoption of IoT and cloud data storage, companies are increasingly relying on data quality tools hosted in the cloud. Cloud-based data integration tools enable companies to handle the increasing complexity of IT frameworks by connecting diverse and disparate data and services.
- The various benefits received are scalability, ability to increase or decrease quickly the amount of infrastructure available for hosting and processing data. Other benefits of cloud-based data quality management include easy-to-deploy data analytics tools because the organizations can take advantage of tools that cloud provider offers as a service. Cloud integration provides access to a wide variety of tools for data analysis, processing, and storage.
- Other than the various benefits, cloud-based data integration has its disadvantages, which is restraining the adoption of cloud-based data quality tools. They are technical issues, security, and privacy issues, increased costs, etc. are hindering the adoption.
Asia-Pacific Expected to Register the Highest Growth Rate
- In terms of revenue, the Asia-Pacific region is identified as the fastest growing data quality tools market. This is primarily due to the increasing interest in data quality improvement solutions and an increasing focus on data-driven technical and strategic decision-making practices.
- The APAC market has shown tremendous growth opportunities, especially in the regions of developing economies, such as China, India, and Bangladesh. With the growth of smart cities and the proliferation of IoT devices, the region is expected to witness an ultra-growth in the future. Further, the start-up culture, the flexible government policies, the flourishing eCommerce business are also some major factors driving the market in the region.
- The continuing rapid pace of digital adoption combined with a fast-growing digital ecosystem is also paving way for growing cyber-attacks, including online fraud which requires a corresponding response to guarantee the safety of personal data and safeguard businesses' reputation, hence restraining the market.
- Also, the companies are consistently investing in the region to foster growth. For instance, in October 2018, Talend, a global leader in cloud data integration solutions, announced that it is supporting Talend Cloud's expansion and growth in Asia Pacific region with new regional cloud data infrastructure. With the growth percentage exceeding 100 percent YoY in the APAC region, Talend is helping the region's enterprises put more diverse data, applications, and APIs to work while addressing data privacy, residency, and performance requirements.
The data quality tools market is moderately fragmented due to the presence of several companies offering advanced solutions. Additionally, due to the presence of many vendors in the market, there is intense competition amongst them which encourages them to focus on areas to enhance their customer reach across various geographies.
- May 2019 - Informatica, the enterprise cloud data management leader enhanced its strategic partnership with Google Cloud with broader and deeper connectivity across the Informatica Intelligent Data Platform, enabling enterprises to accelerate their data-driven digital transformation initiatives on the Google Cloud Platform.
- May 2019 - Syncsort, announced a seamless data integration with Snowflake, provider of the only data warehouse built for the cloud. The new integration will enable mutual customers to access, transform and deliver critical customer and financial data from the mainframe to Snowflake for advanced analytics.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Increasing Volume of Enterprise Data
- 4.3.2 Increasing Use of External Data Sources Majorly Due to Increasing Mobile Connectivity
- 4.3.3 Increasing Regulatory Pressure and Risk to Brand Reputation
- 4.4 Market Restraints
- 4.5 Industry Attractiveness - Porter's Five Force Analysis
- 4.5.1 Bargaining Power of Suppliers
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Deployment Type
- 5.1.1 Cloud-based
- 5.1.2 On Premise
- 5.2 By Size of the Organization
- 5.2.1 Small and Medium Enterprises
- 5.2.2 Large Enterprises
- 5.3 By Component
- 5.3.1 Software
- 5.3.2 Services
- 5.4 By End-user Industry
- 5.4.1 BFSI
- 5.4.2 Government
- 5.4.3 IT & Telecom
- 5.4.4 Retail and E-commerce
- 5.4.5 Healthcare
- 5.4.6 Other End-user Industries
- 5.5 Geography
- 5.5.1 North America
- 5.5.2 Europe
- 5.5.3 Asia Pacific
- 5.5.4 South America
- 5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 IBM Corporation
- 6.1.2 Informatica
- 6.1.3 Oracle Corporation
- 6.1.4 SAP SE
- 6.1.5 SAS Institute
- 6.1.6 Talend
- 6.1.7 Experian PLC
- 6.1.8 Information Builders
- 6.1.9 Pitney Bowes Inc.
- 6.1.10 Syncsort
- 6.1.11 Ataccama
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS