New York, USA, April 05, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global enterprise data management market. According to the report, the global market is projected to surpass $224,520.1 million and grow with a CAGR of 10.8% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the enterprise data management market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Enterprise Data Management Market
The outburst of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global enterprise data management market. During the pandemic, EDM systems can stay updated on vulnerable families and people by integrating age and population estimations from restricted tax information, school conscription, and national paperwork. In addition, EDM systems can track the travel patterns of COVID-19-infected people using mobile phone data and geo-location information. These factors are projected to fuel the market growth amidst the pandemic.
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Factors Impacting the Enterprise Data Management Market Growth
The key factor boosting the growth of the global enterprise data management market is a significant rise in the need for enterprise data management due to the increased use of advanced data management solutions by large and medium-sized businesses. Furthermore, the growing use of cloud-based business models by different companies is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the growing availability and simplicity of open-source solutions are anticipated to deter the market’s growth.
The report segments the global enterprise data management market into component type, product type, deployment type, organization size, end-use industry, and region.
Software Sub-Type Sub-Segment to Grab a Foremost Share of the Market
The software sub-type sub-segment of the component type segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to satisfying regulatory requirements for compliance with topics such as data privacy and financial reporting. As a result, more companies are gradually investing in effective EDM systems.
Data Security Sub-Segment to Grab a Leading Share of the Market
The data security sub-segment of the product type segment is predicted to witness leading growth in the forecast period. This growth is mainly because enterprise data security works to protect a business from data loss and to ensure the security of all data-using devices.
On-Premises Sub-Segment to Witness Rapid Growth
The on-premises sub-segment of the deployment type segment is predicted to grow enormously in the forecast period. This growth is mainly because on-premises applications significantly increase operational effectiveness and decrease dependency on the internet for data access.
Large Enterprise Sub-Segment to Observer Rapid Growth
The large enterprise sub-segment of the organization size segment is projected to grow enormously in the forecast period. This growth is mainly because large organizations place a high value on employing good data approaches to identify and forecast potential threats, and then using this data to make faster business decisions.
Banking, Financial Services, & Insurance Sector (BFSI) Sub-Segment to Grab a Primary Share of the Market
The banking, financial services, & insurance sector (BFSI) sub-segment of the end-use industry segment is expected to observe leading growth in the forecast period. This growth is mainly because the BFSI sector manages a variety of compliances more effectively, enhances sales and marketing operations, and controls & monitors finance & accounting procedures.
North America Region to Perceive Maximum Growth
The report analyzes the global enterprise data management market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the increased demand for EDM solutions because of the several governments in the region encouraging software developers to provide free and open-source programs for managing and enabling remote access to vast amounts of data in this region.
Key Players of the Global Market
The report states some of the foremost players operating in the global enterprise data management market including
- IBM Corporation
- Amazon Web Services Inc.
- NTT Communications Corporation
- SAS Institute Inc.
- SAP SE
- Cloudera Inc.
- Microsoft
- HP Development Company L.P.
- VMware Inc.
- TierPoint LLC.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in September 2022, Schlumberger, a provider of oilfield services, announced the launch of the Schlumberger Enterprise Data Solution, which uses Microsoft Energy Data Services as its power source. The Enterprise Data Solution was designed to provide the most extensive capabilities for subsurface data, in accordance with the growing criteria of the OSDU™ Technical Standard, a new open industry standard for energy data. It makes data available to the global energy business on an unprecedented scale.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Enterprise Data Management Market:
- Tracing the Role of Enterprise Data Management Systems in Work-From-Home Culture
- Global Enterprise Data Management Market to Experience Noteworthy Growth by 2031 with the Rising Integration of Advanced Technologies in Data Management Solutions
