US Enterprise Data Management Market for BFSI Sector Market by Deployment, and Ownership - Forecast and Analysis 2023-2027

US Enterprise Data Management Market Forecast 2023-2027

The US Enterprise Data Management market is projected to reach a value of USD 4.28 billion, at a CAGR of 12% between 2022 and 2027. The EDM market refers to the industry that involves managing and organizing data within large organizations in the United States. The EDM market is driven by key factors such as big data, necessitating advanced data architectures. Over 75% of US companies have implemented some form of data management system. Data privacy and protection are paramount, prompting organizations to implement comprehensive data strategies. This market research and growth report includes in-depth information on the key market drivers, trends, and challenges during the forecasted period. 

Market Overview

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The market is witnessing commendable growth driven by the increasing adoption of business analytics software and the imperative need for enterprise data protection. Security protocols, multi-factor authentication, and encryption procedures are pivotal in safeguarding sensitive BFSI data against cyber threats. Regulatory compliance is paramount, necessitating stringent measures for limited access and ensuring adherence to data protection laws. Advanced technologies like Machine Learning (ML), blockchain, and cloud computing are revolutionizing data management practices, while Robotic Process Automation (RPA) streamlines operations for enhanced efficiency and security in the BFSI sector.

Market Dynamics

 

The market is witnessing robust expansion driven by the adoption of automated systems and risk management solutions. With the exponential increase in the volume of data, security concerns have become paramount, prompting enterprises to invest in unified integration and data control mechanisms. Ongoing regulations and compliances necessitate robust data integration and visual analytics tools for real-time analysis and decision-making. Businesses are leveraging Artificial Intelligence (AI) and Machine Learning (ML) for cognitive media solutions, while prioritizing enterprise data protection through security protocols like multi-factor authentication and encryption procedures. Additionally, blockchain, cloud computing, and Robotic Process Automation (RPA) are transforming these management practices, ensuring regulatory compliance and cybersecurity.

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 forecast period. 

Significant Market Trends

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.

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 expansion of the market during the forecast period.

Major Market Challenges

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.

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.

Key Players in the Industry

Key players in the market include IBM, Oracle Corporation, Microsoft Corporation, SAP SE, and Informatica.

We have provided a detailed analysis of the market’s competitive landscape and offer information on 20 market companies, including :

• Actian Corp.
• Cloudera Inc.
• Commvault Systems Inc.
• GoldenSource
• International Business Machines Corp.
• Micro Focus International Plc
• Mindtree Ltd.
• QlikTech international AB
• Salesforce.com Inc.
• Talend Inc.
• Teradata Corp.
• Veritas Technologies LLC
• Winshuttle LLC
• Zaloni Inc.

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. The EDM market growth and forecasting of 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.

Market Segmentation 

The deployment segment of the market is characterized by the adoption of automated systems to address various challenges and capitalize on opportunities within the industry. Automated systems are being increasingly leveraged by financial institutions to streamline data management processes, enhance risk management capabilities, and mitigate security concerns. Enterprise data management providers offer solutions for unified integration, enabling seamless data control across various platforms and applications. Given the ongoing regulations and compliances in the BFSI sector, data integration is critical for ensuring regulatory compliance and meeting industry standards. Visual analytics tools and business analytics software empower organizations to conduct real-time analysis, extract actionable insights, and make informed decisions. The industry's expansion is further fueled by advancements in Artificial Intelligence (AI) and cognitive media solutions, which enable enhanced data processing capabilities and improve cybersecurity measures. However, challenges such as limited access to unstructured and duplicated data remain pertinent concerns that need to be addressed through robust data management strategies.

By Deployment

The market share growth by the on-premise 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-premise segment showed a gradual increase in market share with USD 2.65 billion in 2017 and continued to grow by 2021. 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.

Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027. The growth of this segment is primarily attributed to the increasing adoption of the enterprise software market.

Market Analyst Overview

The market is witnessing significant growth driven by the adoption of automated systems and the increasing focus on security concerns. EDM providers are offering unified integration solutions to enhance data control and address ongoing regulations and compliances. With the industry expansion, there's a rising demand for business analytics software and EDM mechanisms such as multi-factor authentication and encryption procedures. Enterprises are also grappling with challenges related to unstructured data, duplicated data, and ensuring regulatory compliance. To tackle these issues effectively, many organizations are leveraging Machine Learning (ML) technologies to streamline data management processes and enhance overall operational efficiency.

In the market, risk management is a top priority, leading to the adoption of automated systems and Artificial Intelligence (AI) solutions. Cognitive media solutions are also gaining traction to enhance data analysis capabilities. Security protocols, including limited access and cybersecurity measures, are crucial for protecting sensitive information. Additionally, blockchain technology and cloud computing are being utilized to ensure data integrity and accessibility. Robotic Process Automation (RPA) is streamlining repetitive tasks and improving operational efficiency. As financial institutions navigate evolving regulatory landscapes, implementing comprehensive data management strategies becomes imperative to maintain compliance and mitigate risks effectively.

In the market, businesses are embracing parallel processing architecture to handle large volumes of data efficiently. Automated systems offer streamlined data processing, while services and solutions cater to diverse business needs. Components like transparency and dynamic data representation are essential for modern business operations. Whiteboard videos and animations facilitate clear communication of complex concepts. EDM solutions enable organizations to manage both internal and external data effectively across departments. As the industry experiences growth, there's a focus on leveraging the latest technologies, including cloud analytical tools, to enhance digital infrastructure. With an positive industry outlook, end-use enterprises are adopting EDM models to drive innovation and stay competitive in the evolving BFSI landscape.

Segment Overview

Our market trends and analysis report forecasts revenue growth at regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by deployment and ownership.

• Deployment Outlook 
  • On-premise
  • Cloud

• Ownership Outlook
  • Large enterprise
  • Small
  • Medium enterprise

Market Scope
Report Coverage	Details
Page number	148
Base year	2022
Historical year	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 12%
Market growth 2023-2027	USD 4.28 billion
Market structure	Concentrated
YoY growth (%)	11.4
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Actian Corp., Broadcom Inc., Cloudera Inc., Commvault Systems Inc., GoldenSource, Informatica Inc., International Business Machines Corp., Micro Focus International Plc, Mindtree Ltd., Oracle Corp., QlikTech international AB, Salesforce.com Inc., SAP SE, Talend Inc., Teradata Corp., Veritas Technologies LLC, Winshuttle LLC, 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, and Market condition analysis for the 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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the market forecast period
• Market analysis and report on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market.
• Accurate predictions about  upcoming trends and changes in consumer behavior
• Market growth analysis across the US
• Thorough analysis of the market’s competitive landscape and detailed information about Companies
• Market forecasting of factors that will challenge the growth of the market Companies

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