PUBLISHER: The Business Research Company | PRODUCT CODE: 1425627
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425627
Master Data Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on master data management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for master data management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The master data management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Master Data Management (MDM) involves the meticulous consolidation of individual records for every entity within an organization, encompassing people, locations, and assets. This process leverages both internal and external data sources and applications to refine business operations. Its primary aim is enhancing the coherence and caliber of data resources, fostering more informed business decisions.
The realm of Master Data Management (MDM), its principal components comprise solutions and services. Services encompass the intangible aspects of our economy, distinct from tangible goods that can be physically handled or touched. Deployment modes primarily revolve around cloud-based or on-premises setups. Organizations are categorized by size, varying between small and medium enterprises (SMEs) and large enterprises. MDM finds its applications across diverse sectors including supplier data, product data, and customer data. Its relevance spans industry verticals such as Banking, Financial Services and Insurance (BFSI), government, retail, IT and telecom, manufacturing, energy and utilities, healthcare, and other sectors. Each of these applications serves a crucial role within their respective sectors, contributing significantly to operational efficiency and effectiveness. (January 2023)
The master data management market research report is one of a series of new reports from The Business Research Company that provides master data management market statistics, including master data management industry global market size, regional shares, competitors with a master data management market share, detailed master data management market segments, market trends and opportunities, and any further data you may need to thrive in the master data management industry. This master data management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The master data management market size has grown rapidly in recent years. It will grow from $15.34 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The expansion during the historical period can be linked to the proliferation of data, difficulties in integrating legacy systems, worries about data quality, mergers and acquisitions, a focus on customer-centric approaches, and initiatives for digital transformation.
The master data management market size is expected to see rapid growth in the next few years. It will grow to $32.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The anticipated growth in the upcoming period can be credited to efforts promoting data democratization, specialized MDM solutions tailored to different industries, the prevalence of hybrid and multi-cloud setups, emphasis on data governance and security, and the management of real-time data. Significant trends expected in this period encompass product innovation, self-service accessibility to data, initiatives aimed at enhancing data quality, the rise of hybrid data environments, and a focus on customer-centric MDM.
The projected rise in utilizing data quality tools for managing data is expected to drive the master data management (MDM) market's expansion in the future. These tools encompass processes and technologies employed to identify, comprehend, and scrutinize data supporting decision-making in business operations. Many organizations are presently leveraging data quality technologies for tasks like data cleansing, aiming to enhance decision-making efficiency and quality in corporate functions. This involves delivering improved analytics, real-time data validation, and data profiling, as indicated by Trianz's April 2021 publication. Around 40% of businesses are investing in MDM to integrate data tools across operational areas, augmenting customer experiences and ensuring better governance in business practices. Consequently, the surge in data quality tool adoption fuels MDM market growth.
The burgeoning count of IoT-linked devices is anticipated to be a catalyst for the master data management market's expansion. These devices denote nonstandard computing devices wirelessly connected to networks, capable of data transmission. The proliferation of such devices offers opportunities for MDM to efficiently manage, integrate, and derive value from the extensive and diverse data generated within the IoT ecosystem. Ericsson's November 2022 report highlighted the growth, with broadband IoT (4G/5G) connections reaching 1.3 billion in 2022, expected to rise to nearly 60% of cellular IoT connections by 2028. Notably, North East Asia is leading in cellular IoT connections, poised to surpass 2 billion connections by 2023. Hence, the escalating count of IoT-linked devices propels the master data management market's growth.
A significant trend gaining traction in the master data management (MDM) market is the evolution towards more Agile and Cloud-based MDM solutions, driven by advancing technologies. Key industry players are focused on innovating technological solutions to bolster their market positions. For instance, in March 2022, Informatica introduced an advanced cloud-native intelligent multi-domain MDM solution. This solution aids various sectors by providing analytics and operational procedures along the business value chain, from producers to consumers, and manages relationships across multiple domains like customer, product, supplier, and locations/assets, including IoT devices. By accelerating business outcomes while mitigating associated risks, this solution enhances business operations.
Prominent companies within the master data management market are embracing a strategic partnership approach to offer enterprise cloud data integration and governance for data warehouses. This approach involves leveraging each other's strengths and resources for mutual benefits and success. For instance, in May 2022, Informatica partnered with Oracle Corporation. This collaboration integrated Informatica's intelligent data management cloud (IDMC) with Oracle's autonomous database, Oracle Exadata database service, Oracle Exadata cloud customer, and Oracle object storage. The strategic global partnership aims to deliver unparalleled cloud data management, integration, and governance solutions, catering to diverse areas such as databases, data warehouses, data lakes, data lakehouses, enterprise analytics, and data science.
Syndigo LLC, a US-based firm specializing in master data management and data science, made an undisclosed acquisition of Riversand in May 2021. This strategic move is anticipated to bolster Syndigo LLC's range of offerings in master data management, enabling the provision of tailored syndication and analytics capabilities. These enhancements aim to facilitate smooth data transfer throughout the product ecosystem, ultimately positioning the company to gain a competitive edge in the realm of SaaS Master Data Management (MDM) and Product Information Management (PIM) solutions. Riversand, also US-based, operates in the field of master data management.
Major companies operating in the master data management market report are International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., Informatica, Talend Data Integration Services Pvt. Ltd., Cloudera Inc., Broadcom Inc., SyncForce, Stibo Group, Teradata Corporation, Profisee, Reltio Inc., Magnitude Software Inc., Ataccama Corp., Winshuttle LLC, Azure Data Catalog, Clear Analytics, Collibra, Semarchy, Pimcore, Riversand (Syndigo) Technologies India Private Limited, EnterWorks, Agility Multichannel Limited, SAP Master Data Governance, Syniti, Contentserv Technologies Private Limited, Clearview AI, Orchestra Networks
North America was the largest region in the master data management (MDM) market analysis in 2023. The regions covered in the master data management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the master data management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The master data management (MDM) market includes revenues earned by entities by providing data quality management, covering advisory services, operation support, and delivering clear and unified data for enterprises. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.