Data Quality Tools Market Size, Share and Analysis By Component (Software, Services), By Deployment (Cloud, On-premise), By Enterprise Size (Small & Medium Size Enterprise, Large Enterprise), By Application (BFSI, Healthcare, Manufacturing, Telecom & IT, Retail & E-commerce, Others) and Regional Forecast, 2024-2032

Increased mobile connectivity and Internet of Things (IoT) usage across many industries resulted in a massive data explosion, enabling data extraction from various sources. The complexity of data forms and formats drives the demand for data quality tools. For instance, according to Cisco’s annual internet report, the entire number of Internet users is expected to increase by 6% every year from 3.9 billion in 2018 to 5.3 billion in 2023. In terms of population, this accounted for 51% of the world's population in 2018 and 66% of worldwide population penetration by 2023.

Furthermore, increasing data quality investment across hybrid, big data, and cloud environments, increasing data reliability for strategy development across various organizations, and modifying regulatory compliance requirements for data quality across multiple industries to help boost the market growth. Additionally, the growing importance of maintaining a formal data quality discipline throughout various organizations, the ever-increasing way of finding innovative methods to data quality strategy, and increasing forms of information governance programs within end-user organizations are all driving the global data quality tools market forward.

IMPACT OF COVID-19 ON THE DATA QUALITY TOOLS MARKET

The Covid-19 positively impacted the data quality tools market. With COVID-19, the pandemic is generating massive volumes of data from various sources such as hospital admissions, infection rates, and deaths per 100,000, all of which are accessible in seconds. Despite the vast volumes of data, people don't always have a better understanding of what goes on the ground, and the large COVID-19 data sets aren't always converted into the improved decision. It's also crucial to understand the context of data, such as how it was compiled, metadata surrounding each feature, when it was last modified, and it's essential to look into the data's quality to check if it's intended to be used for machine learning.

KEY INSIGHTS-

The report will cover the following insights-

• micro and macro economic indicators


• Drivers, restraints, opportunities, and trends


• Impact of COVID-19


• Business strategies adopted by key players


• Consolidated SWOT analysis of key players

Analysis by Application

Healthcare Industry to Boost Market Growth.

Enterprise data warehouses (EDWs) are the most commonly used commercial data collection solutions in the healthcare industry.  They are designed to combine data from various sources into a single, unified, and integrated repository. Users can evaluate previously fixed data and achieve better ROI from existing source systems as the data is contained within the EDWs. Furthermore, to address the criteria of the new healthcare standards, hospitals and health care providers are implementing big data analytics and population health management technology, and the rising needs and expectations of patients. For instance, in November 2019, General Electric launched “Edison Datalogue,” the latest enterprise data management solution from GE Healthcare. This connects data systems, devices, applications, and physicians to add health systems a more holistic perspective of their data, ultimately helping to enhance financial and clinical outcomes.

Regional Analysis-

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The largest market share belongs to North America. This is owing to a rise in focus on data quality enhancement solutions, a growing emphasis on data-driven scientific, and strategic decision-making techniques. The region is predicted to experience ultra-growth in the future, primarily due to the expansion of smart cities and IoT devices. Furthermore, the region's market is driven by strong start-up culture, flexible government laws, and thriving e-commerce industry.

Key Players Covered-

Key players in the data quality tools market includes IBM Corporation, SAP SE, Oracle Corporation, SAS Institute Inc., Informatics Corporation, Pitney Bowes Inc., Experian Data Quality, Alteryx, Inc., Tamr Inc., Talend, Precisely, and Others.

Segmentation

Key Recent Developments-

• October 2021 – Informatica LLC announced the strategic cloud data management partnership with Google Cloud. This partnership enables customers of Informatica to migrate to Google Cloud up to 12 times faster. Informatica has expanded its Google Cloud Marketplace transact able products to include features of Master Data Management and Data Governance.


• June 2021 – Talend Inc. partnered with Snowflake, a data cloud company, to deliver safe and analytics-ready data at scale Inside the data cloud. This partnership will enable creating new market opportunities, accelerating growth, and boosting customer engagement, all of which can produce new income streams.