Press release
Data Quality Tools Market by Growth, Industry Size, Trends, Shares, By Top Players, And Forecast 2033
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Market Growth Drivers
The significant growth of the information technology (IT) industry is a key factor propelling the data quality tools market. As more businesses adopt digital processes, the volume of data being generated is rapidly increasing, creating a need for robust tools to ensure data quality. The integration of data quality tools with other systems, such as data integration and mobile device management (MDM), is also helping businesses streamline workflows and maintain accurate, organized data.
The healthcare and life sciences sectors are increasingly using data quality tools to manage patient records, hospital systems, and financial data, contributing to the market's growth. Additionally, cloud-based data quality tools and integration with the Internet of Things (IoT) are enhancing the functionality and appeal of these solutions.
The rise of data analytics in business decision-making is also a driving force. Organizations are relying on data-driven insights for strategic decisions, making accurate and high-quality data essential. The European Commission's 2023 Digital Economy and Society Index (DESI) revealed that 55% of EU firms used big data analytics in decision-making, up from 45% in 2021, highlighting the growing need for reliable data quality solutions.
Technological Advancements
Artificial Intelligence (AI) is playing a pivotal role in enhancing the capabilities of data quality tools. AI-driven solutions can automate data cleaning, detect anomalies, and perform predictive analytics. For example, SAS launched its AI-powered Data Quality 360 platform in March 2024, which uses machine learning to automatically detect and correct data conflicts across multiple sources, significantly reducing manual intervention.
The demand for cloud-based data quality solutions is also increasing. These tools offer scalability, remote access, and better integration with other cloud services, which aligns with the broader shift toward cloud computing. According to Eurostat, 42% of EU firms used cloud computing for advanced data services in 2023, up from 36% in 2021. This trend reflects a growing preference for cloud-based solutions due to their flexibility and cost-effectiveness.
Market Challenges
Despite the market's growth, there are some challenges. The increasing reliance on sensitive data raises concerns about privacy and security, making it essential for businesses to implement strong safeguards and comply with regulations. Furthermore, the effective use of data quality tools requires specialized knowledge, and a shortage of qualified professionals could hinder successful deployment.
Some organizations may be hesitant to adopt new data quality technologies due to a lack of understanding or fear of disrupting existing processes. However, as businesses become more aware of the negative impacts of poor data quality on performance and profitability, the adoption of these tools is expected to grow.
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Market Segmentation Insights
The data quality tools market is divided into two key segments: on-premises and cloud-based deployment. Currently, on-premises solutions dominate the market due to their established presence and the preference of many organizations for maintaining control over their data and infrastructure. However, cloud-based solutions are growing rapidly, driven by their scalability, cost-effectiveness, and ease of integration with other cloud services. This shift toward cloud-based deployment mirrors a broader trend of cloud adoption across industries, providing businesses with greater flexibility and real-time access to data.
The expansion of mobile technology has also contributed to the growth of the data quality tools market. As mobile devices increasingly capture data online, large volumes of data are generated quickly, further driving the need for effective data quality solutions.
Data Quality Tools Top Companies and Competitive Landscape
The market for data quality tools may be more unified, with a number of domestic and foreign players providing innovative solutions. Because of the market's large number of suppliers, severe competition motivates them to focus on areas that will increase their client reach across many locations. Furthermore, several data quality tool suppliers are concentrating more on offering their clients a comprehensive range of solutions in order to acquire market momentum.
Stringent data governance and compliance laws, such as GDPR and CCPA, require enterprises to use data quality technologies to keep correct records and avoid legal fines. For instance, in April 2024, SAP added new features to its Data Intelligence platform, such as automatic data lineage tracing and expanded data masking capabilities, to assist enterprises in meeting changing legal standards.
Some of the key companies in the global Data Quality Tools market include:
IBM Corporation
SAP SE
Oracle Corporation
SAS Institute Inc.
Informatics Corporation
Pitney Bowes Inc.
Experian Data Quality
ALteryx Inc.
Tamr Inc.
Talend
Precisely
Data Quality Tools Latest Industry Updates
In April 2024, IBM announced an update to its IBM InfoSphere Information Server with improved data quality capabilities, including real-time data validation and cleansing features, to facilitate more effective data governance and analytics.
In November 2023, Informatica introduced its new AI-driven Data Quality Platform, which uses powerful machine learning algorithms to automatically find and fix data abnormalities, enhancing accuracy and minimizing the need for human data cleansing.
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The main report offers detailed historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the segments from 2020 to 2033:
By Component Outlook (Revenue, USD Million; 2020-2033)
Software
Services
By Deployment Outlook (Revenue, USD Million; 2020-2033)
Cloud
On-premise
By Enterprise Size Outlook (Revenue, USD Million; 2020-2033)
Small & Medium size Enterprise
Large Enterprise
By Application Outlook (Revenue, USD Million; 2020-2033)
BFSI
Healthcare
Manufacturing
Telecom & IT
Retail & E-commerce
Others
By Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Look Over transcripts provided by Emergen Research
Data Quality Tools Market Size @ https://www.emergenresearch.com/industry-report/data-quality-tools-market/market-size
Data Quality Tools Market Share @ https://www.emergenresearch.com/industry-report/data-quality-tools-market/market-share
Data Quality Tools Market Trends @ https://www.emergenresearch.com/industry-report/data-quality-tools-market/market-trends
Data Quality Tools Regional Market Demand @ https://www.emergenresearch.com/industry-report/data-quality-tools-market/regional-market-demand
Data Quality Tools Market Analysis @ https://www.emergenresearch.com/industry-report/data-quality-tools-market/market-analysis
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