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The Master Data Management Market (MDM) Solutions size is forecast to increase by USD 20.29 billion at a CAGR of 16.72% between 2023 and 2028. The market's expansion hinges on various factors, notably the escalating volume and intricacy of data, which necessitates robust management solutions. Businesses are increasingly inclined towards enhancing efficiency, driving the demand for advanced management tools. Furthermore, as organizations become more reliant on the Internet for essential operations, the imperative for effective data handling becomes paramount. This growing dependency underscores the critical role of management in ensuring seamless business processes and addressing the challenges posed by the evolving digital landscape.
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Software and service businesses are adapting to new paradigms, especially with the rise of work from home arrangements. This transition holds particular significance for the financial services industry, where remote operations necessitate efficient handling of data duplication and data consolidation. Effective management of entity information and diverse information sources is crucial for maintaining accuracy and relevance, especially when it comes to pricing strategies aligned with shifting consumer demand. As businesses navigate these challenges, leveraging agile solutions becomes imperative for sustained success.
The market experiences significant growth driven by the increasing demand for Data compliance, Data duplication Data security, and addressing Privacy issues across Enterprise sectors. Companies are embracing MDM projects to ensure Data quality, prevent data breaches, and mitigate Cyber-attacks. With Global deployment and the adoption of Cloud computing and Hybrid multi-cloud services, MDM solutions cater to diverse industries like Financial services, Manufacturing, and Energy & utilities. These solutions offer centralized management of Core product data, Attributes, and Specifications, supporting Omnichannel data integration in the E-commerce industry. Leveraging AI-enabled and ML-enabled solutions, MDM platforms empower organizations to enhance the client experience, drive Revenue generation, and enable Informed decision-making in the era of Technological advancements and Internet of Things (IoT).
Increased dependency on the Internet for critical operations is notably driving market growth. People share their personal information on the Internet, especially on social media. Furthermore, companies are offering storage services in the cloud, resulting in the storage of critical information on the web. Moreover, the global e-commerce market is expected to grow significantly. As many new players are entering the global e-commerce market, the need for advertising, management, customer-centricity, and decision-making is increasing. Therefore, e-commerce companies are posting advertisements on search engines and other websites to attract more customers.
An increase in mobility solutions is an emerging trend shaping market growth. The growing adoption of mobile devices and smartphones and the rise in popularity of mobile apps have increased the use of video management software, an essential revenue contributor to the market. With the ubiquity of smartphones and tablets, video management software providers have started offering apps for mobile platforms such as iOS and Android. The adoption of mobility solutions in organizations to access enterprise documents through smart devices is also increasing rapidly. Cloud-based solutions provide platforms that allow users to access business-related and other enterprise documents from mobile devices to improve business efficiency.
As a result, working professionals can seamlessly access and exchange organizational documents from remote locations as per requirements. Employees can also share organizational documents simultaneously to synchronize with the business process. Thus, the increase in mobility solutions and seamless access and exchange of data is expected to increase the need, thereby driving the market growth and trends during the forecast period.
A shortage of skilled analytics professionals and a high attrition rate is a significant challenge hindering the market growth. Data analytics confer tremendous benefits to organizations, but it requires educated and qualified professionals with relevant experience in logical and analytical thinking and domain expertise. However, there is a shortage of skilled analytics professionals such as mathematicians, statisticians, data scientists, and data analysts. Demand for data analytics is higher than the availability of data analytics professionals. This may make it difficult for analytics vendors to fulfill the growing needs of the client base, which can impede the growth of the solutions market.
In addition, it is a difficult task to acquire and retain key employees in outsourcing destinations such as India and China because countries such as the US and Canada have better pay scales. Key employees move to higher-income countries, which may lead to a shortage of skilled professionals in outsourcing destinations. This will negatively affect the growth of the global market in developing countries like India and China during the forecast period.
The market research and growth report includes a comprehensive outlook on the offering forecasts for the industry segmented by Deployment, which comprises cloud and on-premises. Additionally, it categorizes End-user into BFSI, healthcare, retail, and others and covers Geography, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments. Data platform solutions play a crucial role in this regard, facilitating the efficient handling and analysis of vast amounts of information.
In today's digital landscape, software and service businesses play a pivotal role in enabling various sectors to navigate complex challenges. Ensuring data compliance and addressing privacy issues are paramount, particularly with the proliferation of Internet of Things (IoT) devices and reliance on cloud computing. As businesses embrace mobility and harness the power of big data and machine learning (ML), safeguarding data security against cyber-attacks and breaches becomes imperative. The IT industry and hardware business are instrumental in providing robust infrastructure, while attention to data quality and management of entity information and information sources drive informed decisions aligned with consumer demand and market dynamics, shaping pricing, specifications, and omnichannel data strategies, especially in the e-commerce industry.
The market share growth by the cloud segment will be significant during the forecast period. At present, enterprises are opting for cloud-based to meet the growing demand for customization, agility, and scalable. It offer all the master data on a single interactive screen, which allows a productive and collaborative development process.
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The cloud segment was the largest and was valued at USD 7.18 billion in 2018. The cloud segment is expected to post a high year-over-year growth rate during the forecast period. This is mainly due to operational demands, an increase in resource management, responsiveness toward current strategies, the implementation of new business strategies, and an increase in various end-user programs. Features such as real-time visibility and integration with big data analytics give master data users of cloud-based solutions the mobility and transparency needed to overcome adverse economic situations by inputting, storing, managing, analyzing, and mapping to a wide range of quantitative data. All these factors are expected to drive the growth of the cloud segment in the global market during the forecast period.
The growth of the BFSI segment is driven by the need to increase revenue, meet regulatory compliance, achieve customer-centricity, and reduce operating costs. The complete digitalization of all core banking and insurance processes and the increasing volume of data generated by the BFSI industry are increasing the adoption. It can create a catalog of data for risk management and organizational decision-making, increase transparency, and improve process streamlining. A single unified source of accurate master data can improve visibility into counterparty risk exposures. Hence, improvements in risk management, corporate decision-making, and regulatory compliance ensured by the use of an accurate set of master data will drive the growth of the BFSI segment of the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was one of the early adopters of solutions. However, the cloud-based delivery market growth over the past five years. The enterprises in the region have been increasing their IT budget for cloud-based solutions for the past few years. The US is the leading contributor to the regional solutions market, followed by Canada and Mexico. For North America, the year-over-year market growth is expected to demonstrate a declining trend due to sectoral maturity in the US and Canada, the largest consumers of in the region. North America is expected to dominate the global market.
However, with increased digitization and the adoption of advanced artificial intelligence across verticals, the market is expected to grow substantially. The overall maturity of the industrial sector, the intensive rate of data generation in the region, and the region the key adopters of advanced technologies for driving enterprise productivity are a few of the primary drivers of the market growth in North America.
The Market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
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.
Adastra Crop. - The company offers Ataccama One MDM under the brand Ataccama Corp.
Contentserv Swiss GmbH - The company offers solutions to create and manage a complete and accurate record of critical data.
Informatica Inc. - The company offers solutions that connect data across the enterprise for a contextual 360-degree view and insights with intelligent data management.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
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.
Data governance emerges as a pivotal aspect, managed by skilled IT specialists to ensure data accuracy and security. Businesses, along with partner organizations, grapple with the vast Internet of Things (IoT) network, emphasizing the need for robust data flow. To challenges of dark data swamps and segregated data environments, organizations. The MDM programs strive for a consolidated master data set managing data errors and enhancing data consistency, completeness, and correctness. Cutting-edge technologies like machine learning (ML) and artificial intelligence (AI) revolutionize data processing, storage, and security. MDM solutions witness increased adoption, driving market revenue growth. Cloud MDM segments, propelled by new technologies and AI/ML, showcase the trend towards federated architectures and inter-enterprise sharing.
As software and service businesses adapt to new paradigms, the concept of work from home gains prominence, reshaping traditional workflows. Amidst this transformation, the financial services industry stands at the forefront, leveraging advancements in data quality technologies to streamline operations. Challenges such as data duplication and consolidation underscore the need for robust solutions to optimize efficiency. In this dynamic environment, vigilance against data breaches and cyber-attacks remains critical, ensuring the integrity of data quality and safeguarding entity information and information sources.
In today's rapidly evolving business landscape, AI strategy is becoming increasingly integral for software and service businesses across various sectors. With the shift towards remote work transforming traditional office dynamics, industries like the financial services industry are embracing cloud deployment to enhance efficiency and accessibility. Within the BFSI vertical, the convergence of IT and telecom technologies is reshaping operations, driving demand for robust solutions to manage entity information and diverse information sources effectively. Moreover, as pricing and consumer demand fluctuate in response to market trends, the ability to leverage AI-enabled solutions becomes essential for optimizing online sales and maximizing Internet access.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.72% |
Market Growth 2024-2028 |
USD 20.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.12 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adastra Crop., Broadcom Inc., Cloudera Inc., Contentserv Swiss GmbH, Informatica Inc., International Business Machines Corp., LTIMindtree Ltd., Open Text Corp., Oracle Corp., PiLog Group, Profisee Group Inc., QlikTech international AB, Reltio Inc., SAP SE, SAS Institute Inc., Semarchy, Syndigo LLC, Teradata Corp., TIBCO Software Inc., Veeva Systems Inc., and Stibo Systems |
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 the forecast period. |
Customization purview |
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