In business, there’s nothing more important than operating at the highest level of efficiency. Good news for the world of data quality tools, where this critical need has led to a staggering $800 million industry.
From financial services to retail venues, data quality software have led the way in managing data and monitoring business intelligence. In fact, the demand has become so great in the industry that a growing number of data quality tool providers are looking for ways to converge with related markets in dataintegration and MDM (master data management) products.
Keeping up with the market demand can mean other important changes ahead for players in the dataquality tools market. From changing service platforms to addressing flexibility issues, it will be critical toaddress the integration of rapidly evolving technology.
According to Gartner research, by the end of 2010 the industry had seen 12.6% growth over theprevious year. The data quality tools industry is all encompassing, including data profiling, cleansing,parsing, standardization, matching, and monitoring.
A big trend moving forward for data quality tool vendors? Improving data quality in multiple areas, suchas customer/party or product/material lists. The flexibility required to manage a wide range of subjectareas will be a selling point for data quality tool vendors in upcoming years. It is estimated that 40% ofdata quality tool users are actively seeking solutions to improve data in multiple domains.
With forecasts for growth estimated at 16% over the next five years, things are looking pretty neat forthe data quality tools market.