Best IP geolocation data source?

We run an IP Lookup Tool, and as you can imagine, we rely super heavily on accurate, up-to-date IP geolocation data for our users. We're constantly looking for ways to improve the quality and speed of the results we deliver.

Our current IP geolocation provider, while decent, occasionally has outdated information or struggles with latency issues, especially when it comes to newer IP ranges or very specific geographical regions. This directly impacts our user experience, and we're keen to fix it. So, I wanted to tap into the collective wisdom here: what are the community's top recommendations for reliable, fast, and cost-effective IP geolocation data sources or APIs? We're genuinely open to both free and paid options, as long as the data quality is consistently high.