The Master Data Management Market size to grow from USD 16.7 billion in 2022 to USD 34.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period, according to new research report by MarketsandMarkets™
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Various factors such as incorporation of new technologies with master data management , and increasing adoption of data quality tools for data management are expected to drive the adoption of MDM solutions and services.
MDM solutions comprise a set of comprehensive tools that help end users channel and securely maintain their critical master data. These solutions provide users with enhanced features, such as data validation, data collection, data update on a real-time basis, synchronization, data harmonization, cleansing, de-duplication, and data matching. Master data mainly comprises the prominent data types of an organization, such as customer data, product data, supplier data, location data, and asset data. MDM solutions and services provide in-depth insights into the product life cycle, vendor listing, multi-domain customer requirements, and inventory data. These insights provide users with information that helps them improve their customer experiences, accelerate their analytical and transactional operations, and make faster business decisions.
Healthcare vertical to witness highest CAGR during the forecast period
The segmentation of the MDM market by the industrial vertical includes BFSI, government, healthcare, retail, IT and telecom, manufacturing, energy & utilities, and others. The healthcare industry is developing rapidly due to many major technological advancements resulting in enhancing the efficiency of the overall industry. It is a comprehensive sector dealing with diverse clinical, administrative, and financial data. The industry is strongly regulated and requires channelized medical insights, improved data quality, and accurate clinical information which cannot be consolidated without the deployment of advanced data management solutions.
Small and Medium-sized Enterprises segment to register higher CAGR during the forecast period
Based on organization size, the MDM market is segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. SMEs are rapidly adopting cloud-based MDM solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. SMEs are exploring ways to manage their data using business intelligence and online transaction processing. MDM solutions are adopted by SMEs as a large volume of data is generated by these enterprises.
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APAC to have a higher CAGR during the forecast period
The master data management market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting cloud-based MDM solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. China, Japan, and India are displaying ample growth opportunities in the master data management market.
Top Companies
Some major players in the master data management market include IBM (US), Oracle (US), SAP (Germany), SAS (US), TIBCO Software (US), Informatica (US), Talend (US), Cloudera (US), Riversand (US), SyncForce (US), and Stibo Systems (Denmark).
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The global Master Data Management Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the master data management market include IBM Corporation, Informatica Corporation, Oracle Corporation, Orchestra Networks, Riversand Technologies, Inc., SAP SE, SAS Institute, Inc., Talend, Teradata Corporation and Tibco Software, Inc. among others.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Master Data Management Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/master-data-management-market/download-sampleMarket DynamicsThe increasing need for compliance & verification across the globe is fueling the market growth.
Rising adoption of centrally accumulated data management tools is another factor driving the market growth.
However, issues regarding data security may hinder the market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
The ever-increasing volume of data in the past few years has made it very difficult for companies to effectively manage their data.
Master data management has become a very important focus for companies, as they aim to utilize their data optimally.Master data is the most valuable data that a company owns and it is used by all the departments in an organization to get work done.Master data management is a vital part of any organization regardless of its size.
MDM solutions help the departments and employees of any organization navigate through master data.
It helps compile all the data in one place.Here are some benefits of master data management for an organizationBetter data quality: Since MDM solutions streamline all the data, it also eliminates the bad data.
The usability of master data gets reduced if it is stored in different destinations using different formats like spreadsheets, isolated applications.
Processing this data takes a lot of time and money.
