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Companies around the world are expected to spend more and more on data quality tools in the coming years. How much? Well, the sums of money might be surprising to some, but to most within the industry, the notion of the cumulative spend of $1.2 billion by 2022 seems in line with the times. Why? Because there are new variables emerging that have made the generation of data increase exponentially, at the same time that the utilization of this data has become the main differentiator in almost every aspect of modern business.
Massive Growth of Data Generation
Data quality tools are becoming more crucial not just as a luxury but as an absolute necessity for companies around the globe. The sheer volume of data being generated has necessitated a solution for dealing with the massive influx of data to make this data clean, actionable, and trustworthy for business leaders. To lend some perspective, the amount of data that exists doubles each calendar year. This kind of growth has turned the trickle of data that companies used to have to deal with in the past into a volume more akin to a waterfall.
New Kinds of Data Being Generated
The amount of data being generated is one challenge, but the more intricate challenge is the new-found diversity in the sources of data. This diversity in data sources has helped proliferated the ways to create data in a variety of forms. Think of the adoption of smartphones for example; by 2020 there will be over 6.1 billion smartphones users. In 2017, 80% of all photos will be taken on smartphones. And it’s not just mobile devices - the cloud has changed how data is stored and managed. By the end of this decade, roughly one-third of all data that’s generated will pass through the cloud. Data’s role in the modern economy, and indeed in the modern world, has changed forever. Businesses who recognize this will be the first to use data quality solutions to make sense of the data being generated and inherit an immediate advantage over their late-adopting competition.