Data Quality Tool Market Trends is estimated to grow by 16% of CAGR during forecast period 2017-2023

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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.
According to Market Research Future, market has been segmented into component, data type, deployment, organization size, vertical and region.
On the basis of deployment, the market has been bifurcated into on-demand and on-premises. Out of these deployment, on-demand accounted for the largest market share majorly due to cost benefits and speed of deployment. However, on-premises segment is expected to boost the market over the forecast period, 2017-2023. The reason is attributed to increasing number of large enterprises which require storage of data and security concerns.
On the basis of region, the market has been segmented into North-America, Europe, Asia-Pacific and Rest of the world. North American region dominated the digital asset management market.
The key players in the global data quality tool market include 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) among others.
Market Research Future Analysis
The global data quality tool market is expected to grow significantly over the forecast period, 2017-2023. Media & Entertainment segment of data quality tool market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
Asia-Pacific region is expected to boost the market over the forecast period, 2017-2023. Countries such as India and China contributes largely to the growth of the market. The reason is attributed to increasing awareness, technological advancements and increasing demand for data management. Furthermore, data quality tools market has an immense scope in this region majorly due to presence of large number of small and medium sized enterprises.
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