Data Enrichment Solutions Market: Discover The Latest Trends, Drivers, Restraints, Opportunities and Industry-Specific Challenges

Huge amount of unstructured data is preset in the databases of large organizations which can be utilized in different ways. Data enrichment is the multiple step process of filtering supplier data present across the organization by processing it through a reliable master database. Collected supplier information is transformed into supplier intelligence in the data enrichment process. Data enrichment keeps track of the certification status of different suppliers, along with the mergers and acquisitions of companies, which can affect the certification status. Being aware of changes in certification lets organizations know in advance if there is need to make any changes to the supply chain to meet internal expenditure goals. Developed and enriched data offers improved insights to the companies and helps them in developing better e-mail marketing strategies and other forms of social media communication. Data enrichment services enhances data quality and accuracy by collecting missing or partial information, providing details about the current utilization of diverse suppliers, and classifying top suppliers to reduce dependencies. Predictive analysis plays an important role in data enrichment by helping salespersons to organize tailor-made marketing campaigns to make a conversion- inducing impact on individual customers. Data enrichment ensures personalized messaging and improves marketing return on investment. Data enrichment solutions perform operations such as structured dataset creation, product content data extraction, and missing data identification. These solutions utilize the most basic database and turns it into an insightful opportunity-generating asset.

Data enrichment solutions provide insights into different business relationships. Such solutions help the sales and marketing team of organizations in higher quality engagement. Furthermore, it accelerates the supply chain by improving the data accuracy and quality by gathering the missing data. Data enrichment solutions are seeing rising demand due to their significant contribution in enhancing website conversion and streamlining lead follow-up. Moreover, this solution helps in enhancing customer engagement by providing insights related to the missing data in databases. Thus, all these factors are expected to drive the market growth during the forecast period.

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However, lack of awareness about the benefits of data enrichment solutions is limiting the growth of the market. Furthermore, privacy and security issues related to supply data are also anticipated to have a negative impact on the market.

The data enrichment solutions market can be segmented on the basis of information type, deployment type, enterprise size, end-use, and geography. On the basis of deployment type, the market can be segmented into cloud and on-premise. The market on the basis of enterprise size can be segmented into large size enterprises, and small and medium size enterprises. Different insights obtained from data enrichment solutions include behavioral, demographic, and financial insights. Financial insights provide data related to investor status, wealth indications, and credit worthiness. In terms of end-use, the market can be segmented into transportation and logistics, manufacturing, construction, energy and utilities, IT & telecommunication, healthcare, retail and consumer goods, banking, financial services, and insurance (BFSI) and others. Geographical segmentation of the data enrichment solutions market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.

Data enrichment solutions identify which suppliers or customer is near to business location and thus saves the time. It helps in making decisions faster and leverage knowledge assets. Key players operating in the data enrichment solutions market includes Accenture, DemandShore Solutions Private Limited, GCL, Anchor Computer, Clearbit, CrowdSource, CVM Solutions, Experian, Engage48, Urbano, HMS Contact Centers, Blackbaud, Inc., Datanyze, Informatica US, Oracle Corporation, and Exegy, Inc. Major players are adopting different strategies such as mergers & acquisitions, investment in R&D, developing advanced and innovative technologies, etc. in order to gain competitive advantage in the market.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis

The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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Highlights of the report:

A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold 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.

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
Europe
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?