Data Quality Management Market: Overview
The data quality management market is expected to continue to gain over the forecast period from 2020 to 2030. The remarkable growth of data quality management market stems from exploding volumes of data, with easy access to smart devices and computing tools that needs to be filtered to be trust-worthy. The significance of accurate, complete, and consistent data to prevent major missteps when making business decisions makes data quality management a priority. According to estimates by Gartner, financial impact of poor quality of data on businesses is US$ 15 million per year. This
Key parameters on which the data quality management market is analyzed are component, deployment type, application, industry, and region. The healthcare and life sciences industry vertical is expected to expand at the leading growth rate in the forthcoming years. The healthcare industry vertical witnesses explosion of data, mainly from patients, hospital systems, clinical claims, financials, pharmacies, and most recently from wearable devices.
The report on data quality management market is an all-important tool for insights into the said market for the 2020-2030 forecast period. The report covers recent trends, developments, competitive landscape, and geographical outlook for an exhaustive analysis of the data quality management market for the above mentioned forecast period. The impact of COVID-19 on growth of technology companies, and on data quality management segment in particular is covered in this report.
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Data Quality Management Market: Competitive Landscape
The data quality management market is fairly consolidated mainly comprising some leading software and service companies. Novel product launches and profound research and development initiatives by keen players invite growth opportunities for data quality management market.
Few well-entrenched players in the data quality management market to name are Information Builders, Microsoft Corporation, IBM Corporation, Informatica, SAP SE, Experian PLC., Talend, Syncsort, Pitney Bowes Inc., Oracle Corporation, and SAS Institute Inc.
Data Quality Management Market: Key Trends
The tremendous impact of big data for critical decision making that impacts growth of organizations is indirectly fueling the data quality management market. Theoretically, data quality management involves a combination of right people, processes, and technologies with the common objective of improving the measures of data quality that matter most to organizations. Importantly, the ultimate purpose of data quality management is to achieve business goals that depend upon high-quality data.
The ever-expanding amount of data has led to complex data patterns and formats that needs to be made usable. The understanding and evaluating of information from the data to be usable for actionable decisions thus requires data quality management tools.
On the flip side, lack of awareness and budget constraints mostly limits use of data quality management tools by large companies. Enterprises with a large employee count adopt advanced technology for operations, including solutions to improve business growth. Large enterprises are aware of the business implications of poor quality of data, hence employ requisite tools for analysis of large volumes of data. On the other hand, small organizations still continue to employ manual data scrutiny methodologies, thus impeding the data quality management market.
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Data Quality Management Market: Regional Outlook
Presently, North America commands the data quality management market, mainly because of wide use of data quality management tools by enterprises in the region. Development of avant-garde data quality management tools by technology companies is also fuelling the data quality management market in the region.
Asia Pacific is expected to emerge as a key region in the data quality management market in the coming years. Businesses in the region are increasingly adopting management tools to eliminate inconsistent and unusable data. Furthermore, the region being home to some world-class technology companies is witnessing entry into the data quality management market.
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.