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(Wireless-NewsWire.Com, July 28, 2020 ) According to report "Data Quality Tools Market by Data Type (Customer Data, Product Data, Financial Data, Compliance Data, and Supplier Data), Component (Software and Services), Business Function, Deployment Model, Organization Size, Vertical - Global Forecast to 2022", the global data quality tools market is expected to grow from USD 610.2 Million in 2017 to USD 1,376.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.The need for improving the bottom-line of performance through customer engagement, increasing regulatory pressures, and risk to brand reputation are some of the key driving forces of the data quality tools market.
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The finance data type is expected to grow at the highest CAGR during the forecast period
The poor quality of finance data can have a long-term impact on an organization’s finances. The higher the accuracy of the data, the better the decisions, and finance being the critical deciding factor, it is one of the major reasons for fuelling the growth of the market across various organizations and finance institutions. The finance data comprises sets of information related to the financial operations of a business. These sets of data are used by the management to study its business performance and identify the need for defining new business strategies. In a recent study, 35% of banks stated that they are having trouble accumulating the customer data and managing all the requirements that come with this data. Additionally, according to another survey in 2016, 33% of the participants stated that the data quality was a significant challenge, and hence, the data quality tools market is expected to be adopted in organizations.
The on-demand deployment model is expected to grow at the highest CAGR during the forecast period
The data quality tools market by deployment model has been segmented into 2 types: on-premises and on-demand. The on-demand deployment model is expected to grow at the highest CAGR during the forecast period owing to its cost-effectiveness, availability, scalability, and ease of deployment.
North America is expected to dominate the data quality tools market during the forecast period
The global data quality tools market is segmented on the basis of 5 major regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is estimated to hold the largest market share in the market in 2017, owing to the unmatched expansion of data in the region fuelled by the increasing adherence to mobile and Internet of Things (IoT) technologies, and also, the direct presence of major data quality tools vendors. The data quality tools market in APAC is expected to grow at the highest CAGR between 2017 and 2022. The increasing awareness, the advancement in technologies, the stringent data related regulatory compliances, and the presence of a large number of Small and Medium-Sized Enterprises (SMEs) are expected to be the major contributing factors for the growth of the market in this region.
The major data quality tools vendors include Experian Data Quality (Experian Plc) (US), Informatica (US), Information Builders, IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), Pitney Bowes Inc. (US), SAP SE (Germany), SAS Institute Inc. (US), Syncsort (US), Talend (US), Trianz (US), and Tamr (US).
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