Over the last few years, the data quality tools market is witnessing a massive growth owing to the escalating need of firms to determine the negative impact of poor-quality of data on their business. The high visibility of data quality tools can be attributed to the urgent need of the firms for seeking new solutions for enhancing their data or information quality. Rise in the data size in terms of petabytes and terabytes across myriad industries is likely to drag the growth of data quality tools industry in a positive direction.
As estimated in this report, the global data quality tools market stood at US$ 505.65 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this data quality tools market is expected to reach US$ 1,283.83 million by the end of the forecast period.
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Reportedly, data quality tools such as data quality software improve the quality of data through the implementation of standardized processes that aligns with the industry standards. Data quality tools help in addressing different aspects of data quality issues such as Data Profiling, Data Parsing & Standardization, Generalized Cleansing of Data, Data matching, Data Enrichment, and Data Monitoring.
Furthermore, data quality tools also address critical problems observed across various domains of information resources management applications, including Business Intelligence, Customer Relationship Management, and Enterprise Resource Planning. Data quality tools help enterprises in improving the accuracy, consistency, reliability, and timeliness of their critical business operations.
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Generally, the information technology specialists make use of data quality tools for internally deploying them across their IT infrastructure for bringing improvement in it. Experts claim that these tools are increasingly implemented in IT sector as a part of data quality improvement strategies of the IT companies. With data quality becoming growingly pervasive, many of the data integration systems of the global firms now encompass data quality tools as their key management functionality.
New product developments have always lucratively impacted the growth & evolution of the data quality tools market. For instance, Innovative Systems Inc., a leading provider of high accuracy enterprise data management & risk management services to renowned global firms, has developed Enlighten, a robust, automated, and enterprise data management product, that helps the end-users proficiently measure and accurately display the correct & exact picture of the firm’s data. It helps in data profiling & standardization, data linking, data cleansing, reduplicating records, validating addresses, geocoding and effectively monitoring data quality over the period.