Master Data Management Market

Global Master Data Management Market Size & Growth (2023 – 2028)

The Global Master Data Management (MDM) market is foreseen to expand from $ 11.3 billion in 2022 to $ 27.9 billion in 2028, at a yearly growth rate (CAGR) of 19.8% over the conjecture period.

Master data management (MDM) in business includes different solutions, services and standards that help companies manage their master data. Master data includes confidential and critical business data on customers, products, financial transactions, suppliers and others. The emergence of MDM has enabled companies to collect and manage basic data and use it for data analysis and effective decision-making. It improves the operational efficiency of organizations as well as better decision-making capacities. MDM facilitates the use of data for different business operations, to increase business and operational performance and to provide better customer services. The master data management market is influenced by many factors, constraints and opportunities.

Recent Developments:

• In April 2020, IBM launched new technologies based on artificial intelligence to help the health and research community accelerate the discovery of medical knowledge and treatments for COVID-19.
• In April 2020, SAP created the COVID-19 Emergency Fund (USD 3.4 million) to meet the urgent needs of the World Health Organization (WHO), the Foundation of Centers for Control and Prevention Diseases (CDC) and small non-profit and social enterprises. These organizations work on the front line to serve local communities in crisis.
• In April 2020, the SAS Institute created a public COVID-19 dashboard using SAS Viya to visualize the main measures and trends related to the COVID-19 pandemic.
• In April 2019, SAP announced improvements to the SAP HANA cloud and on-premises database. The database will enable immediate access to critical data and extreme functionality to promote computing in memory.

Market growth and trends:

The health sector will experience the highest growth rate over the forecast period as the industry is undergoing significant development due to advances in technologies that improve the industry as a whole. It is a complete sector which must process various clinical, administrative and financial data on a daily basis. The industry is highly regulated and needs information on channelled data, better data quality and precise clinical information which is consolidated by the deployment of MDM solutions.

Impact of Covid-19 on the Global Master Data Management Market:

The COVID-19 pandemic has its effects on all indutries and customer behavior and has had a substantial impact on economies and societies. Offices, educational establishments and manufacturing facilities being closed for an indefinite period; major sports and events are postponed; and social distancing and working from home policies, companies are increasingly looking for technologies that help them get through these difficult times. The pandemic is affecting business operations across the globe. Data management companies are trying to fight this pandemic by keeping their assets online and by ensuring the confidentiality and security of data on networks. Key professionals, business intelligence professionals and advanced analytics professionals such as AI and ML have been called in for their expertise to help leaders make business decisions on how to respond to the new business challenges caused by the COVID-19 epidemic.

Market Drivers and Restraints:

Growth in international economy, globalization and the surge in the adoption of data regulatory practices are foreseen to promote expansion in the global master data management market. Data quality tools help reduce data duplication, reduce rework, and keep accurate data records. Data consolidation is becoming an important aspect for organizations, which have begun to realize the importance of data quality. This factor leads to a strong demand for MDM solutions and therefore stimulates the market for basic data management.

Users are under the impression that the confidentiality of their data is threatened and that there will be no responsibility for data loss or theft or any mitigation that would help them if they adopted these solutions. This is actually a misconception that prevents the adoption of MDM solutions. In addition, users also fear losing the authenticity of their data. Therefore, despite the guarantees and provisions of the providers of data security solutions, the apprehensions continue to prevail.

MASTER DATA MANAGEMENT MARKET REPORT COVERAGE:

Master Data Management Market segmentation:

The master data management market is segmented by solution, deployment type, company size, industry, and geography.

Master Data Management Market By Solution:

 the master data management market was divided into product MDM, customer MDM, provider MDM, and multi-domain MDM solution. The multi-domain MDM solution is foreseen to be a leader over the conjecture period. There is a significant increase in the deployment of multi-domain MDM solutions due to the operational benefits that these solutions bring to organizations. Multi-domain MDM solutions are affordable, easy to maintain, and limits platform breakdowns within enterprises.

Master Data Management Market By Deployment:

• Depending on the deployment, the global market for master data management is segmented as local and cloud. The cloud segment is expected to grow at the fastest rate due to its lower cost and greater flexibility to scale.

Master Data Management Market By organization size:

the global market is divided into SMEs and large enterprises. 

Master Data Management Market By Industry:

the market is segmented into government, BFSI, IT and telecommunications, healthcare, energy and utilities, transportation and logistics, manufacturing, retail, and others.

Regional Analysis:

Based on geography, the global market for master data management has been divided into North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. North America is expected to have a significant share of the world market, followed by Europe. The US master data management market accounted for the largest share compared to Canada due to increased spending on IT solutions in the area.

In Europe, the increase in cloud spending by the governments of countries such as the United Kingdom, Germany and France is considered one of the main reasons for the massive adoption of the cloud in the public and private sectors of Europe. As part of the strategy, several vendors are investing in the development of specific tools for a particular application and are focusing on developing new products, partnerships, and mergers and acquisitions to increase the geographic reach of the global market in master data management.

Key players in the market:

The main providers of MDM solutions are IBM (United States), Oracle (United States), SAP (Germany), SAS Institute (United States), TIBCO Software (United States), Informatica (United States), Talend (United States), Cloudera (United States), Riversand (United States), SynForce (United States), Stibo Systems (Denmark), Profisee Group (United States), Reltio (United States), Semarchy (United States), EnterWorks (United States), Symantec (United States), Ataccama (Canada), AWS (United States), Teradata (United States), Mindtree (United States), Magnitude Software (United States), Contentserv Switzerland Vitria (United States), Veeva (United States), Qlik (USA), MapR (USA), GoldenSource (USA), AWS (USA), MuleSoft (United States), Micro Focus (UK), Zaloni ( United States)) and Actian (United States).