About Data Quality Tools
Data quality tools are used to analyze sets of data and convert it into meaningful information. They are required to ensure the quality of data being delivered to different business processes such as decision making, business intelligence (BI), and analytics. These tools are used to improve the quality of enterprise data like financial data, customer data, and product data. Data quality tools help address various aspects of data quality problems such as data enrichment, monitoring, cleansing, matching, parsing, and data profiling.
Technavio’s analysts forecast the global data quality tools market to grow at a CAGR of 16.8% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global data quality tools market for 2017-2021. To calculate the market size, the report considers the sales of the software license by on-premise and cloud-based deployment model of data quality tools.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Data Quality Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global data quality tools market: IBM, SAP, SAS Institute, Trillium Software, Ataccama, Bridge Growth Partners, Datiris, DQ Global, Experian Information Solutions (Experian Data Quality), Information Builders, Innovative Systems, Oracle, RedPoint Global, and Uniserv.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing use of IoT. In IoT, the data is generated from the interaction of globally located smart appliances and smart infrastructures. The explosion of data generated by IoT devices has created an opportunity to gain new insights about the world. IoT is expected to generate more than 350 zettabytes of data by 2018. Many enterprises, government agencies, and other pioneering businesses are taking steps for implementing IoT technologies like sensors, devices, and software. This huge amount of data will not be useful if it is just stored in data centers.”
According to the report, one of the major drivers for this market is Increasing use of data quality tools for marketing. Data quality tools are being adopted by enterprises to understand the buying behavior of the consumers and use it for marketing. Enterprises are using data quality tools for digital marketing. For digital marketing, enterprises use data quality tools to clean and profile the data to target customers with appropriate products. Data quality is becoming more important than ever in creating highly accurate and sophisticated customer profiles for marketing. Data quality tools help in digital marketing by collecting accurate customer data that is stored in databases and translate that data into rich cross-channel customer profiles. This also helps them to take better decisions on how to maximize the funds coming in. Thus, marketers are using data quality tools to change their company processes of marketing.
Further, the report states that one of the major factors hindering the growth of this market is High implementation and production cost. The deployment of data quality tools can be an expensive process. It needs a thorough process of defining requirements, which are usually costly. Implementing a complete traditional data quality tool can be time-consuming. Moreover, once the deployment begins, making changes becomes expensive. It also requires expensive and complex programming, additional infrastructure, and extra time and money to ensure proper integration with existing operating systems. In addition, many vendors charge for software updates, especially ones that provide improved features. Some vendors virtually force end-users to purchase updates by refusing to provide technical support if the latest version has not been purchased. This factor is inhibiting the growth of the global data quality tools market.
IBM, SAP, SAS Institute, Trillium Software, Ataccama, Bridge Growth Partners, Datiris, DQ Global, Experian Information Solutions (Experian Data Quality), Information Builders, Innovative Systems, Oracle, RedPoint Global, and Uniserv.
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