ID: MRFR/ICT/5260-HCR | February 2021 | Region: Global | 100 pages
Master Data Management Market Synopsis
Globally, the master data management (MDM) market is expected to grow from USD 4.08 billion in 2017 to USD 12.43 billion by 2023, at a CAGR of 20.4% during the forecast period. Increasing global need for compliance and verification and the growing size of centrally accumulated data management drives the master data management market during the forecast period. However, issues concerning data security and vulnerability of attacks may hamper the growth of master data management market during the forecast period.
MDM is a system made by an organization to develop single master reference source for all critical organizational data, leading to less redundancy and fewer errors in business processes. In other words, MDM consists of different services, standards, and solutions which helps organizations to manage their master data. This master data consists of critical or confidential information regarding organization’s customers, products, suppliers, and transactions among others. The master data management is mainly used to diversify organizational departments, work roles, and computer applications. Hence, master data management is mostly used in large enterprises as compared to small and medium-sized enterprises. MDM helps organizations to design segmented product line and avoid bad customer experiences. MDM increases operational efficiency of enterprises along with improved decision-making capabilities. MDM enables enterprises to collate and manage master data and utilize it for effective decision making and data analytics. The features of MDM include self-service access to trusted data, consent management, and optimization of master data environments.
Global Master Data Management Market
Source: MRFR Analysis
Master Data Management Market Segmentation
The global master data management market is segmented into type, professional service, deployment, industry, and region.
By type, the market is segmented into customer data, supplier data, product data, and others.
By professional service, the market is segmented into implementation & deployment service, maintenance & support service, and consulting service.
By deployment, the market is segmented into on-premise and cloud.
By industry, the market is segmented into BFSI, IT & telecommunication, healthcare, retail, media & entertainment, transportation and logistics, manufacturing and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The global market for master data management is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of global master data management market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate master data management market during forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the master data management market in North America. The US, Canada, and Mexico are expected to dominate the global master data management market in North America during the forecast period. Healthcare and manufacturing industry drives the master data management market in North America.
Asia-Pacific is expected to grow at a fast rate during the forecast period. Asia-Pacific is economically and technologically developed region; countries such as China, Japan, and South Korea are expected to dominate the global master data management market in Asia-Pacific. Growth in the IT & telecommunication sector drives the master data management market in the Asia-Pacific region.
Master data management market is estimated to grow with a significant rate, as there are a lot of different services, technological standards, and solutions which helps organizations to manage the master data. The key players primarily focus on enabling enterprises to collate and manage master data and utilize it for strategic decision making. The vendors with better technical and financial resources can develop innovative products that render the competitors' products, obsolete and non-competitive even before they are launched, or costs are recovered. Therefore, vendors must develop new technologies and stay in touch with emerging technologies that could affect the continuing competitiveness of their product lines in the market.
The prominent players in master data management market are SAP SE (Germany), SAS Institute, Inc (US), IBM Corporation (US), Oracle Corporation (US), Tibco Software, Inc (US), Informatica Corporation (US), Teradata Corporation (US), Orchestra Networks (US), Riversand Technologies, Inc. (US), Talend (US) among others.
Frequently Asked Questions (FAQ) :
The global master data market is expected to record a substantial market valuation of 12.43 billion by 2023.
The global master data market is projected to register a moderate 20.4% CAGR in the forecast period.
The on-cloud segment is slated to expand as the fastest-growing segment.
The BFSI segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global master data market are SAS Institute, Inc (US), IBM Corporation (US), SAP SE (Germany), Oracle Corporation (US), Tibco Software, Inc (US) among others.