Data quality tools refer to the extensive
range of tools essential for ensuring quality and reliability of data in a
diversity of business processes including Business Intelligence (BI), core
business operations, analytics, and decision making. The data quality tools
facilities in analyzing the sets of information identifying inadequate data. It
also helps in keeping the data integration, customer relationship management
(CRM), or the regulatory requirements. The use of tools aids in recovering the
quality of enterprise data such as customer data, financial data, and product
data. The different aspects of the data quality problems are data enrichment,
cleansing, monitoring, parsing, matching, and data profiling. Many of the other
organization use these tools to jump-start their data quality initiatives to
have data quality program enlargement as they also give normalization and
de-duplication features. These tools offer matching, standardization, analysis
of data to capture statistics, and monitoring & maintain integrity
constraints of data.
Some of the associated benefits are enhances the
timeliness, accuracy, completeness, and consistency of information across
different enterprise operations, data quality tools enable the association to
complete project properly and the first time around escalates customer
satisfaction. Additionally, tools are also available and equipped with the
functionality like data cleansing, data enrichment, data matching, data
profiling, data standardization, and data monitoring. Some of the major
recommended data quality tools are PROFILING, DE-DUPING, ADDRESS and SVOC.
According to study, “Global
Data Quality Tools Market Size study, by Type (On-Premises, Cloud), by
Application (Enterprise, Government) and Regional Forecasts 2018-2025”
some of the other major companies currently operating in the global data quality
tools market are International Business Machines (IBM) Corp., Pitney Bowes
Inc., Tamr, Trillium Software, SAP SE, Ataccama, SAS Institute, Trianz,
BackOffice Ltd., Melissa Data, DQ Global, Bridge Growth Partners, NeoPost,
Experian Information Solutions (Experian Data Quality), Datiris, Innovative
Systems, Talend, Microsoft Corp., Informatica, Quality Control, Syncsort, Information Builders, RedPoint Global, Oracle
Corp., AB Initio, Uniserv, Trillium Software.
Based on data type, global data quality tools
market is segmented into product data, compliance data, customer data,
financial data and supplier data. Based on the business function, market is
segmented into sales, legal, finance, marketing, human resources and
operations.
The global data quality tools are majorly
driven by the increase in volume of business data, followed by the increase
usage of the external data sources, rising need of improving the bottom-line
performance through a better customer engagement and increase in regulatory
pressure & risk to the brand reputation. Apart from the benefits market is
also impacted by the restraints including the complex data structures, lack of
awareness and integration impacting the data timeliness. In addition to this,
rise in use of artificial intelligence for the data quality adding to the
biggest opportunity for the market.
The North American region is likely to
dominate the data quality tools market owing to the ever- expanding enterprise
information management initiatives across the different industries. In terms of
the revenue the Asia Pacific market is the key market supporting the market
growth due to rise in focus of the technical & strategic decision-making
practices and the rise in the interest of data quality improvement solutions in
the region. Over the forecast period it is anticipated that the global data
quality tools market to reach at US $2655 million, by 2025.
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