Master Data Management Market Overview:
Master data management is an essential part of data management in organizations. Proper management of master data helps users’ access accurate product and customer data, making it even easier for organizations to conduct business operations. The global market for the Master Data Management (MDM) Market is mainly growing based on the increase of regulatory compliance of companies.
Master Data Management Market Size:
Master Data Management (MDM) market was valued at USD 2885 million in 2017 and expected to generate revenue of USD 6050 million by 2022 at a CAGR of 13.56% during 2017 to 2022.
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Master Data Management Market Drivers and Restraints:
The Internet of Things (IoT) revolution has been essential to support the growth of the master data management market, as it has become an essential part of data management. The rapid growth of online businesses has driven the demand for these data solutions. The rapid growth of the electronic commerce sector depends to a large extent on the precise administration of master data. Revenues in the e-commerce industry have grown exponentially in the last five years. This has led organizations operating in this sector to increase their investments in updating their IT infrastructure.
Master Data Management Market Segmentation:
The market for Master data management solutions has been segmented into product data, customer data and multi-domain MDM. In 2015, the product data solutions segment represented the largest part of the global market. Depending on the mode of implementation, the market is segmented in the implementation on the site and in the cloud. It is expected that the cloud deployment market will increase during the forecast period. The Master data management market is also segmented by application into government, BFSI, IT and telecommunications, health, energy and public services, transport and logistics, manufacturing, retail, etc. The amount of product and customer data that industries need to manage has increased dramatically. Regulatory compliance in the health and pharmaceutical industries makes basic data management essential. In the governmental sector and BFSI, the need for correct reference data is extremely critical. The circulation of incorrect customer data and products in organizations can affect business operations if the system sees and processes incorrect data. Therefore, the need to implement effective solutions for the management of reference data in different sectors is vital.
Master Data Management Market Geographic Segmentation:
Geographically, the market has been segmented into five regions of North America, South America, the Middle East and Africa, Asia Pacific and Europe. Of these, North America is expected to have a significant market share of more than 50% in terms of revenues by 2026. The Master data management market is also expected to experience strong growth in the Asia-Pacific region due to the anticipated increase in IT and spending on IT infrastructure in the region. IoT growth in the Asia-Pacific is also a key factor in the growth of the market in this region.
Key Players of Master Data Management Market:
Key players in market include IBM Corporation, Oracle Corporation, SAP SE, Informatica LLC, Stibo Systems A/S, Riversand Technologies, Inc., Orchestra Networks, Talend Inc., EnterWorks Acquisition, Inc., and TIBCO Software Inc.
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