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TOKYO, Dec. 21, 2022 (GLOBE NEWSWIRE) — The Global Data Enrichment Solutions Market Size accounted for USD 1.7 Billion in 2021 and is projected to occupy a market size of USD 3.5 Billion by 2030 growing at a CAGR of 8.5% from 2022 to 2030.
Data enrichment solutions are becoming more popular as a result of the world’s rapidly growing customer data. As the volume of raw data grows, so does the demand for these solutions, which enable users to successfully extract meaningful data. Data enrichment solution enables businesses to make their raw data more useful. It enables businesses to augment the original data set with additional and missing data to make it more useful. Data enrichment assists in keeping data up to date so that partners can personalize marketing campaigns. Dealing with customers via personalized messages has a significant impact on sales and marketing because it improves the customer experience. Data enrichment enables businesses to better understand their customers.
Data Enrichment Solutions Market Statistics
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Data Enrichment Solutions Market Coverage:
|Market||Data Enrichment Solutions Market|
|Data Enrichment Solutions Market Size 2021||USD 1.7 Billion|
|Data Enrichment Solutions Market Forecast 2030||USD 3.5 Billion|
|Data Enrichment Solutions Market CAGR During 2022 – 2030||8.5%|
|Data Enrichment Solutions Market Analysis Period||2018 – 2030|
|Data Enrichment Solutions Market Base Year||2021|
|Data Enrichment Solutions Market Forecast Data||2022 – 2030|
|Segments Covered||By Deployment, By Enterprise Size, By Industry Vertical, And By Geography|
|Data Enrichment Solutions Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Accenture, Anchor Computer, Blackbaud, Inc., GCL, Clearbit, CrowdSource, CVM Solutions, Datanyze, DemandShore Solutions Private Limited, Engage48, Experian, Exegy, Inc., HMS Contact Centers, Informatica US, Oracle Corporation, and Urbano.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Data Enrichment Solutions Market Dynamics
Data enrichment solutions are primarily used to get meaningful results from raw data. This factor is driving the worldwide data enrichment solutions market growth. A single dataset is insufficient to create a single view of a customer. This is where data enrichment comes into play to make raw data more useful. Businesses use data enrichment to add additional as well as missing data to a customer’s original dataset. Businesses use data enrichment to collect data that is useful to them. When data is correct, decision-makers trust it and use it in the future.
Another factor that is fueling the demand for data enrichment solutions is it enables a company to stay relevant to users by displaying advertisements that are relevant to their needs. Personalizing messaging to users not only improves customer relations but also demonstrates to users that you are concerned about their requirements and understand them as clients.
This tool ensures data quality after accessing data sources, defining guidelines for data cleansing, and continuously monitoring and reporting to users. Aside from that, data enrichment performs data matching and deduplication, data segmentation, and data updating and monitoring.
Furthermore, the implementation of big data analytics and the growing penetration of smartphones and the internet are also supporting the market and generating significant growth opportunities for the market in the coming years.
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Data Enrichment Solutions Market Segmentation
The global market has been split into deployment model, application, industry vertical, and region.
The market is divided into on-premises and cloud-based deployment models. Large enterprises, as well as small and medium-sized businesses, are included in the enterprise size segment. Furthermore, the market is divided into industry verticals such as BFSI, IT & telecommunication, healthcare, transportation and logistics, construction, energy and utilities, manufacturing, and others.
Data Enrichment Solutions Market Share
According to our Data Enrichment Solutions market forecast, the on-premise sub-segment will account for a significant market share in 2021, while the cloud-based sub-segment will account for a significant market share from 2022 to 2030. According to our analysis of the data enrichment solutions market, large enterprises held the biggest market share in 2021 and will continue to do so in the future. Furthermore, between 2022 and 2030, BFSI will control the market in terms of revenue, while IT and telecom will dominate in terms of growth.
Data Enrichment Solutions Market Regional Outlook
According to our data enrichment solutions regional analysis, North America is anticipated to lead the market with the majority of the share in 2021. The American region is also projected to continue its dominance throughout the forecasted years from 2022 to 2030. Countries such as the United States and Canada are early adopters of advanced business technologies and have a large number of large enterprise presences. These businesses require advanced data enrichment solutions in order to make effective sales and marketing decisions and provide an exceptional customer experience. Based on our analysis, the Asia-Pacific region will lead the market in terms of growth owing to the constantly rising volume of data from countries such as China, India, South Korea, Japan, and Southeast Asian countries.
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Data Enrichment Solutions Market Players
Some prominent data enrichment solutions companies covered in the industry Accenture, Anchor Computer, Blackbaud, Inc., GCL, Clearbit, CrowdSource, CVM Solutions, Datanyze, DemandShore Solutions Private Limited, Engage48, Experian, Exegy, Inc., HMS Contact Centers, Informatica US, Oracle Corporation, and Urbano.
Questions Answered By This Report
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