As the amount of data generated by organizations multiples rapidly, organizations can no longer afford to delay investments in master data management solutions. This will help the opportunity in the global master data management market to spiral to US$37.97 bn by 2024, rising at a 27.25% CAGR from 2016 to 2024. The market had a valuation of US$4.35 bn in 2015. Consolidation among companies is helping this market blaze ahead, says TMR.
In economies that are racing toward industrialization and urbanization, the amount of data continues to rise exponentially, making investments in product and customer data management an imperative. TMR expects this factor to act as a high-impact driver for the global master data management market. This puts the Asia Pacific region at the forefront of growth in the global MDM market. However, in terms of revenue generation, traditional economies in North America and Europe will still remain vital.
Master Data Management Market in Asia Pacific on Cusp of Unprecedented Growth
Though big data management and cloud adoption are becoming critical to enterprises across the world, this trend is particularly strong in North America. Companies in the master data management market thus been quick in introducing solutions master data management solutions that will help clients enhance the value of big data and integrate MDM solutions seamlessly with their overall cloud policy. A similar trend is prevalent in Europe. Consequently, North America and Europe dominated the global master data management market in 2015, TMR finds.
The Asia Pacific master data management market is on the cusp of unprecedented growth, the report further finds. This will occur as a result of an increase in the spends on IT infrastructure by enterprises operating in the region. Moreover, with IoT sure to be a transformational force for the overall IT industry here, the MDM market will be no exception. The APAC MDM market will exhibit a 29.4% CAGR from 2016 to 2024. TMR expects the Middle East and Latin America to display moderate growth through the report’s forecast period.
Master Data Management Investments in BFSI Sector to Remain Strong
TMR’s analysis shows that in 2015, the banking, financial services, and insurance (BFSI) segment of the MDM market had a valuation of US$890.94 mn. TMR’s projections show that this segment will exhibit a very strong CAGR of 27.3% between 2016 and 2024. In that year, the healthcare and BFSI sectors collectively made up the largest share in the worldwide MDM market as both of these sectors are governed by stringent regulatory compliance mandates, which have now extended to data management.
Companies in the master data management market cannot afford to ignore the new opportunities that are arising in the healthcare sector in developing economies. Databases containing massive volumes of data about patients, laboratories, clinical trials, and medicine suppliers call for the urgent implementation of MDM solutions. Cloud-based MDM solutions that can be integrated with existing electronic health record (EHR) systems and health information systems (HIS) are the way ahead in this space.
The competitive landscape of the market is expected to wear a more consolidated look in the coming years with companies such as IBM Global Business Services, Informatica, and Oracle Corporation focus on mergers and partnerships to take the emerging trend of multi-domain MDM head-on.
The master data management market has undergone tremendous advancement in the past few years. With the advent of the Internet of Things (IoT) the penetration of information technology across various industries has increased. Organizations have ramped up their investments in IoT technology. IoT offers a range of benefits to organizations in the sectors of cloud computing, big data analytics, and global networks. The global start up industry has grown hugely in the IoT sector. Also there has been a significant rise in the number of businesses conducted over the web over the past few years.
Moreover, increase in the number of connected devices globally has also been one key factor in promoting the growth of IoT market. Economies across the world foresee the economic benefits of IoT. Considering the direct proportionality of growth in IoT to need for data management, the growth of IoT is expected to drive the demand for master data management in organizations. 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.
This report on the master data management market provides analysis for the period from 2014 to 2024, wherein 2015 is the base year and the period from 2016 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.
The global market for Master Data Management (MDM) market has been segmented as follows:
Master Data Management Market: By Component
- By Software
- On Cloud
- On Premise
- By Service
- System Integration
- Operations and Maintenance
Master Data Management Market: By Solution
- Product Data Solution
- Customer Data Solution
- Multi-domain MDM Solution
Master Data Management Market: By 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