Data Quality Tool Market

The growing IoT usage is driving the market growth

The market CAGR for data quality tools is driven by rising IoT usage. The increasing expenditure in data quality throughout the cloud, big data, and hybrid settings, increased data reliability for strategic choices across various organizations, and altering compliance with regulations for data excellence across different sectors are the key factors driving the development of the Global Data Quality Tools market. Furthermore, the increasing need to maintain an established data quality control across various organizations globally and increasing interest in discovering novel methods to grow organized data governance programs within end-user organizations propel the Global Data Quality Tools marketplace forward.

A major development within the global data quality tools industry is the combination of data quality tools with tools for data integration and MDM solutions. Furthermore, the rising need to create organized processes for effective workflow, job management, and problem tracking across organizations of all sizes is likely to drive market development. There are some roadblocks and constraints that will hinder overall market expansion. 5G internet services, among other things, may expedite and improve digital activities such as online banking, online shopping, electronic procurement, and electronic payments.

The deployment of 5G networks can allow digital processes to be completed quickly, efficiently, and effectively. As a result, such network enhancements might open up new potential for the worldwide industry to grow faster.

It's also critical to comprehend the background of the data, including how it was generated, information around every attribute, the date it was last edited, and the integrity of the information to determine if it's suitable for using machine learning.

For instance, according to Cisco's annual Internet study, the total Internet users will grow by 6% yearly, from 3.9 billion in 2018 to 5.3 billion in 2023. Regarding people, it represented 51% of the worldwide population in 2018 and will account for 66% of global demographic saturation by 2023. Thus, it is anticipated that demand for Data Quality Tools will increase throughout the projected timeframe due to the rising IoT usage. Thus, driving the Data Quality Tool market revenue.

The increasing reliance on data-driven decision-making across various sectors drives the demand for data accuracy. Organizations recognize that high-quality data is essential for effective operations and strategic planning. In the Global Data Quality Tool Market Industry, this trend is evident as businesses seek tools that enhance data integrity and reliability. As of 2024, the market is valued at 2.09 USD Billion, reflecting a growing investment in data quality solutions. Companies are implementing these tools to mitigate risks associated with poor data quality, which can lead to financial losses and reputational damage.

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Data Quality Tool market area will dominate this market during the projected timeframe because of the region's vast data development, the expanding use of the IoT, legal data compliances, and rising demand from a large number of suppliers, which will boost the market growth in the North American region.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Data Quality Tool Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe region’s Data Quality Tool market accounts for the second-highest market share due to the This is due to a greater emphasis on the quality of data improvement remedies, as well as a greater focus on data-driven analytical and business decisions. Further, the German Data Quality Tool market holds the largest market share, and the UK Data Quality Tool market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Data Quality Tool Market is expected to grow quickly during the projected timeframe. This is because of the increasing demand for digitization and increased knowledge of new technological solutions. Moreover, China’s Data Quality Tool market dominates the market share, and the Indian Data Quality Tool market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Data Quality Tool market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings.

The Data Quality Tool industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Data Quality Tool industry to benefit customers and capture untapped market share and revenue. The Data Quality Tool industry has recently offered significant advantages to the software industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially.

Major players in the Data Quality Tool market, including SAP SE (Germany), Microsoft Corporation (US), IBM Corporation (US), Experian Data Quality (US), SAS Institute Inc. (US), Informatica Corporation (US), Pitney Bowes (US), Information Builder (US), Oracle Corporation (US), Tamr (US), Talend (US), Syncsort (US) and Trianz (US), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

IBM (International Business Machines) is a computer, technology, and IT consulting firm headquartered in the United States. It is the world's largest technology business and the second most valuable worldwide brand. It produces and sells software and computer components, web hosting, and consulting services in fields including mainframe systems and nanotechnology. On June 16, 1911, Charles Ranlett Flint and Thomas J. Watson Sr. created the corporation, which is located in Armonk, New York.

IBM and Francisco Partners disclosed the execution of a definitive contract under which Francisco Partners will purchase medical care information and analytics resources from IBM, which are currently part of the IBM Watson Health business, in January 2022.

Informatica Inc. is a software company. The company provides a full-stack information management system that integrates, maintains, and integrates data throughout any multi-cloud, hybrid system, allowing businesses to modernize and progress their data strategy. Informatica has customers all across the world. Informatica LLC announced an important cloud storage agreement with Google Cloud in October 2021. This collaboration allows Informatica clients to transition to Google Cloud as much as twelve times quicker. Informatica's Google Cloud Marketplace transactable solutions now incorporate Master Data Administration and Data Governance capabilities.