Data quality tools refer to the extensive range of tools essential for ensuring quality and reliability of data in a diversity of business processes including Business Intelligence (BI), core business operations, analytics, and decision making. The data quality tools facilities in analyzing the sets of information identifying inadequate data. It also helps in keeping the data integration, customer relationship management (CRM), or the regulatory requirements. The use of tools aids in recovering the quality of enterprise data such as customer data, financial data, and product data. The different aspects of the data quality problems are data enrichment, cleansing, monitoring, parsing, matching, and data profiling. Many of the other organization use these tools to jump-start their data quality initiatives to have data quality program enlargement as they also give normalization and de-duplication features. These tools offer matching, standardization, analysis of data to capture statistics, and monitoring & maintain integrity constraints of data.
Some of the associated benefits are enhances the timeliness, accuracy, completeness, and consistency of information across different enterprise operations, data quality tools enable the association to complete project properly and the first time around escalates customer satisfaction. Additionally, tools are also available and equipped with the functionality like data cleansing, data enrichment, data matching, data profiling, data standardization, and data monitoring. Some of the major recommended data quality tools are PROFILING, DE-DUPING, ADDRESS and SVOC.
According to study, “Global Data Quality Tools Market Size study, by Type (On-Premises, Cloud), by Application (Enterprise, Government) and Regional Forecasts 2018-2025” some of the other major companies currently operating in the global data quality tools market are International Business Machines (IBM) Corp., Pitney Bowes Inc., Tamr, Trillium Software, SAP SE, Ataccama, SAS Institute, Trianz, BackOffice Ltd., Melissa Data, DQ Global, Bridge Growth Partners, NeoPost, Experian Information Solutions (Experian Data Quality), Datiris, Innovative Systems, Talend, Microsoft Corp., Informatica, Quality Control, Syncsort, Information Builders, RedPoint Global, Oracle Corp., AB Initio, Uniserv, Trillium Software.
Based on data type, global data quality tools market is segmented into product data, compliance data, customer data, financial data and supplier data. Based on the business function, market is segmented into sales, legal, finance, marketing, human resources and operations.
The global data quality tools are majorly driven by the increase in volume of business data, followed by the increase usage of the external data sources, rising need of improving the bottom-line performance through a better customer engagement and increase in regulatory pressure & risk to the brand reputation. Apart from the benefits market is also impacted by the restraints including the complex data structures, lack of awareness and integration impacting the data timeliness. In addition to this, rise in use of artificial intelligence for the data quality adding to the biggest opportunity for the market.
The North American region is likely to dominate the data quality tools market owing to the ever- expanding enterprise information management initiatives across the different industries. In terms of the revenue the Asia Pacific market is the key market supporting the market growth due to rise in focus of the technical & strategic decision-making practices and the rise in the interest of data quality improvement solutions in the region. Over the forecast period it is anticipated that the global data quality tools market to reach at US $2655 million, by 2025.
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Ankur Gupta, Head Marketing & Communications