In today’s dynamic business environment, sustainability is the biggest challenge for every enterprise. With the substantial proliferation of data around numerous business functions, such as marketing, sales, operations, and human resources, the need to ascertain the quality of data has increased rapidly. Enterprises are investing heavily to harness benefits from the increasing volumes of data as well as to ensure the quality and continuous affordability to meet the customers’ demands. Eventually, these investments are crucial for improving the quality of data using data quality tools. The enterprises are encompassing data quality tools to improve the overall business performance and develop advanced business strategies to optimize the risk exposure to accelerate the growth and profitability. Machine learning has played a vital role in increasing the visibility and has also assisted in managing and improving the data quality. This, in turn, is driving the overall growth of the data quality tools market.
Traditionally, data quality was considered to be a task in the IT department, wherein analysts would manually administer the collected data and identify the data patterns. Manually these processes were time-consuming and complex, and were impacting the performances, leading to operational inefficiencies. Thus, integrating technologies, such as Artificial Intelligence (AI), machine learning, and cognitive technologies resulted in business transformations for various businesses by predicting the potential risks and customer behavior patterns, and by analyzing the collected data. Furthermore, data quality tools on cloud are expected to provide momentum to the increasing adoption of data quality tools in the future. The global data quality tools market size is projected to reach USD 1,376.7 million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7% during the forecast period of 2017–2022.
The data quality tools market is led by software and service providers, such as Microsoft Corporation (US), SAP SE (Germany), IBM Corporation (US), SAS Institute Inc. (US), Oracle Corporation (US), Informatics Corporation (US), Experian Data Quality (US), Tamr (US), Pitney Bowes (US), Information Builder (US), Talend (US), Trianz (US) and Syncsort (US). These companies have embraced various strategies, which include collaborations, partnerships alliances, and agreements; new establishments; new product launches; and product enhancements, to expand their presence and share in the global market.
IBM Corporation is an established player providing software and related services worldwide. IBM Corporation is widely known for the diversity of its products and services that it offers to its diverse client base, globally. IBM’s R&D expenditure is expected to be continuously increasing and focusing on high-growth and high-value opportunities. In line with the increasing R&D spending, the company is also said to be emphasizing its focus toward updating its products and solutions to cater to its clients more effectively. It has also been investing and innovating products for data quality. The company offers data quality functions with an improved integration platform. It leverages unified installation and deployment, as well as, unique data quality and transformation functions in combination with IBM InfoSphere DataStage, which reduces the time required for developing and integrating projects-this also ensures delivery of high quality data. Complementary acquisitions and strategic partnerships have enabled IBM to sustain its leadership position in the global data quality tools market. For instance, in February 2017, IBM acquired Agile 3 Solutions, a provider of Governance, Risk, and Compliance (GRC) solutions, to enhance its product portfolio.
Informatica, an independent provider of software for data integration and data quality has primarily focused on provisioning enterprise data-related solutions as required by its clients. It has been doing so using the raw data obtained from various data sources, including Internet of Things (IoT) devices and embedded applications. Additionally, to increase its market share, the company is planning to invest heavily in big data and cloud computing technologies, thereby resulting in business expansion. Moreover, it is also emphasizing on investing in start-ups and R&D to enhance its product offerings. Informatica has strategized its growth by focusing more on inorganic strategies. For example, in March 2017, Informatica partnered with Google, Inc. to deliver greater insights and understanding to both their business clients, so that they can make better marketing decisions.
Data Quality Tools Market by Data Type (Customer Data, Product Data, Financial Data, Compliance Data, and Supplier Data), Component (Software and Services), Business Function, Deployment Model, Organization Size, Vertical - Global Forecast to 2022
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