Technavio market research analysts forecast the global data quality tools market to grow at a CAGR of close to 17% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global data quality tools market 2017-2021 under their ICT library. (Graphic: Business Wire)
The report further segments the global data quality tools market by deployment type (on-premise and cloud-based) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global data quality tools market:
- Increasing use of data quality tools for marketing
- Emergence of cloud-based data quality tools
- Increase in demand for EIM for data quality
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Increasing use of data quality tools for marketing
Data quality tools are being adopted by enterprises to understand the buying behavior of the consumers and use it for marketing. Enterprises utilize data quality tools for digital marketing, as these tools enable them to clean and profile the data to target customers with appropriate products. Data quality has become very important in creating highly accurate and sophisticated customer profiles for marketing.
According to Amrita Choudhury, a lead analyst at Technavio for enterprise application research, "Data quality tools assist in digital marketing by collecting accurate customer data and translating that data into rich cross-channel customer profiles. This also helps them to take better decisions on how to maximize the available funds. Thus, marketers are using data quality tools to change the marketing process of their companies."
Emergence of cloud-based data quality tools
SaaS allows users to connect and use the cloud-based application over the internet. This solution is provided by cloud providers on a pay-as-you-go basis. Organizations rent this application to use this service and it is usually accessed with the help of web browsers over the internet. In cloud-based data quality tools, all the infrastructure, application software, application data, and middleware are in the data centers of cloud providers.
"SaaS-based data quality tools provide functionality, in which the third-party service provider will own the infrastructure and offer software on the platform that can be accessed by its customers over the internet. This provides enterprises that have short project times, with flexibility and higher scalability. Enterprises can integrate these data quality tools by using web services. It also helps enterprises in mobilizing their workforce," says Amrita
Increase in demand for enterprise information management (EIM) for data quality
Several data management related steps are being undertaken by enterprises for improving the decision-making processes in all the departments. These initiatives include application modernization, data governance, BI, master data management, and business analytics.
The market is specifically driven by the high demand for data governance, a significant component of EIM. Also, several BI and analytics-related applications require good-quality data to perform efficiently. Thus, the increasing demand for EIM is increasing the adoption of data quality solutions by enterprises in the market.
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