The growing amount and complexity of data drives the growth of the global master data management market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 21, 2023 /EINPresswire.com/ — In a recent report titled “Master Data Management Market” by Allied Market Research, the master data management market reached a valuation of $16.8 billion in 2022 and is projected to achieve $74.5 billion by 2032, indicating a compound annual growth rate (CAGR) of 16.3% from 2023 to 2032.
Master Data Management (MDM) is a comprehensive process that involves the identification, collection, storage, organization, and management of essential data within an organization, aiming to provide a unified reference point. This data typically includes critical information about customers, products, employees, suppliers, and other significant entities.
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The MDM market encompasses software products, services, and technologies designed to help organizations efficiently handle and upkeep their essential business data, ensuring accuracy, consistency, and reliability across the entire enterprise. Through the adoption of MDM solutions, businesses establish a centralized and authoritative source for crucial data, streamlining efforts related to data governance, data quality, and data integration.
The solution segment dominated the global master data management market, accounting for approximately two-thirds of the total revenue. This dominance is attributed to its capacity to empower organizations to make informed decisions, boost operational efficiency, enhance customer experience, and generate revenue through the provision of a unified master data source.
This pivotal role played by solutions significantly propels market growth. Additionally, the services segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 18.6% throughout the forecast period. This rapid growth is driven by businesses seeking to maximize the value of their data assets, improve decision-making processes, and enhance overall operational efficiency.
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By deployment mode, the on-premise segment accounted for nearly three-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, as organization want to have complete control over the hardware, software, and data, also enabling more customization and security, which propels the market growth significantly. The cloud segment would also display the fastest CAGR of 18.3% throughout the forecast period, owing to enables businesses to make use of cutting-edge technologies like AI and ML for data analytics and insights, promoting innovation and competitive advantage.
By end user, the BFSI segment accounted for nearly one-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, owing to allowing them to gain insightful information, spot trends, and make defensible decisions. The healthcare segment would also display the fastest CAGR of 21.1% throughout the forecast period, owing to provide a single, centralized portal for accessing data, MDM features include consolidating, organizing, auditing, updating, de-duplicating, and managing diverse data from every source.
In 2022, North America secured the largest market share, accounting for nearly 40% of the global revenue in the master data management sector. It is anticipated to maintain its leading position through 2032, primarily due to its provision of a centralized repository for high-quality, consistent data crucial for data-driven decision-making. The Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 20.0% during the forecast period. This growth can be attributed to a focus on data quality, streamlined processes, and increased competitiveness, factors that are poised to drive market expansion in the Asia-Pacific region.
Prominent participants in the worldwide market include Amazon Web Services, Inc., Ataccama Corporation, Contentserv Technologies Private Limited, Cloudera Inc., Hewlett Packard Enterprise Company, IBM Corporation, Informatica, Micro Focus, Mindtree Limited, Oracle Corporation, Profisee Group, SAP SE, SAS Institute, Stibo Systems, and TIBCO Software.
These key market entities are actively investing in technological advancements to provide enhanced solutions. Additionally, they are engaging in strategic acquisitions to bolster their market presence. The industry has witnessed the entry of numerous small and medium-sized players aiming to meet the growing consumer demand.
• The COVID-19 pandemic raised attention to the significance of master data management (MDM), which provides accurate and trustworthy data for decision-making. Organizations require a comprehensive understanding of their data as they traverse the crisis to make wise decisions and respond fast in response to shifting market conditions.
• Robust MDM solutions are growing more important than ever due to the pandemic accelerating the adoption of digital technology and remote work. MDM systems that guarantee data quality, consistency and security across several platforms and devices are necessary for organizations where staff work remotely and access data from multiple sources.
• Additionally, the outbreak impacted market dynamics and consumer behavior. To satisfy the changing needs of their customers, businesses need to adapt their business plans and methods. In a market environment that is constantly evolving, MDM solutions are essential in giving businesses a single, unified understanding of their customer data. This allows them to personalize their products, boost customer interaction and increase customer loyalty.
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