As the key market players in the master data management market (MDM) are increasingly bent on collaborating with other business organizations and companies in order to consolidate their assets, competition will surmount considerably, according to the findings of Transparency Market Research (TMR).
Several of the companies are investing in tender offers, acquisitions, and other strategic activities. Market players who can tactfully handle the issue of the influence of social media on big data will succeed in the market with flying colors, while those who are unable to do so will risk deterioration of shares. The leading market players – IBM Corporation, Informatica, and Oracle Corporation –account for more than 35% of the total master data management market in 2015. Other prominent players operating in the market for master data management include SAP SE, Agility multichannel, Stibo Systems, and Riversand Technologies.
In 2015, the global master data management market was estimated at US$4.35 bn in terms of revenue generation. According to the latest findings of TMR, the global MDM market will attain US$37.97 by the end of the forecast period, growing with a favorable CAGR of 27.25% between 2016 and 2024.
BFSI Segment to Retain its Foremost Position
Based on end-use industry, energy and utility, healthcare, IT and telecommunications, government, transportation and logistics, BFSI, retail, manufacturing, and others are the key segments discussed in the report. Presently displaying a promising CAGR of 27.3% during the forecast period of 2016-2024, the banking, financial services, and insurance (BFSI) segment had emerged at the forefront, procuring about US$890.94 mn in 2015. In 2015, the BFSI and healthcare segments together held the dominant share in the global market due to the implementation of strict regulatory framework, which is now applicable to data management as well.
Increasing investments in IT infrastructure, along with the growing popularity of Internet of Things (IoT), are likely to become some of the key elements to metamorphose not only the IT industry, but also the MDM market in Asia Pacific. A CAGR of 29.4% during the forecast period will ensure that the market in Asia Pacific will gain significant momentum. India, Korea, Japan, and China are the key countries slated to contribute towards the growth of this regional market through their increasing demands for MDM.
Presently, the U.S. is the topmost country in the MDM market. Hospital reimbursement policies, the approval of the Affordable Care Act, customized medicine, and emphasis on healthcare facilities are responsible for the expansion of the MDM market in this region.
Time and Cost Efficiency offered by MDM to Boost Demand
Some of the major drivers inspiring the growth of the MDM market are growing need for compliance and verification, management, efficient handling of a vast amount data, enhancing the quality of data, and time- and cost- efficiency offered by MDM.
Lack of integration of administrative and clinical applications, multiplicity of data sources, and inadequate number of skilled personnel who possess analytical skills have been some of the key factors posing a challenge to the overall growth of the global MDM market. However, the integration of multiple solutions offered by leading vendors is likely to furnish substantial opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Master Data Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”
The global 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 Industry
- Banking, Finance and Insurance (BFSI)
- IT and Telecommunications
- Energy and Utility
- Transportation and Logistics
Master Data Management Market: By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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