Global Master Data Management Market: Snapshot
Efficient management of humongous amount of data that a prospering organization can produce is of great importance to achieve greater profitability. The tools of master data management (MDM) provide for processes to fetch, aggregate, and compile the data to derive meaningful information that can help the organization to make fruitful decisions based on customers, sales, and financial records. On the back of the growing popularity of cloud computing and mushrooming of small and medium businesses (SMBs), this business intelligence study has projected the demand in the global master data management market to multiply at a phenomenal CAGR of 27.3% during the forecast period of 2017 to 2024. In terms of revenue, the master data management market is estimated to be worth 20,544.87 million, considering all global opportunities. As of 2017, the base year of this report, the market was evaluated for a valuation of 3,795.46 million.
While SMBs are increasingly adopting cloud computing as the concept offers them cost benefits, fast deployment, and flexibility, the market for master data management is also gaining traction from the possibilities of amalgamation with big data and benefits of regulatory compliances. On the other hand, difficulties in maintaining consistency and completeness of the data is a restraint that is obstructing the MDM market from attaining a higher growth rate. This report foresees that state-of-the art MDM solutions will be able to eliminate data redundancy and provide for effective analysis of master data in the near future and entice adoption.
BFSI and Healthcare Key End-use Segment of MDM Market
In 2017, the banking, financial services and insurance (BFSI) segment of the global master data management market was valued at US$779.13 million and it is expected to reach US$4,234.18 million by 2024, expanding at a CAGR of 27.4%. In the BFSI sector, MDM solutions are essential in meeting regulatory compliance challenges. Similarly, the healthcare industry presently is loaded with a database of patients, medicine suppliers, and laboratories.
MDM solutions for the healthcare industry are capable of being integrated with leading electronic health record (EHR) systems, health information systems (HIS), and other clinical systems. The healthcare end-use segment of the master data management market is estimated to be worth US$3,433.04 million by 2024. The report has also evaluated the potential of demand coming from the industries of IT and telecommunications, government, manufacturing, energy and utility, transportation and logistics, and retail.
Solution-wise, the report segments the market for master data management into product data solutions, customer data solutions, and multi-domain MDM solutions. Also, the market has been bifurcated on the basis of deployment mode, into on-premise and cloud. Although the adoption rate of on-cloud deployment has been lower than the on-premise deployment of MDM solutions, the cost of installation of on-cloud deployment of MDM solutions is considerably less than that for their on-premise deployment - hence the latter segment is poised for a faster growth.
Asia Pacific MDM Market Projected for Almost 30% CAGR
Geographically, North America has been identified as the region that is most profitable for the vendors of master data management software and services. As of 2017, the region was generating a MDM demand worth of US$1,542.69 million and is primed to remain key region throughout the forecast period of 2017 to 2024. The analyst of the report has notified of the trend of integration of on-premise MDM solutions with software as a service (SaaS) applications in the U.S. MDM industry. On the other hand, the Asia Pacific MDM market is forecasted to expand at a much stronger CAGR of 29.5% during 2017 to 2024.
In the emerging economies of Asia Pacific such as China and India, it is vital to achieve appropriate management of product and customer data across industries. IT industry in this region has undergone tremendous technological advancements in the recent past. The master data management market in the Asia Pacific region is estimated to be worth US$4,944.61 million, with the IT industry expected to play a pivotal role in effectively carrying out business process across industries in this region.
The report profiles a number of major companies currently ahead of the curve in the global master data management market, including IBM Global Business Services, Oracle Corporation, SAP SE, Informatica, Stibo Systems, Agility Multichannel, Orchestra Networks, Riversand Technologies, Tibco Software, and EnterWorks Acquisition, Inc.
Global Master Data Management Market: Overview
This report on the master data management market provides analysis for the period from 2014 to 2024, wherein 2016 is the base year and the period from 2017 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report highlights the various drivers, restraints, and opportunities expected to influence the market’s growth during the said period. It also highlights the trends that prevail in the master data management market globally. The study provides a holistic perspective on market growth throughout the forecast period in terms of revenue estimates (in US$ Mn) across regions of North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM).
This research report provides in-depth analysis of the master data management market, which is segmented on the basis of component, solution, and industry. The report provides cross-sectional analysis of the global master data management market in terms of market estimates and forecasts for all segments across regions.
The report profiles the major players of the master data management market. The company profiling includes an overview of the company with respect to parameters such as company details, market presence and segmentation by geography, key developments, strategy and historical roadmap, and revenue and operating profits. Major business strategies adopted by these players, their market positioning, and their recent developments have also been identified in the research report. This report also provides market positioning analysis of major players in the master data management market based on their 2015 revenues. The major players profiled in the report include Informatica, IBM Global Services, Oracle Corporation, SAP SE, Stibo Systems, Riversand Technologies, Tibco Software, Agility Multichannel, and EnterWorks Acquisition Inc.
Global Master Data Management Market: Trends and Opportunities
Master data management can enable organizations to derive actionable insights from the IoT data generated. Master data management offers actionable analytical and predictive data to organizations in order to carry out their business operations effectively related to product and customer data. For product and customer centric industries, availability of effective and accurate master data is critical. Discrepancy in customer as well as product related data can cost any organization hugely in terms of time and money.
Therefore, the need to invest in effective master data management solutions has become vital for the success of any organization. Businesses today have to handle a large amount of data related to products and customers. Master data management focuses on managing product- and customer-related information through product data solutions and customer data solutions. Improper management of data can lead businesses to face loses in terms of money and time. Master data management serves as a central repository of master data, which is consolidated from various sources of data. Data-driven business operations rely hugely on master data. Master data management done correctly helps achieve risk management and regulatory compliance in organizations. Thus organizations consider investing in efficient data management and master data management solutions.
Key Segments of the Global Master Data Management Market
- Product Data Solution
- Customer Data Solution
- Multi-domain MDM Solution
By End-use Industry
- Banking, Finance and Insurance (BFSI)
- IT and Telecommunications
- Health Care
- Energy and Utility
- Transportation and Logistics
Master Data Management Market: By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America