LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global master data management (MDM) solutions market to grow at a CAGR of close to 16% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the adoption of business transformation by business and enterprises as one of the key emerging trends in the global master data management solutions market. Various organizations are adopting digitization, which is increasing the difference between generated data and data consumers. The increasing use of business applications and processes in organizations has augmented the need for MDM solutions. The transformation of organizations is increasing the volume of exchanged data. Technological advances such as IoT, blockchain, ML, advanced analytics, Big Data, virtual assistants, virtual reality, and augmented reality is driving the transformation of organizations. This will increase the adoption of MDM solutions to maintain the accuracy, precision, and quality standards of the data shared and distributed across applications and processes in organizations.
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In this report, Technavio analysts highlight the optimal management of master data to improve business productivity as a key factor contributing to the growth of the global master data management solutions market:
Optimal management of master data to improve business productivity
There has been a rise in the need for effective, accurate, accountable, uniform, and synchronized management of master data in several industries to streamline business processes. Master data are a single source of non-transactional data that can be used in numerous enterprise applications and processes. They are reference data, which are used to perform business transactions. The use of MDM solutions decreases errors in stored data and eliminates data redundancy.
According to a senior analyst at Technavio for IT professional services, “Many industries require MDM solutions to create a clean and synchronized copy of master data to distribute it to different business applications and processes. A master data solution manages non-transactional data related to consumers, suppliers, products, assets, and liabilities. The need to effectively clean, consolidate, and manage master data is increasing in several industries.”
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Global master data management solutions market segmentation
This market research report segments the global master data management solutions market into the following end users (BFSI, healthcare, and retail) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the BFSI segment held the largest market share in 2017, accounting for nearly 32% of the market. The market share for this end user is expected to increase by 2022. The fastest growing end user is retail, which will account for nearly 16% of the total market share by 2022.
The Americas was the leading region for the global master data management solutions market in 2017, accounting for a market share of nearly 42%. By 2022, APAC is expected to register the highest growth of nearly 3%.
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