The Master Data Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Master Data Management Global Market Report 2024, The master data management market size has grown rapidly in recent years. It will grow from $15.34 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to data proliferation, legacy system integration challenges, data quality concerns, mergers and acquisitions, customer-centric focus, digital transformation initiatives.
The master data management market size is expected to see rapid growth in the next few years. It will grow to $32.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to data democratization initiatives, industry-specific mdm solutions, hybrid and multi-cloud environments, data governance and security, real-time data management.. Major trends in the forecast period include product innovation, self-service data access, data quality improvement initiatives, hybrid data environments, customer-centric mdm.
The increase in the use of data quality tools for data management is expected to propel the growth of the master data management (MDM) market going forward. Data quality tools are the process and technology that are used to identify, understand and analyze data that support decision-making in business processes. Many organizations are already employing data quality technologies in data cleansing to improve decision-making quality and efficiency in corporate operations by delivering improved analytics, real-time data validation, data profiling, and other services. For instance, in April 2021, according to the article published by Trianz, a US-based company operating in master data management (MDM), approximately 40% of businesses are investing in master data management (MDM) to integrate data tools across functional areas in operations to enhance customer experience and better governance in businesses. Therefore, the increase in the use of data quality tools for data management is driving the growth of the master data management (MDM) market.
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The master data management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Small and Medium Enterprises(SMEs), Large Enterprises
4) By Application: Supplier Data, Product Data, Customer data, Other Applications
5) By Verticals: Banking, Financial Services and Insurance(BFSI), Government, Retail, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Other Verticals
Advancing technology resulted in more Agile and Cloud-based MDM is a key trend gaining popularity in the master data management (MDM) market. Major companies operating in the master data management market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Informatica, a US-based company operating in master data management, introduced its advanced cloud-native intelligent multi-domain master data management (MDM) solution. It aids in enhancing business operations in many sectors by providing analytics and operational procedures throughout the business value chain, from producer to consumer and places. It helps to manage the relationships between multiple domains in business, such as customer, product, supplier, and locations and assets, including IoT devices or sensors for customer service and relevant communications, by accelerating business outcomes while managing various business risks in signal master records.
The master data management market report table of contents includes:
1. Executive Summar
2. Master Data Management Market Characteristics
3. Master Data Management Market Trends And Strategies
4. Master Data Management Market – Macro Economic Scenario
5. Global Master Data Management Market Size and Growt
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26. South America Master Data Management Market
27. Brazil Master Data Management Market
28. Middle East Master Data Management Market
29. Africa Master Data Management Market
30. Master Data Management Market Competitive Landscape And Company Profiles
Top Major Players:
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc
- TIBCO Software Inc
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