According to MRFR, the global master data management (MDM) market is slated to grow from USD 4.08 billion in 2017 to USD 12.43 billion by 2023, at a CAGR of 20.4% over the review period.
The master data management market is expected to expand from USD 4.08 billion to USD 12.43 billion by 2023, with a CAGR of 20.4% through the forecast tenure. An escalated global requirement for compliance, verification, and expansion of centrally condensed data management leads the mas MDM market during the forecast period. But data insecurity and the vulnerability of attacks may restrict the growth of master data management during the forecast period. MDM is a system procedure made by a company to determine the master reference for all company’s data, which results to lesser redundancy and lessened mistakes in day to day business measures. MDM provides several services like standards and solutions that assist companies to administer their master data.
However, issues relating to data security and attack vulnerability may hamper the growth of the market for master data management over the forecast period. In addition, existing concerns regarding data protection as well as lack of knowledge of the benefits associated with data management solutions are the prime factors that impede business growth. However, the introduction of integrated vendor solutions is expected to give the service providers new opportunities.
Also Read: http://www.marketwatch.com/story/master-data-management-market-driven-by-the-growing-economic-disruption-caused-by-covid-19-master-data-management-market-size-share-and-growth-analysis-2020-07-16
The global master data management data is classified into type, region, professional service, deployment, and industry. Based on type, the market is classified into customer data, product, supplier data, and others. Based on region, the market has divided into North America, Asia-Pacific, Europe, and the Rest of the world. Based on professional service, the market is segmented into maintenance and support service, implementation and deployment service and consulting service.
Based on deployment, the market is classified into on-premise and cloud. Based on industry, the market is segmented into IT, BFSI, media, and entertainment IT and telecommunication healthcare, retail, transportation and logistics, manufacturing, and others.
The global market for master data management is estimated to rise at a significant rate during the forecast period from 2018 to 2023. Global master data management market geographic analysis is being studied for North America, Europe , Asia-Pacific and the rest of the world.
During the forecast period North America is expected to dominate the market for master data management. The involvement of major players and early adoption of emerging technologies like IoT and artificial intelligence ( AI) drives North America’s master data management market. Over the forecast era, the US, Canada , and Mexico are projected to dominate the overall North American master data management market. Healthcare and manufacturing industries drive North America’s master data management market.
Europe is expected to record stable growth during the forecast period. Throughout the forecast era, BFSI and transport sector are expected to drive Europe’s master data management market. Transport rules and regulations as well as stringent payment protection requirements applicable to the BFSI sector drive the European transport & BFSI industry.
During the forecast period Asia-Pacific is expected to rise at a quick pace. Asia-Pacific is an economically and technologically developing region, with countries like China , Japan and South Korea projected to dominate the Asia-Pacific global master data management market. Growth in the IT & Telecommunications sector is driving the Asia-Pacific master data management market.
The prominent players in master data management market size are Riversand Technologies, Inc. (US), SAS Institute, Inc (US), Oracle Corporation (US), SAP SE (Germany), Tibco Software, Inc (US), IBM Corporation (US), Informatica Corporation (US), Orchestra Networks (US), Teradata Corporation (US), Talend (US) among others.
Main market players have recently been seen investing generously in research and development. Likewise, these brands are also seeking new markets to make their presence known and their consumer database growing. Market strategies such as joint venture, and acquisitions and mergers further helped influential vendors broaden their range of products.