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The US enterprise data management market size is projected to increase by USD 5.59 billion at a CAGR of 13.64% between 2023 and 2028. In today's data-driven business landscape, the demand for seamless data integration and visual analytics solutions is on the rise. Companies are increasingly digitalizing their operations to gain a competitive edge, leading to a surge in the need for tools that can efficiently manage and analyze large volumes of data. Our offering caters to this demand by providing a robust data integration platform that enables the seamless flow of data between various systems. Additionally, our visual analytics solution offers actionable insights through intuitive data visualizations, aiding in process optimization and operational efficiency. By harnessing the power of these technologies, businesses can make informed decisions, improve productivity, and ultimately, drive growth.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about key companies, including Broadcom Inc., Cloudera Inc., GoldenSource, Informatica Inc., International Business Machines Corp., Mindtree Ltd., Oracle Corp., Salesforce Inc., SAP SE, Talend Inc, Teradata Corp., and Zaloni Inc. Additionally, Broadcom Inc. offers enterprise data management solutions for the BFSI sector, including ValueOps.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cloudera Inc.: The company offers enterprise data management solutions for BFSI sector such as Cloudera Data Platform .
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the on-premises segment will be significant during the forecast period. The on-premises model will experience slow growth during the forecast period when compared to the compounded annual growth rate (CAGR) of the overall Market.
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The on-premises segment showed a gradual increase in market share with USD 2.9 billion in 2018. The adoption of on-premises enterprise application software requires investments to be made in product purchases, installation, maintenance, and upgrades. Furthermore, the software market needs to incur investments in training and an in-house IT workforce to support users. The on-premises segment model is more secure than cloud deployment. The market is dominated by large organizations, such as commercial banks, insurance companies, and non-banking financial companies, which are concerned more about functionality than cost-effectiveness. These organizations mainly deal with very critical and confidential data, and so they are increasingly relying on the on-premises model as it is more secure due to end-to-end quality control and no third-party interference.
The market is witnessing significant growth due to the increasing need for businesses to handle massive datasets and maintain information accuracy. With strict regulations governing data handling and security, IT organizations are prioritizing EDM solutions to ensure data synchronization and single-source reporting across internal applications and external communication. The competitive environment in the US EDM market is intense, with various players offering multiuser functionality and data address validation to provide a competitive edge. The market expansion is driven by the increasing adoption of EDM in various business verticals, including banking and manufacturing, to streamline business operations and improve risk control.
In addition, EDM solutions are essential for IT organizations to leverage analytics and gain insights from their data sets, which is crucial for making informed business decisions. However, data conflicts and data silos are common challenges in EDM implementation, which can lead to inefficiencies and errors. Big Data is also driving the growth of the market, as businesses look to manage and make sense of vast amounts of data to gain a competitive advantage. The market is expected to continue its growth trajectory, with IT organizations investing in data strategies to improve data set consumption and overcome the challenges of handling and managing complex data.
Key Market Driver
The growing demand for data integration and visual analytics is the key factor driving the market expansion and trends of the market for the BFSI Sector in the US. The market is driven by the increasing volume of data generated by businesses and the need to effectively utilize this data for decision-making and business operations.
In addition, the use of AI in BFSI allows real-time synthesizing of data for effective decision-making by facilitating real-time analysis, thus enabling enterprises to transform, monitor, and deliver data, understand business processes, and bridge the gap between IT and businesses. Similarly, it also helps BFSI companies integrate business processes and technical data from different sources and convert that data into meaningful business insights. Companies are also introducing AI-powered products to increase the AI capabilities of analytics. Such factors will spur the expansion of the market during the market forecast period.
Technological developments will fuel the Market growth. Several industries, especially in the US and Canada, are early adopters of advanced technologies. Hence, the volume of data generated is high, which necessitates using enterprise data management (EDM) software solutions in the BFSI sector in the US. The technological maturity of several industries and the presence of many key Companies, such as Oracle Corp. and others, drive the expansion of the market.
Additionally, manufacturing, telecommunications, infrastructure development, BFSI, and retail activities are growing at a rapid pace in the region. Several companies operating in these industries are adopting solutions to analyze the increasing volume of data generated. Hence, Companies offer specific products that cater to the needs of such industries. Such factors will lead to the market growth analysis during the forecast period.
The high price of enterprise data management software is a major challenge to market growth. Enterprise application software solutions are generally expensive due to the high costs associated with the development and licensing. Often, banking companies do not require all the features provided in an enterprise application. However, the prices are decided for all the features of an application and are not based on the individual features used by BFSI sector companies.
Further, the high price of application software prevents organizations from purchasing such solutions. In some cases, organizations delay their purchase decisions. In both ways, high prices limit the growth of the market.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
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Industry Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
Market growth 2024-2028 |
USD 5.59 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
11.73 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Broadcom Inc., Cloudera Inc., GoldenSource, Informatica Inc., International Business Machines Corp., Mindtree Ltd., Oracle Corp., Salesforce Inc., SAP SE, Talend Inc, Teradata Corp., and Zaloni Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Ownership
8 Market Segmentation by End-user
9 Customer Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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