The global data quality tools market has witnessed a significant traction and is projected to grow at a Compound Annual Growth Rate (CAGR) of 17.7% during the forecast period of 2017–2022, to reach the market size of USD 1,376.7 million by 2022. The increase in the volume of business data and the need for improving the bottom-line performance through better customer engagement is expected to foster the growth of the data quality tools market. The market is expected to gain an unprecedented traction owing to the increase in big data and massive adoption of Internet of Things (IoT) across various verticals in organizations.
The data quality tools market is observed to be a lucrative market. The rise of Artificial Intelligence (AI) offers a major opportunity to the data quality tools market. On the other hand, the lack of awareness within corporates acts as a restraint for the growth of this market.
The growing demand of data quality tools across verticals is a positive sign for this market. The advent of big data across all verticals has also been a major influencer for the adoption of data quality tools and services. Ranging from data-centric industries, such as Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, media and entertainment, government, manufacturing, and energy and utilities to customer-centric industries, such as retail and eCommerce, travel and hospitality, and transportation and logistics, enterprises are leveraging the benefits of data quality tools and services substantially.
The on-premises deployment of data quality tools is expected to hold the largest market size during the forecast period. However, there are privacy concerns in data-sensitive enterprises, such as BFSI, and healthcare and life sciences, as data is considered to be the most valuable asset in these organizations.
The health and life sciences vertical is expected to grow at the highest CAGR in the data quality tools market during the forecast period. This vertical is expected to leverage the benefits of data quality tools substantially. The vertical has always been overloaded with data, chiefly from patients, clinical, claims, hospital systems, financials, pharmacies, and most recently from wearable technology sources. The vertical is pushing toward generating electronic health records and periodically updating the reporting methods and data storage. The federal government is offering incentives to hospitals to trade off-paper medical charts with electronic health care records. With the records of the patients being captured digitally and stored on-premises or on cloud, any vulnerabilities in the data can be potentially hazardous. Thus, adopting a robust data quality program is vital for this ever-growing vertical.
Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. The APAC market has shown tremendous growth opportunities, especially in the regions of developing economies, such as China, India, and Bangladesh. With the growth of smart cities and proliferation of IoT devices, the region is expected to witness an ultra-growth in the future. Further, the start-up culture, the flexible government policies, the flourishing eCommerce business, and the spirit to deliver impeccable goods and services to every part of the world cannot be underestimated. Rather, it can only attest the unprecedented adoption of data quality tools and services in this region.