New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Master Data Management Market by Type, Professional Service, Industry, Deployment — Global Forecast till 2030
Market Analysis
The global master data management market will touch USD 24.2 billion at a 16.85% CAGR by 2030, as per the current Market Research Future report.
Master Data Management Market Key Players
Eminent players profiled in the global master data management market report include:
- 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),
- Rivers and Technologies, Inc. (US)
- Talend (US)
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Drivers
Rising Use of Data Management Tools to Boost Market Growth
By master data management services & solutions that store data in one location and guarantee data security, massive volumes of data created throughout an organization are routed. Superior data quality technology is required to support operational excellence in the face of increased data churn. Assuring data quality is the first step in implementing MDM, the robust system which enables businesses to trace the stages of the information flow and document data transformation. Data accuracy is ensured by data quality technologies, and records are automatically updated and redundant data is removed by MDM systems.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 24.2 Billion |
| Growth Rate | CAGR of 16.85% from 2022 to 2030 |
| 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. |
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Opportunities
Rapid Technological Advances in the Master Data Management Technology to offer Robust Opportunities
New technologies like artificial intelligence (AI), big data, and machine learning are driving the MDM market ahead (ML). Large datasets are now accessible and new data processing & storage capabilities are made possible by this technology. Customers now have a wider range of requirements as new technologies' capacity for processing data from multiple domains and perspectives has grown. The most common request has been for MDM solutions to be integrated with technologies like Big Data, analytics, and business intelligence. Two common master data issues are the discovery of duplicate records and the assurance of data quality.
Restraints and Challenges
Issues with Implementation to act as Market Restraint
Data security concerns, lack of awareness, and issues with implementation may act as market restraints over the forecast period.
Market Segmentation
The global master data management market is bifurcated based on deployment, industry, professional service, industry, and deployment.
By type, the master data management market is bifurcated into supplier data and customer data.
By professional service, the master data management market is bifurcated into consulting service and implementation & deployment service.
By industry, BFSI will lead the market over the forecast period.
By deployment, cloud will domineer the market over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic is affecting businesses all across the world. Data management companies are seeking to maintain their assets online while also ensuring the security & privacy of information across different connections in an effort to counteract this scourge. In order to assist executives in making business decisions about how to respond to the new enterprise issues presented by the COVID-19 infection, data analysis professionals, key specialists, and experts with refined analytics competence like artificial intelligence & machine learning have in fact been asked for their knowledge and experience.
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Regional Analysis
North America to Head Master Data Management Market Growth
Throughout the anticipated period, North America is anticipated to dominate the worldwide master data management market. The master data management (MDM) market in North America is impacted by huge organizations, the rapid use of the Internet of Things (IoT), novel technologies, and artificial intelligence (AI). According to the forecast, the North American market for global MDM would continue to be dominated by Mexico, the United States, and Canada.
The market sales within North America are dominated by the industrial and medical sectors. The market is anticipated to be dominated by the North American region. In this area, the retail market is sizable and very competitive. The market in this area is anticipated to grow due to a rise in the implementation of MDM in eCommerce. Most industries in North America have a high rate of advanced technology adoption. Furthermore, the area is home to significant firms who provide cutting-edge master data management.
To meet the growing need for sophisticated master data management services across a number of industries, including retail, logistics, manufacturing, and others, vendors in this market have developed cutting-edge master information management software. Due to increased innovation in master data management systems and the presence of major market participants like Oracle, TIBCO Software Inc., SAS Institute Inc., IBM, and others in North America, the region's market had the greatest revenue share in 2021. The key firms in the region are boosting their R&D efforts for the integration of MDM with other technologies, including as AI, ML, big data, & others, to simplify difficulties for large organizations. This is what is responsible for the market's rapid growth rate in North America. Rising need for greater data compliance as well as a growing penchant for cloud-based MDM solution is anticipated to promote market revenue growth. California Consumer Privacy Act as well as General Data Protection Regulation (GDPR) rules and regulations are followed by MDM (CCPA).
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APAC to Have Admirable Growth in Master Data Management Market
Due to the increased adoption of the MDM solutions via SMEs to develop better business strategies, the Asia Pacific market will record the fastest revenue growth rate. To secure data and safeguard privacy, businesses are implementing high-quality data governance software management solutions. Also, the oil and petrol industry is increasingly using MDM solutions to record and manage relationships between wells, equipment, workers, and sites for efficient operations, which is boosting the market's revenue in this region.
Over the projected period, the Asia Pacific is anticipated to experience the greatest market growth rate. The Asia Pacific is developing into a very promising market due to the growing awareness of the growth in business efficiency and the professionally built MDM solutions provided by vendors located in this region. Furthermore, this region's expansion is being aided by substantial facilities for the implementation and maintenance of master data apps at low cost.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
