Data Quality Tools Market: Global Industry Analysis and Forecast (2023-2029)

Data Quality Tools Market size was valued at US$ 1.17 Billion in 2022 and the total data quality tools revenue is expected to grow at 17.7% through 2023 to 2029, reaching nearly US$ 3.68 Billion.
Data Quality Tools Market Overview:
The status of qualitative or quantitative information is referred to as data quality. There are several definitions of data quality, but in general, data is deemed high quality if it is suited for its intended usage in operations, decision making, and planning. Furthermore, data is considered high-quality if it accurately depicts the real-world construct to which it relates. The importance of excellent data quality in companies is growing in order to provide more actionable insights, which will drive the growth of the market throughout the projected period (2023-2029).

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The advancement of technology is a key component contributing to the data explosion. Furthermore, the fall in gadget prices increased consumer accessibility to smart gadgets, and sophisticated computing tools have all contributed to the current data surge. The ever-increasing volume of knowledge has resulted in complicated data formats, therefore comprehending and assessing the knowledge from this collected data for quick actionable choices is expected to fuel the growth of the info quality tools market.

One of the primary reasons driving market growth is a significant growth in the IT industry. Furthermore, the global digitization movement, which has resulted in the generation of massive amounts of digital corporate data, is boosting the market growth. Accordingly, growing usage of paired with data integration systems and mobile devices to develop organized processes, manage activities, track problems, and maintain workflow efficiency in the business is also helping to market growth.
Data Quality Tools Market Dynamics:
The increasing investment in data quality across cloud and big data, increasing the reliability of data for strategic decision making across different organizations, and changing regulatory compliance requirements for data quality across various industries are the key factors driving the global data quality tools market's growth. Furthermore, the growing concern to maintain a standard data quality discipline across various organizations globally, as well as rising interest in finding creative methods to expand systematic information governance programs within organizations, drives the global market's growth.

There are some roadblocks and constraints that will impede overall market growth. High costs, less flexible pricing structures, and longer implementation times are possible barriers to the global data quality tools market's overall growth. Furthermore, integration affects data timeliness, and complicated data architectures hinder market growth. Nonetheless, technological developments and the emergence of artificial intelligence for data quality provide good growth potential. The high cost of implementation is one of the key problems that firms that are deploying these data quality technologies confront. Due to the high cost, numerous small and medium-sized businesses may refrain from adopting these tools, hampered the overall growth of the data quality tools market throughout the projection period (2021-2029).

Lack of awareness is a key factor impeding market growth. Enterprises with a high number of employees have been using innovative technologies to improve their performance, owing to the vast pool of data available to these businesses. Enterprises are aware of poor data quality and recognize that poor data may have a detrimental influence on their performance, revenue, sales, and profitability. However, many firms continue to use time-consuming and labor-intensive methods, such as manually correcting data inaccuracies. This is mostly due to a lack of information about the availability of new technology on the market.
Data Quality Tools Market Segment Analysis:
By Deployment Type, the market is sub-segmented into on-premises and cloud-based sub-segments. On-premises sub-segment held xx% share in the market in the year 2021. The cloud-based sub-segment is expected to grow at the highest CAGR of xx% in the forecast period (2022-2029). This can be attributed to its cost-effectiveness, availability, scalability, and ease of deployment which are accelerating the demand for cloud-based deployment.

By Data Type, market segment is further sub-segmented into Compliance data, Supplier data, Product data, Customer data and, financial data. Customer and financial data sub-segments held the highest market shares of xx% and xx% respectively in the year 2021. This can be attributed to the high growth of the E-Commerce sector in the COVID-19 pandemic in the same year. These sub-segments are also projected to witness the highest CAGR out of all data type sub-segments.

By Business Function, The sub-segments are classified as Marketing, Sales, Finance, Legal, human resources and, Others. Finance and marketing sub-segments are projected to witness the highest CAGR of xx% and xx% respectively in the forecast period (2022-2029) out of all the business functions. This can be explained by large amounts of data of consumer finances and corporate finance records that require precise quality control.

By Industry: The different industry sub-segments are Banking, Financial Services, and Insurance, Telecommunications and IT, Retail and E-Commerce, Healthcare, Manufacturing, Government, Others. BFSI, Healthcare and Retail & E-Commerce held the highest shares in the data quality tools market in the year 2021. These sub-segments are also projected to grow at a high CAGR rate than other sub-segments in the forecast period (2022-2029). This growth can be attributed to bank customer data management, increasing quality in patient data or record monitoring, and high growth of online E-Commerce respectively.
Regional Insights:
The data quality tools market is seeing a rise in demand across the Asia Pacific region's growing economies, such as India and China, as the retail and e-commerce industries grow in popularity. Such factors are expected to drive market growth in the Asia Pacific region. North American region's unrivaled data expansion, powered by increased adherence to mobile and Internet of Thing technologies, the presence of significant data quality tools suppliers, demanding data-related regulatory compliances, and ongoing projects, is expected to drive the market in North America.

The United States accounts for more than 25% of the global market size is 2021, while China is expected to grow at a 15.3% CAGR from 2021 to 2029. In the United States, the market for Data Quality Tools was worth US$250 Billion in 2021. The country presently controls 30 percent of the worldwide market. China, the world's second-biggest economy, is expected to reach a market size of US$430 Billion in 2029, with a CAGR of 16% through 2029. Other notable geographic markets include Japan and Canada, which are expected to grow at 14% and 14.5% respectively, between 2021 and 2029. Within Europe, Germany is expected to develop at a 13% CAGR, while the rest of the European market is projected to reach US$450 Billion by 2029.

The objective of the report is to present a comprehensive analysis of the global Data Quality Tools market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global Data Quality Tools market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.
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Data Quality Tools Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.17 Billion.


Forecast Period 2023 to 2029 CAGR:
17.7 %
Market Size in 2029:
US $ 3.68 Billion.


 Segments Covered:
by Deployment Type
On-premises
Cloud-Based


by Data Type
Compliance data
Supplier data
Product data
Customer data
Financial data


by Business Function
Marketing
Sales
Finance
Legal
Human resources
Other


by Industry
Banking, Financial Services, and Insurance (BFSI)
Telecommunications and IT
Retail and E-Commerce
Healthcare
Manufacturing
Government
Others



Data Quality Tools Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Talend
2. Pitney Bowes
3. RedPoint
4. Microsoft Corporation
5. Syncsort
6. Tamr
7. Trianz Inc.
8. Accenture Plc
9. DQ Global
10.Informatica
11. IBM
12. SAS
13. SAP
14. Oracle
15. Trillium Software
16. Information Builder
17. Experian
18. Ataccama
Frequently Asked Questions:
1. Which region has the largest share in Global Data Quality Tools Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Data Quality Tools Market?
Ans: The Global Data Quality Tools Market is growing at a CAGR of 17.7% during forecasting period 2023-2029.

3. What is scope of the Global Data Quality Tools Market report?
Ans: Global Data Quality Tools Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Data Quality Tools Market?
Ans: The important key players in the Global Data Quality Tools Market are – Talend, Pitney Bowes, RedPoint, Microsoft Corporation, Syncsort, Tamr, Trianz Inc., Accenture Plc, DQ Global, and Informatica

5. What is the study period of this Market?
Ans: The Global Data Quality Tools Market is studied from 2022 to 2029.