Master Data Management Market to be dominated by Cloud segment through 2028
Rise in number of data management tools and government rules
& regulations are the major factors driving the Global Master Data
Management Market in the forecast period 2024-2028.
According to TechSci Research report, “Master Data Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,”
the Global Master Data Management Market is expected to register robust growth during the forecast period, 2023-2028. Master
data management (MDM) creates a single master record for every person, place,
or thing in an organization from all internal and external data sources and
applications. This information is deduped, aligned, and enriched to be a
consistent and authoritative source. Once this master data is created, it
serves as a trusted view of business-critical data that can be managed and
shared across the enterprise, enabling accurate reporting, reducing data
errors, eliminating redundancies, and empowering more employees. It helps make
informed business decisions.
Most organizations today
operate dozens of different systems, all of which contain critical data about
their customers, business, or other important business KPIs such as CRM, ERP,
etc. This leads to data silos, duplicate data, incomplete data, and an
inconsistent view of a business. With data in many places and many languages,
it is possible to answer simple business questions related to customers and
services. For master data management to work, it must be a group effort, an
ongoing effort. Large organizations typically select a group of individuals to
set and enforce data quality best practices to connect data sources and provide
a data governance pane across the organization. Therefore, approval from upper
management is critical to the success of any master data management program.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Global Master Data Management Market."
The Global
Master Data Management Market is segmented into solution, deployment type,
enterprise size, end user industry, region and competitive landscape. Based on deployment
type, the market is segmented into on-premises & cloud. Cloud segment is expected to
dominate the Global Master Data Management Market during the forecast period. As
master data management (MDM) becomes critical to business success, it becomes
increasingly important to analyze new technologies and approaches for
collecting, storing, and using master data. The next generation of MDM system
is based on AI/ML, cloud, federation architecture, cross-enterprise sharing,
global distribution, data platform solutions, and other modern MDM
capabilities. The corporate sector adopts MDM technology in the cloud for speed
and flexibility, as providers and customers are globally distributed and
communicating virtually. While companies adapt their own MDM cloud services,
onshore services will focus more on master data integration and data quality
between cloud sources. As more apps and data move to the cloud, data
professionals can manage increasingly complex volumes of data across multiple
clouds, within clouds, and from on-premises sources. Multi-cloud and
cross-cloud data management is essential to enable these different topologies. Cloud-based
services are increasingly being used for MDM (and other key business
applications). Cloud-native solutions like Cloud MDM can offer advantages over
on-premises solutions in terms of integration with cloud-based data and apps.
Based
on region, the market is segmented into APAC, North America, Europe, South
America, and MEA. North America is expected to
dominate the Global Master Data Management Market during the forecast period. Increasing
use of technology in this field is one of the main reasons behind the growth of
MDM market in North America. Regional expansion of players such as IBM, Oracle,
and Informatica Inc. may further drive market expansion. Additionally,
increasing R&D expenditures in the region's major economies are
contributing to the development of new technologies in the North American
master data management market.
For example, Ataccama, a
provider of integrated data management and governance solutions, had secured USD150
million in growth capital investment round for June 2022. Organizations
operating in certain industries, such as banking and healthcare, are required
to adopt MDM due to strict US privacy and security regulations. The growing need
to improve operational efficiency and reduce data redundancy is another factor
driving the market.
Key market players in the Global Master
Data Management Market are: -
1 ·
Oracle
Corporation
·
SAP
SE
·
IBM
Corporation
·
Informatica
LLC
·
Stibo
Systems A/S
·
Riversand
Technologies, Inc
·
TIBCO
Software Inc.
·
Reltio
Inc.
·
Profisee
Group, Inc.
·
Enterworks,
Inc.
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"As the need
for data is increasing, tools to manage that data and update regularly is also
increasing. Master Data Management has
made work of organizations easier as data related to consumer, financial
performance and inventory of a company are easy to handle. Cloud is expected to be the dominating segment in deployment
type during the forecast period as they don’t require any office location or
server infrastructure to run things.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Master Data Management Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028,Segmented By Solution (Product MDM, Customer MDM &
Others), By Deployment Type (On-Premises & Cloud), By Enterprise Size
(Large Enterprise & SME), By End User Industry (Government, BFSI &
Others), By Region,” has evaluated the future growth potential of Global Master Data
Management Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Master Data Management Market.
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