Data integration has become an increasingly important business tool for organizations looking to gain a competitive advantage. By connecting different data sources, businesses can leverage valuable insights from their data to make informed decisions, drive better customer experiences, and create new revenue streams. From improving operational efficiency to providing greater visibility into customer behavior, data integration can have a profound impact on business performance. With the right data integration strategy in place, organizations can unlock the full potential of their data and create a real competitive advantage.
To get more details about the impact of Data Integration, here after 10 (+1) interesting facts :
1) Market Size: According to a Gartner survey, the global data integration market size was estimated at $15.22 billion in 2018. The global data integration market is expected to reach $22.7 billion by 2022, growing at a CAGR of 8.2% from 2017 to 2022. According to a report by Markets and Markets, the data integration market is expected to reach $28 billion by 2024. By 2027, the global data integration market is expected to reach $30.8 billion, meaning doubling size in less than 10 years!
2) Adoption Trend: The number of companies implementing data integration solutions is expected to reach 6.2 million by 2022, growing at a compound annual growth rate (CAGR) of 10.7% from 2017 to 2022.
3) Cost Savings: Data integration is estimated to save businesses up to 50% of their IT costs, reduce the cost of data storage by up to 40% (Data Integration, especially with real-time pattern, avoid creating copies of copies of data), and reduce customer service costs by up to 20%.
4) Data Accuracy: Data integration is estimated to increase data accuracy and data quality by up to 80%. According to a survey, 97% of data integration users report that the technology has a positive impact on the accuracy of their data.
Data accuracy is a measure of how closely a data set reflects the real-world values it is intended to represent. It is a measure of how closely the data set reflects the truth. Data accuracy is important for decision making, as inaccurate data can lead to incorrect conclusions and incorrect decisions.
5) Customer Satisfaction: Companies that use data integration tools have increased their customer satisfaction rate by up to 20%.
6) Data Analysis Enabler: Companies that use data integration tools are estimated to spend up to 60% less time on data analysis.
7) Automation and Removing Manual Activity: Data integration is estimated to reduce the cost of manual data entry by up to 80%.
8) “Desilotizing” Data: A data silo is a repository of data isolated from other data sources and often used to store similar data points or information. Data silos often lead to data fragmentation, meaning that data is not easily shared or accessed outside of the silo. Data Integration helps “desilotizing” the data and the integration of data across different silos is projected to increase the enterprise data utilization rate from 6% to 80% by 2025.
9) Business Decisions: Data Integration can improve the accuracy of business decisions by up to 90%.
10) Project Duration: About 50% of companies report that their data integration projects take more than five months to complete.
Bonus) Time to market: Data Integration can reduce time to market of products and services by up to 20%.
Data integration is a critical process for businesses to ensure efficient data flow and communication, which can have a significant impact on the overall success of the business. By integrating data from various sources, businesses can better analyze and utilize data, improve customer experience, increase efficiency, and reduce costs.
If you want to learn more about data integration, feel free to follow this Udemy course or read the Data Integration Guide!