LONDON--(BUSINESS WIRE)--The enterprise data management market is expected to grow by USD 74.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing complexities in the business environment have compelled many organizations to adopt the latest technologies to simplify their operations. IT consulting services, enterprise software, and data centers are some of the key areas that require significant IT spending. The global spending on IT technologies is anticipated to be more than USD 4.1 trillion in 2019. The growing adoption of IT technologies will drive the demand for IT consulting services, which, in turn, will fuel the growth of the global enterprise data management market during the forecast period.
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As per Technavio, the rising demand for digitalization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Enterprise Data Management Market: Rising Demand for Digitalization
Business operating across industries such as consumer goods, healthcare, manufacturing, and retail are increasingly embracing digitization. Moreover, technological advancements such as the integration of chatbots and the adoption of bring-your-own-device (BYOD) policies have increased the risk of cyberattacks. Hence, businesses are exhibiting increased demand for encryption management solutions to prevent cyberattacks and loss of critical data. These factors are positively influencing the growth of the global data management market.
“Growing demand for data integration and visual analytics and data explosion across industries will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Enterprise Data Management Market: Segmentation Analysis
This market research report segments the enterprise data management market by end-user (BFSI, Healthcare, Manufacturing, Retail, and Others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the enterprise data management market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing adoption of advanced technologies and the rising number of SMEs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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