The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Quality Tool Market research. The growth sectors of the Data Quality Tool Market Research are identified with precision for a better growth perspective.
Data quality tool is useful for addressing various aspects of the data quality problem. This tool has garnered a huge prominence over the past few years as enterprises understand the impact of poor-quality data and strive for solutions for improvement. This is resultantly increasing the uptake of data quality tools, further increasing its market value on the global platform.
Market Research Future (MRFR), in its recently published study report asserts that the booming market for data quality tool is forecasted to demonstrate a spectacular growth by 2023, growing rapidly over the assessment period. MRFR, further also confirms that the global Data Quality Tool Market is estimated to reach approximately 1539 Mn. USD by 2023 with 16% CAGR during the forecast period (2017-2023).
Data Quality Tool and data science initiatives are designed to help the users or analysts tap into the power of cognitive computing. Through these solutions and services, organizations can gain greater understanding and control of their data, while complying with the rising data regulations, such as the European Union’s General Data Protection Regulation (GDPR).
The need to meet regulations & compliance deadlines and need to improve & sustain strategic risk management has fueled the growth of data quality tool solutions and services. The augmenting need to capture and analyze the rapidly increasing data in the digital technologies such as cloud computing, Internet of Things (IoT), and big data analytics generating the demand for the data quality tool market.
Additional factors substantiating the market growth include the growing volume of business data, increasing usages of external data sources, increasing regulatory pressure and the need for improvement of the performance of data. Also, the increasing demand for data quality functions in big data, and the evolving artificial intelligence in the field of data quality are expected to boost the growth of the data quality tool market over the forecast period, 2017-2023.
On the other hand, factors such as lack of awareness and security issues are restricting the growth of the data quality tool market.
Data Quality Tool Global Market - Segments
Data Quality Tool Market can be segmented into six key dynamics for the convenience of understanding;
By Components : Solutions and Services.
By Data Types : Product Data, Consumer Data, Financial Data, and Supplier Data, among others.
By Deployments : On- Demand and On-premises.
By Organization size : Small, Medium and Large.
By Verticals : BFSI, Media and Entertainment, Retail, Manufacturing, Healthcare, Government, Energy, and Education, among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Data Quality Tool Market - Regional Analysis
North America is projected to lead the data quality tool market in the forecast period, holding the largest market share. Factors substantiating the market growth include the unparalleled expansion of data, increasing adoption of internet of things (IoT), and stringent data related to regulatory compliances. Furthermore, factors such as substantial investments in cloud-based solutions, early adoption of emerging technologies, and the presence of a huge number of players present in this region are supporting the market growth.
The Asia Pacific market is anticipated to see exponential progress and is predicted to be the most promising market for data quality tool, globally, due to the increasing demand for digitization and increasing awareness about new technological solutions. Additionally, the rising stringent data related to regulatory compliances imposed by the regulatory bodies and organizations in the region.
Global Data Quality Tool Market - Competitive Analysis
The Data Quality Tool market demonstrates high growth prospect which in turn is attracting several new entrants to the market which is anticipated to intensify the market competition. Data Quality Tool appears to be highly competitive and fragmented due to the presence of key players having the global presence. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition, and expansion. The study indicates large investments by multinational companies and startup emerging.
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