Data Quality Tools Market Size, Share, Growth Report 2032

Market Overview    

The global Data Quality Tools market accounted for USD 673.2 Million in 2020 and is expected to reach USD 2371.9 Million by 2028, growing at a CAGR of 17.1% from 2021 to 2028.     

Data quality aids in cleansing and managing data and makes it accessible across the organization. High-quality data assists strategic systems to incorporate all associated data to deliver a complete vision of the institute and the interrelationships within it. Data quality is a crucial characteristic determining the dependability of decision-making.

The key players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business developments.

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COVID-19 Impact Analysis:

The impact of the COVID-19 pandemic has been unexpected, extensive and intense. It has interrupted supply chains, moved massive numbers of employees to remote work, different customer behavior vividly and driven unexpected shifts in demand. This means that corporations must unceasingly revive models, bring in novel and contemporary data, and familiarize more quickly to changing events. The spectacular swiftness and scale of the COVID-19 disaster have put marvelous levels of stress on models. However, the world markets are slowly opening to their full potential and theirs a surge in demand of Data Quality Tools. The market would remain bullish in upcoming year.   

Growth Factors

Rise in the volume of business data across myriad firms along with mammoth need for acquiring high data quality in CRM and data integration activities is likely to propel the growth of data quality tools market in the years ahead. Apart from this, the need for enhancing the bottom-line performance by offering better customer engagement is expected to further drive data quality tools market trends. In addition, amplified preference for synchronizing data quality management tools within the organizations is expected to extend the scope of data quality tools business in the years to come. Inception of new technologies such as IoT is likely to propel the demand for data quality tools in the near future. Lack of awareness about data quality tools applications & use and data security concerns resulting in large-scale adoption of cloud –based systems, however, is forecast to obstruct the progression of data quality tools market in the forthcoming years.

Report Scope:

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Segment Analysis Preview

Data Quality Tools market by Component is segmented into Software and Services. The software segment is anticipated to grow owing to increasing adoption of data tools based on AI and ML in software companies.

On the basis of Data Type the market is segmented into Financial Data, Customer Data, Product Data, and Supplier Data. The Customer Data segmented to grow owing to increasing demand for consumer data in order to increase sales opportunities. On the basis of Vertical the market is bifurcated into BFSI,   Government, Telecommunications and IT, Retail and E-commerce, Healthcare and Life Sciences and Manufacturing. Healthcare and Life Sciences segment will grow as its loaded with data mostly from, clinical, patients claims, financials, pharmacies, and hospital systems.

Regional Analysis Preview

Regionally, North America has been leading the worldwide data quality tools market and is anticipated to continue on the dominant position in the years to come, states the data quality tools market study. Enormous growth witnessed in enterprise information management activities is the main factor behind the dominance of the North America data quality tools market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional data quality tools market.

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Key Market Players & Competitive Landscape

The major players operating in the Data Quality Tools market are Information Builders, MICROSOFT CORPORATION, Pitney Bowes Inc., Syncsort, International Business Machines Corporation, Informatica, Oracle Corporation, SAS Institute Inc., Talend, and SAP SE, among Healthcare and Life Sciences.

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The global Data Quality Tools market is segmented as follows:   

By Component

• Software
• Services

By Vertical

• BFSI
• Government
• Telecommunications and IT
• Retail and E-commerce
• Manufacturing 
• Healthcare and Life Sciences

By Data Type

• Financial Data
• Supplier Data
• Customer Data
• Product Data

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa