In a recent published report, Kenneth Research has updated the market report for Data Quality Tools Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Data Quality Tools Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Data Quality Tools Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Data Quality Tools Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
The Global Data Quality Tools Market was valued at USD 526.21 million in 2016 and is projected to reach USD 2314.5 million by 2025, growing at a CAGR of 17.89% from 2017 to 2025.
Enterprises are taking in more data from more sources and using it in more ways than ever before which needs a new class of data quality analysis tools in order to achieve the highest level of data quality excellence. Data quality tool helps the enterprise for data profiling, data monitoring, data quality check, data enrichment, data matching, data parsing and standardization, and data cleansing.
1. Market Drivers
1.1 Emerging artificial intelligence for data quality
1.2 Growing usage of external data sources
1.3 Rising volume of business data
1.4 Growing risk to band reputation and regulatory pressure
1.5 Increasing demand to improve performance through better customer engagement
2. Market Restraints
2.1 Complex data structures
2.2 Rising integration affecting data timeliness
2.3 Poor knowledge about data quality
The Global Data Quality Tools Market is segmented on the business function, data type, organization size, component, deployment model, vertical, and region.
1. Business Function:
1.2 Marketing, Sales
1.3 Human resources
2. Data Type:
2.1 Compliance data
2.2 Customer data
2.3 Supplier data
2.4 Product data
2.5 Financial data
3. Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Organizations
4. By Component:
4.2.1 Managed services
4.2.2 Professional services
126.96.36.199 Support and maintenance services
188.8.131.52 Education and training
184.108.40.206 Consulting services
5. By Deployment Mode:
6. By Vertical:
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Energy and Utilities
6.6 Retail and e-commerce
7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
The major players in the market are as follows:
1. Oracle Corporation
2. SAP SE
3. IBM Corporation
4. Microsoft Corporation
7. Pitney Bowes Inc.
10. Information Builders
12. Experian PLC
13. SAS Institute Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Data Quality Tools Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team
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