Enterprise data management solutions have gained utmost significance owing to the surging need to manage massive data that organizations generate on a daily basis. The need to frame an effective data strategy for strategic advantage boosts the growth of the enterprise data management market. The voluminous amount of data produced and the need to handle it in such a way that it proves to be advantageous to the organization has placed data management at the top of their agendas, leading to rapid business growth across the IT sector worldwide.
Enterprise Data Management is the capability of the businesses to identify, develop, integrate, and manage the data of the entire enterprise workflow, applications, and entities which require precise and accurate data delivery. The global Enterprise Data Management Market is expected to reach approximately USD 146 billion by 2023 growing with 12% CAGR over the forecast period 2017-2023.
EDM is being increasingly used by a number of companies as it offers competitive advantage to them, resulting in the emergence of lucrative opportunities for the market growth. Also, the rising proliferation of Big Data technology can also stimulate growth of the EDM market in the following years.
With the growing instances of security breaches across technology companies, enterprises everywhere are sharpening their focus on data security and privacy. Advanced technologies such as machine learning, AR and edge computing are also being extensively used by core sectors for enriching the customer experience, leading to higher demand for enterprise data management solutions.
Goldensource (U.S.), SAS Institute Inc. (U.S.), Intel Security (U.S.), Mindtree (India), SAP SE (Germany), IBM Corporation (U.S.), Symantec Corporation (U.S.), Oracle Corporation (U.S.), Primitive Logic (U.S.), Liasion Technologies (Sweden), Teradata Corporation (U.S.), Cognizant (U.S.), MongoDB (U.S.), Jade Global (U.S.), Mulesoft (U.S.), Accenture (Ireland), Talend (U.S.), Solix technologies Inc. (U.S.), are the top players competing in the enterprise data management industry.
Geographically, the enterprise data management market is categorized into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is expected to have a significant growth the enterprise data management market over the forecast period. The U.S and Canada are leading countries in the region owing to the presence of IT giants such as IBM Corporation, Oracle Corporation and many more. Asia Pacific region is expected to be the fastest growing region in enterprise data management market. China, India, Japan, and South Korea are the leading countries in the region. This is due to increase in the number of small and medium enterprises in IT sector adopting cloud computing solutions. Additionally, India is expected to be the fastest growing country in the Asia Pacific region owing to the increasing government initiatives to encourage SMEs in IT sectors.
The enterprise data management (EDM) market has been differentiated with respect to component, deployment, organization size, as well as end-user.
The market components are solutions as well as services. Data management software can achieve the highest growth in the coming years, since it helps enhance the quality as well as business continuity.
The types of organizations that use data management services are large enterprise as well as small & medium enterprise.
With respect to deployment, the market segments are on-cloud along with on-premises.
The main end-users in the enterprise data management market include transportation & logistics, energy & power, healthcare, BFSI, manufacturing, government, IT & telecom, and more. With the help of enterprise data management solutions, the banking industry is able to efficiently handle the data, while ensuring the consistency of data. Further, the BFSI sector is able to adhere to all the regulatory imperatives, and use predictive models for customer and risk analytics.
Tech giants Microsoft and Cisco have entered a partnership, signaling the bid to take over the IoT data management space.