Master Data Management Market Synopsis
According to MRFR, the
global Master Data Management Market is slated to
grow from USD 4.08 billion in 2017 to USD 12.43 billion by 2023, at a CAGR of
20.4% over the review period.
Increasing global
compliance and verification requirements and increasing size of centrally
managed data management drives the demand for master data management during the
forecast era. The need to process data efficiently has become critical across
industries with the introduction of Internet of Things ( IoT) technology and
the proliferation of social media. Many engines, restrains and opportunities
are shaping today's master data management market. The need to install
centrally located or managed data, growing verification and compliance
requirements and increasing needs for excellent business performance and data
quality are some of the many factors that drive the MDM market.
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However, issues relating to
data security and attack vulnerability may hamper the growth of the market for
master data management over the forecast period. In addition, existing concerns
regarding data protection as well as lack of knowledge of the benefits
associated with data management solutions are the prime factors that impede
business growth. However, the introduction of integrated vendor solutions is
expected to give the service providers new opportunities.
Market Segmentation
The global master data
management market is segmented into professional service, industry, type,
deployment, and region.
By type, the market is
segmented into customer data, product data, supplier data, and others.
Based on the professional
service, the market is segmented into maintenance & support service,
implementation & deployment service, and consulting service.
By deployment, the market
is bifurcated into on-premise and cloud.
By industry, the market is
segmented into IT & telecommunication, BFSI, retail, healthcare,
transportation and logistics, media & entertainment, manufacturing and
others.
Regional Analysis
The global market for
master data management is estimated to rise at a significant rate during the forecast
period from 2018 to 2023. Global master data management market geographic
analysis is being studied for North America, Europe , Asia-Pacific and the rest
of the world.
During the forecast period
North America is expected to dominate the market for master data management.
The involvement of major players and early adoption of emerging technologies
like IoT and artificial intelligence ( AI) drives North America's master data
management market. Over the forecast era, the US, Canada , and Mexico are projected
to dominate the overall North American master data management market.
Healthcare and manufacturing industries drive North America's master data
management market.
Europe is expected to
record stable growth during the forecast period. Throughout the forecast era,
BFSI and transport sector are expected to drive Europe's master data management
market. Transport rules and regulations as well as stringent payment protection
requirements applicable to the BFSI sector drive the European transport & BFSI
industry.
During the forecast period
Asia-Pacific is expected to rise at a quick pace. Asia-Pacific is an
economically and technologically developing region, with countries like China ,
Japan and South Korea projected to dominate the Asia-Pacific global master data
management market. Growth in the IT & Telecommunications sector is driving
the Asia-Pacific master data management market.
Key Players
The prominent players in
master data management market are
Riversand Technologies, Inc. (US), SAS Institute, Inc (US), Oracle
Corporation (US), SAP SE (Germany), Tibco Software, Inc (US), IBM Corporation
(US), Informatica Corporation (US), Orchestra Networks (US), Teradata
Corporation (US), Talend (US) among others.
Main market players have
recently been seen investing generously in research and development. Likewise,
these brands are also seeking new markets to make their presence known and
their consumer database growing. Market strategies such as joint venture, and
acquisitions and mergers further helped influential vendors broaden their range
of products.
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