DUBLIN--(BUSINESS WIRE)--The "Global Master Data Management Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Vertical, By Organization size (Large On-premise and SMEs), By Deployment Mode, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Master Data Management Market size is expected to reach $39.4 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period.
Master data management, also called MDM, is a primary process for managing, centralizing, organizing, categorizing, localizing, synchronizing, and enriching master data in accordance with a company's sales, marketing, and operational plans. In addition to any sources of information that drive an organization, master data might take the shape of customers, products, suppliers, location, and asset information.
The efficient processing of master data within a central repository offers an individual authoritative perspective of information as well as removes data silos, which are costly inefficiencies. It helps a user achieve their company goals by identifying, linking, and distributing data and material across customers, products, stores/locations, workers, suppliers, digital assets, and more.
Most businesses nowadays use a variety of systems, all of which hold significant data about customers, the business, or other critical business KPIs, such as CRMs, ERPs, and so on. As a result, data silos, replicated data, missing data, and a fragmented perspective of the business emerge. Addressing simple business questions becomes challenging when data is scattered across multiple locations and languages.
Many firms nowadays, especially worldwide businesses, have a significant number of different applications and systems (e.g., ERP, CRM) where data that overlaps organizational departments or subdivisions can easily get fragmented, duplicated, and out of date. When this happens, it becomes difficult to accurately address even the most basic but crucial questions regarding any type of performance statistic or KPI for an organization. Businesses look to master data management to meet this challenge. Due to these factors, master data management is rapidly gaining traction among people all over the world and hence, is estimated to witness major growth prospects in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on every industry, particularly the IT industry, with the hardware company being the most impacted. The industry saw a considerable slowdown in the manufacturing and distribution of hardware components as a result of the imposition of lockdown in various countries all over the world. For a very long period, the software and service industries also experienced a significant slowdown. Cloud-based technologies, security solutions, collaborative applications, big data, and AI, on the other hand, helped the IT industry to recover more quickly during and post the lockdown.
Market Growth Factors
Rising Adoption of Data Management Tools
Massive volumes of data generated across an organization are channeled through master data management services and solutions, which store data in a single location and ensure data security. Increased data churn needs advanced data quality technology to promote operational excellence. The first step in deploying MDM, the powerful system that enables businesses to track the phases of the flow of information and document data transformation, is to ensure data quality. Data quality technologies ensure data accuracy, while MDM systems update records and delete redundant data automatically.
Rapid Technological Advancements in Master Data Management Technology
The MDM market is being propelled forward by new technologies like as big data, artificial intelligence (AI), and machine learning (ML). This technology enables new data processing and storage capabilities, as well as the availability of large datasets. As new technologies' capabilities in processing multi-faceted and multi-domain data have developed, customers have a broader range of requirements. Integration of MDM solutions with technologies, like analytics, Big Data, and business intelligence has been the most prevalent request. Duplicate records are found and data quality is ensured, two frequent master data problems.
Market Restraining Factors
Security and Privacy Concerns
In the contemporary era of expanding data management and maintenance solutions, master data management solutions and services are evolving as the finest way to structure and retain data. However, this market's growth is constrained by widespread user concerns about data security. Organizations are now working in data-driven environments, increasing the risk of advanced cyber-attacks, data breaches, and phishing attempts. As a result of data being disseminated across various systems, several concerns develop, raising the security threats to the data.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Solution
- Service
By Vertical
- BFSI
- Telecom & IT
- Manufacturing
- Retail
- Government & Public Sector
- Healthcare & Life Sciences
- Energy & Utilities
- Others
By Organization size
- Large On-premise
- SMEs
By Deployment Mode
- On-premise
- Cloud
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
- IBM Corporation
- Oracle Corporation
- SAP SE
- Teradata Corporation
- Cloudera, Inc.
- Tibco Software, Inc. (Vista Equity Partners)
- SAS Institute, Inc.
- Stibo Systems, Inc. (The Stibo Group)
- Informatica, LLC
- Syndigo, LLC (Riversand)
For more information about this report visit https://www.researchandmarkets.com/r/5xi58u
