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The Master Data Management (MDM) market has recently been subjected to a lot of growth, innovative developments and ongoing changing trends. Data Management according to MDM encompasses the practices which include profiling, linking, and creating new profiles to enhance information quality across wide applications. This is one of the vital units that allow management in small businesses or large firms to employ business analytics to gain insight into making important business decisions, improving business operations, and creating an exemplary customer experience.
Being one of the most powerful factors that accelerate the growth of the market data management is the increasing demand for data governance and compliance. In this effort to cope with growing data volumes and complexity, many companies are finding a necessity of a single point of truth and a common language which both could support the use and organization of their data assets. MDM solutions feature proprietary technologies and frameworks, which are designed to create compliance with regulatory requirements, impose quality control over data, and build up data governance policies. Thus businesses from different industries implementing MDM systems become risk averse, readily implement control measures, maintain high data security, and are readily meeting these regulatory requirements.
The rapidly growing trend for more data insights, coupled with real-time data precision in the MDM market is another driving factor shaping its dynamics. In the modern-day fast moving business set-up it has become imperative for organizations to access the updated and reliable data within the shortest possible period of time in order for them make their apt and data-driven decisions. MDM solutions allow your business to build a one dimensional universe of the most important data, across the traditional data silos, therefore assuring analytical capabilities and real-time data integration and analytics. This makes it possible for the organizations to obtain knowledge informing the essential decisions, necessary to optimize the operations, as well as raise the level of the customer service provision.
Additionally, the spiking development of cloud-based MDM services that provide more convenient and efficient methods is transforming the dynamics of the market. The advantages of being Cloud-base MDM lies not only on its scalability, flexibility but also its cost-efficiency. Enterprises benefit from cloud technology by deploying it to effortlessly group and control their data from dispersed systems as well as locations. Through cloud-based MDM solutions, companies can obtain enhanced data accessibility that enable them to get, update and lastly share, all kinds of data in real time whichever part of the world they may be. This has thus been leading to the widespread use of cloud-based MDM solutions in many sectors, namely healthcare, commerce, banking and manufacturing. Therefore, it has become a trend today.
Moreover, because of the increasing attention to data quality and data driven decisions, MDM solutions need to pick up the pace in this respect. Companies understand the importance of good data quality not only because of negative effects on the way the business is done, customer service, but also because of the performance they achieve. MDM solutions provide data cleansing, validation, and enrichment functions in great depth as a result of which the data acceptance rate of the system is guaranteed. Through the enhancement of data quality organisations are able to generate accurate information for high quality decision-making, provide exceptional services to customers, and in the end become the preferred brand in the market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 6.3 Billion |
| Market Size Value In 2023 | USD 7.3 Billion |
| Growth Rate | 16.85% (2023-2032) |
Master Data Management Market Highlights:
Master Data Management Market Overview
Master Data Management Market Size was valued at USD 6.3 Billion in 2022. The Master Data Management Market industry is projected to grow from USD 7.3 Billion in 2023 to USD 25.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.85% during the forecast period (2023 - 2032).Increasing data volume and complexity, data-driven decision making, regulatory compliance and data governance, digital transformation initiatives, customer-centric approach, mergers and acquisitions, data quality improvement, cloud adoption, industry-specific requirements, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Master Data Management Market Trends
Increasing data volume and complexity is driving the market growth
Master data management (MDM) systems have become increasingly popular due to rising data volume and complexity. In the current digital era, businesses are producing enormous amounts of data from numerous sources, such as clients, partners, suppliers, and internal systems. MDM is essential for enterprises because of the problems that this exponential expansion in data presents with data governance, quality, and integration. Effective management and organization are required due to the sheer volume of data being generated. The size and complexity of contemporary data ecosystems are beyond the capabilities of traditional data management techniques. MDM solutions offer a centralised platform that enables businesses to collect, combine, and harmonize data from various sources, resulting in a single, trustworthy, and comprehensive picture of their data. Through effective data processing and analysis made possible by this centralised strategy, organisations are able to gain insightful information and make informed decisions. The expansion of structured and unstructured data sources, including social media, mobile devices, sensors, and IoT devices, has also increased the complexity of data. It is difficult to integrate and accurately reconcile data because of the various data sources and formats. MDM systems, which include data mapping, transformation, and cleansing capabilities, offer the required procedures and tools to manage this complexity. MDM enables organisations to trust their data for crucial business activities by standardizing and harmonizing data across a variety of technologies.
Furthermore, the requirement for efficient data governance grows along with data complexity. Organisations must make sure that data is managed securely and in compliance with internal policies as well as external regulations. MDM solutions include strong data governance capabilities that let businesses set and enforce data quality guidelines, access restrictions, data privacy protections, and audit trails. With the help of these elements, organisations may fulfil their legal requirements, reduce data-related risks, and develop a data governance culture throughout their business processes. Data integration efforts are impacted by the data's increasing complexity. Information that is inconsistent and fragmented results from data silos, which are a common problem for organisations. By combining data from numerous sources into a unified, complete view, MDM solutions significantly contribute to the dismantling of these silos. Better cooperation, communication, and coordination throughout the organization are made possible by this integration, which enables easy data sharing and synchronization between apps.
Additionally, the need for advanced analytics and business intelligence is intimately related to the growth in data volume and complexity. The importance of utilizing data to gain insights and competitive advantages is understood by organisations. By guaranteeing data quality, consistency, and completeness, MDM solutions offer a strong platform for analytics. MDM helps organisations to undertake accurate and thorough analysis, find patterns, trends, and correlations, and generate insightful information to promote corporate growth and innovation. Thus, driving the Master Data Management Market revenue.
Master Data Management Market Segment Insights
Master Data Management Component Insights
The Master Data Management Market segmentation, based on Component includes Solutions, Services. The solutions segment dominated the market in 2022. This is due to their core functionalities in managing and governing master data.
Master Data Management Deployment Type Insights
The Master Data Management Market segmentation, based on Deployment Type, includes Cloud, On-premises. The cloud category generated the most income in 2022. Due to the cloud-based deployment type, businesses can function without a server infrastructure or office location, enabling remote working.
Figure 1: Master Data Management Market, by Deployment Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Master Data Management Organization Size Insights
The Master Data Management Market segmentation, based on Organization Size, includes Small and medium-sized Enterprises (SMEs), Large Enterprises. The large enterprises category generated the most income in 2022. Compared to SMEs, large enterprises often deal with a greater volume and complexity of data. They have more varied product offerings, a larger client base, and intricate supply chains.
Master Data Management Vertical Insights
The Master Data Management Market segmentation, based on Vertical, includes Banking Financial Services and Insurance (BFSI), Government, Retail, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Others. The Banking Financial Services and Insurance (BFSI) category generated the most income. In this industry, transactions that include sensitive and detailed financial & transactional data as well as client information regularly generate enormous amounts of financial data. Therefore, financial organisations including banks, businesses, and insurance agents utilize master data management systems to maintain these data accurate and secure as well as for effective management.
Master Data Management Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Master Data Management Market dominated this market in 2022 (45.80%). The region's growing technical improvements are one of the main factors supporting the growth of the master data management market in North America. It is anticipated that the expanding regional master data management player base would further fuel market expansion. Further, the U.S. Master Data Management Market held the largest market share, and the Master Data Management Market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MASTER DATA MANAGEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Master Data Management Market accounts for the second-largest market share. The General Data Protection Regulation (GDPR), which is a notable example, is one of Europe's strict data privacy and protection laws. Further, the German Master Data Management Market held the largest market share, and the UK Master Data Management Market was the fastest growing market in the European region
The Asia-Pacific Master Data Management Market is expected to grow at the fastest CAGR from 2023 to 2032. Several industries in the APAC area are undergoing a rapid digital transition. To spur innovation and improve their competitive edge, businesses are implementing cutting-edge technology like cloud computing, big data analytics, and artificial intelligence. Moreover, China’s Master Data Management Market held the largest market share, and the Indian Master Data Management Market was the fastest growing market in the Asia-Pacific region.
Master Data Management Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Master Data Management Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Master Data Management industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Master Data Management industry to benefit clients and increase the market sector. In recent years, the Master Data Management industry has offered some of the most significant advantages to medicine. Major players in the Master Data Management Market, including 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) and others, are attempting to increase market demand by investing in research and development operations.
Enterprise application software and related services are offered by SAP SE (SAP). Enterprise resource planning and financial management, intelligent technologies, analytics, human resource management, employee engagement, digital supply chain, network, spend management, customer relationship management, and customer experience are just a few of the many solutions it offers. The business provides a selection of enterprise applications and business software that are made for database and technology operations, mobile, cloud, analytics, and application operations. Consumer goods, energy, financial services, aerospace and defence, transportation, logistics, chemicals, government, healthcare, higher education, media, real estate, retail, and telecommunications are just a few of the industries it serves as clients in. The corporation operates in the Americas, Asia-Pacific, Europe, the Middle East, and Africa. In Walldorf, Baden-Wurttemberg, Germany, SAP has its headquarters.
Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT infrastructure, IT management, cybersecurity, and software development tools are all part of IBM's product range. The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The industries it supports include those in the automobile, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunication sectors. In addition to Asia-Pacific, the corporation also conducts business in the Americas, Europe, the Middle East, and Africa. The US city of Armonk, New York, serves as the home of IBM.
Key Companies in the Master Data Management Market include
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SAP SE (Germany) -
SAS Institute Inc (US)
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IBM Corporation (US) -
Tibco Software Inc (US)
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Informatica Corporation (US)
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Oracle Corporation (US) -
Teradata Corporation (US)
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Orchestra Networks (US)
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Riversand Technologies Inc. (US)
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Talend (US)
Master Data Management Industry Developments
Reltio powers master data management (MDM) with AI in new release
On 26th June 2023- Reltio has announced that it has released the 2023.2 version of its flagship Connected Data Platform, infusing more artificial intelligence (AI)-powered capabilities to help enable enterprises with master data management (MDM) operations.
Unipol Digitizes Master Data Management with SAP Business Technology Platform
On 23rd June 2023- Unipol Gruppo S.p.A. is an Italian financial service holding and the first insurance company in the damages sector in the country has announced that it has agreed to use centralized app of its longtime IT partner Qintesi already managed existing SAP systems. The experienced partner implemented a centralized app to manage the creation and modification requests by authorized users. During the design phases of the solution, the project team worked with SAP experts and SAP AppHaus. This new solution manages the master data creation and change requests centrally, saving time, reducing error rates, and making the entire process transparent and easy to manage.Â
In March 2022: Oracle rolled out an update for its enterprise data management solution. The cloud solution for Enterprise Data Management (EDM) improves the solution’s capabilities in a variety of areas.
In March 2022: IBM updates its InfoSphere MDM Reference Data Management Hub, with the new update users can fine-tune the data they publish using the MDM Publisher function.
Master Data Management Market Segmentation
Master Data Management by Component Outlook
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Solutions
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Services
Master Data Management by Deployment Type Outlook
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Cloud
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On-premises
Master Data Management by Organization Size Outlook
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Small and medium-sized Enterprises (SMEs)
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Large Enterprises
Master Data Management by Vertical Outlook
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Banking Financial Services and Insurance (BFSI)
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Government
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Retail
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IT and Telecom
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Manufacturing
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Energy and Utilities
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Healthcare
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Others
Master Data Management Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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