ID: MRFR/ICT/5260-HCR | 100 Pages | Published By Aarti Dhapte on March 2023
Master Data Management Market is Predicted to Reach US$ 24.2 Billion by 2030 Registering a CAGR of 16.85% During 2022-2030
According to the reports, over the projected period, the global master data management market size is anticipated to expand worth USD 24.2 Billion by the end of the year 2030, representing a compound annual growth rate CAGR of 16.85 percent. Organizations create MDM systems in order to consolidate all important organisational data into a single master reference material, resulting in reduced duplication and fewer mistakes across the organization's business operations. In other aspects, master data management (MDM) is a collection of services, protocols, and solutions that assist businesses in managing their master data. Customer information, goods, suppliers, and payments, among other things, are included in this master data set. It is primarily used to differentiate organisational departments, job responsibilities, and enterprise software via the use of master data management application.
Growing worldwide need for conformity and validation, as well as the increasing amount of centrally collected data management, are the primary drivers of the master data management industry during the projected time period. Nevertheless, concerns about data protection and the susceptibility of the master data management market to assaults may pose a threat to the market's expansion over the projected period. As a result, master data management systems is more often utilised in big corporations as opposed to small and midsize enterprises. Using MDM, businesses may create separated product lines and prevent having negative customer interactions. Enterprises benefit from better judgement skills and operational efficiencies as a result of MDM. Master data management (MDM) allows businesses to collect and maintain master data, as well as to use it for efficient decision-making and database management. MDM includes capabilities like as self-service accessibility to accurate information, coordination and balance, and optimisation of master data infrastructures, among other things.
Covid 19 Analysis:
The COVID-19 epidemic is having an effect on companies all around the world. To combat this epidemic, data management businesses are attempting to keep their assets online while also guaranteeing the security and privacy of information across connections. The knowledge and experience of key specialists, data analysis professionals, and experts with sophisticated analytics competence such as artificial intelligence and machine learning has indeed been requested in order to assist executives in making business decisions about how to react to the new enterprise issues faced by the COVID-19 infection.
The growing need for precise predictions to enable quicker judgment, as well as the increasing usage of data quality technologies for data management, are anticipated to propel the master data management market development.
Opportunities: As a result of new technologies like artificial intelligence, cloud computing, and machine learning (ML), the industry for MDM solutions is expected to expand in the coming years. Large datasets may be made available via the use of this technology since it provides extra technological possibilities for data storage. A varied range of needs from customers has resulted from improvements in the abilities of technological advances in managing multi-faceted and multi-domain data.
MDM apps and services are developing as the most optimal option for structuring and maintaining data in today's world of expanding data management and maintenance solutions. MDM apps and services are becoming more popular. The development of this industry, on the other hand, is hindered by the widespread worry among consumers about the security of their data. Modern businesses work in statistics business settings, raising the likelihood of sophisticated data theft, cyber assaults, and phishing attempts to compromise confidential information. There are a variety of issues that arise as a result of data being accessible in many systems, which raises the security risks to the information which can be considered as a major restraint of the global market.
The use of MDM solutions is gathering steam in a variety of different geographic areas and industry sectors. This leads to an important issue for market development, which would be the existence of diverse statutes and regulations throughout international and domestic boundaries, which is a major impediment to market expansion.
Cumulative Growth Analysis:
The cloud computing sector is anticipated to expand at a faster pace in the future since it helps businesses across the world reduce their own costs while simultaneously increasing their data storage capacities. Cloud-based deployment has allowed companies to function without the need for a data center or an office space, enabling workers to work from home or from other locations across the world. The cloud-based implementation of MDM helps businesses reduce their own costs while simultaneously increasing their data storage capacities. Cloud-based MDM is popular among businesses because it is simple to use, provides more flexibility, and allows for greater expansion than the on software at a reasonable price. It is because of these reasons that cloud-based MDM solutions are gaining popularity.
Value Chain Analysis:
According to the reports, It is possible to divide the worldwide master data management industry according to the following criteria: type, professional service, deployment, industry, and geography. The market is divided into four types of data: customer data, supplier data, product data, and miscellaneous data. The market for professional services is divided into three categories: implementation and deployment services, maintenance and support services, and consultation services. On the basis of deployment, the market is divided into two categories: on-premise and cloud.
The market is divided according to industry into BFSI, IT & telecommunication, medical, retail, media & entertainment, transportation and logistics, industrial, and others. BFSI is the largest category, accounting for almost half of the market. The market is divided into four regions based on geography: North America, Europe, Asia-Pacific, and the rest of the world.
Master Data Management Market Segmentation Overview:
The market is segmented on the basis of type, professional service, deployment, industry, and geography. The global master data management solution is expected to witness decent growth during the forecast period.
By Application: Based on the application, the market is segmented into implementation and deployment services, maintenance and support services, and consultation services.
By end-users: Based on the propulsion types, the market is segmented into BFSI, IT & telecommunication, medical, retail, media & entertainment, transportation and logistics, industrial, and others.
Master Data Management Industry Regional Insights:
The worldwide market for master data management is expected to expand at a considerable pace during the projected period of 2021 to 2027, according to market research. Global market regional analysis is conducted for North America, Europe, the Asia-Pacific region, and the rest of the globe, among other regions.
During the projected period, North America is anticipated to lead the global master data management market. The master data management industry in North America is influenced by the existence of large companies and the rapid implementation of new technologies and the Internet of Things (IoT) and artificial intelligence (AI). Even during the forecast timeframe, the United States, Mexico, and Canada, are projected to have a commanding position in the global MDM market in North America. The master data management (MDM) market sales in North America are primarily driven by the medical and industrial industries.
The master data management market trends are expected to expand at a considerable pace in the coming years, owing to a large number of services, technical standards, and solutions available to assist businesses in managing their master information. The primary emphasis of the major companies is on allowing businesses to collect and manage master data, as well as on using that data for a sound decisions.It is possible for suppliers with more resources and funds to create new goods that make their rivals' products outdated and non-competitive before they're even introduced to the market or their expenses are reclaimed.
December 2022 was marked as one of the milestones for Oracle, one of the leading firms in Master Data Management, as Oracle and Mediobanca have initiated a new collaboration to innovate the CIB core banking system with highly efficient data management.
Tibco, a leading company in cloud base technology, was recognized as a leader in GigaOm Radar for Data Virtualization in the month of November 2022. Research on Data virtualization draws attention to the topic of data management with innovation and future readiness solutions.
November 2022 was a blistering month for Teradata, as it partnered with Vcinity join forces to help the companies to leverage the globally diverse and dispersed data for business insights.
In April 2020, IBM announced new artificial intelligence-powered tools to assist the health and research communities in the development of medical insights and therapies for COVID-19, which were made possible by IBM.
By Deployment Type Insights:
By Organization Size:
By Vertical Outlook:
By Regional Outlook:
|Market Size||USD 24.2 Billion By 2030|
|CAGR||16.85% From 2022 to 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||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 Te|
|Key Market Opportunities||Large datasets may be made available via the use of this technology since it provides extra technological possibilities for data storage.|
|Key Market Drivers||the growing need for precise predictions to enable quicker judgment, as well as the increasing usage of data quality technologies for data management, are anticipated to propel the master data management (MDM) market development.|
Master Data Management Market is projected to register an astronomical CAGR of 16.85% and will reach up to US$ 24.2 Billion by 2030.
The global master data market is projected to register a moderate 16.85% CAGR in the forecast period 2022-2030.
Master Data Management Industry segmented by Type, Professional Service, Deployment & Industry mainly.
The BFSI segment is slated to expand as the fastest-growing segment.
The main key players of Master Data Management Market are SAP SE, SAS Institute Inc, IBM Corporation, Oracle Corporation, Tibco Software Inc, Informatica Corporation & many more