In the enterprise data management ecosystem, data quality is a broad term which refers to the quality, integrity, and consistency of data and/or process etc. Data quality also implies the degree of data accuracy and consistency. On the other hand, data governance focusses on the management of data assets by assigning authority, control, and responsibility of data and encompasses three key areas: people, process, and technology.
Data quality and data governance are closely related and go hand in hand in the enterprise data management ecosystem. In today’s competitive world, data quality and data governance practices is anticipated to evolve rapidly backed by growth in Master Data Management tools and technology. In recent years it is observed that enterprises with an enterprise resource planning (ERP) or customer relationship management (CRM) application have struggled owing to the absence of built-in data quality and data governance capabilities.
The global data quality and data governance solutions market is anticipated to grow in the coming years as these solutions assists enterprises and professionals to address major challenges arising out of an enterprise’s applications and transactional data, data types and formats, data cleansing and validation, and hybrid environments. Furthermore, cloud, big data and machine learning is anticipated to push the demand for global data quality and data governance solutions.
However, factors such as ever changing policies and regulations, categorization of unstructured data, and inconsistent business semantics are anticipated to restrain the growth of the global data quality and data governance solution market.
The global data quality and data governance solution market can be segmented on the basis of deployment model, business function, and industry verticals. Deployment model can be further segmented as on-premise and cloud based. Based on business function, the market can be classified into finance, information technology, legal, operations and others. On the basis of industry vertical, the global data quality and data governance solution market can be classified into Banking, Financial Services and Insurance (BFSI), telecom and IT, healthcare, retail and e-commerce, healthcare, manufacturing, government and defense, energy and utilities, construction and engineering, and others (research, education, BPO, and travel & hospitality)
Geographically, the global data quality and data governance solution market is segmented into Middle-East and Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America.
North America is expected to dominate the global data quality and data governance solution market during the forecast period 2017 – 2025, owing to large investments in cloud-based machine learning and Big Data technologies, and presence of large number of vendors in this region.
The Asia Pacific (APAC) region is anticipated to be the fastest-growing region for the global data quality and data governance solution market. The region is currently in its initial growth phase. The high growth rate in Asia Pacific is driven by Small and Medium Enterprises (SMEs) demand for cost-effective data quality and data governance solutions.
Europe is anticipated to contribute a significant share in the global data quality and data governance solution market after North America. Europe is also anticipated to witness a steady growth rate during the forecast period from 2017 – 2025.
The major vendors providing data governance are Backoffice Associates, Collibra, Inc., Informatica Corporation, SAS Institute Inc., IBM Corporation, Oracle Corporation, SAP SE, TIBCO Software Inc., Talend Inc., Information Builders, Varonis Systems Inc., Pitney Bowes Inc., RedPoint Global, Trillium Software, Experian plc, and Orchestra Networks.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.