|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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TheMaster Data Management Market is expected to register a CAGR of 16.12% over the forecast period (2022-2027). The demand for data compliance and the growing usage of master data management solutions in prominent companies to improve business operations would likely fuel revenue growth.
- Master Data Management and Data Governance products play a crucial role in consolidating and cleaning data to provide information that can be relied upon for the basis of decision-making and outreach to customers. This is because data is being created and accessed by an increasing variety of systems, IT professionals, and customers throughout enterprises and partner organizations.
- Organizations have been increasingly conscious of their data in recent years, and the data plays an important role in the success or failure of an organization's most critical business processes. The Internet of Things (IoT), linked connected devices,cloud computing, mobility, and digitalization have all increased the flow of data, and more data, along with the availability of less expensive storage, which has only encouraged organizations to keep almost everything. Unfortunately, this motto has led to variable parameters surrounding sensitive, important, and mission-critical data points, frequently resulting in dark data swamps' development.
- The switch from segregated data environments to a consolidated master data set is now being investigated and tried by many businesses. The purpose of such master data initiatives, also known as Master Data Management (MDM) projects, is to generate a golden copy of crucial company data for consumption and to discover, validate, and address data errors near the source as feasible. A successful MDM program enables data consistency, completeness, and correctness. However, just installing an MDM program cannot guarantee success unless business-supported data management initiatives are implemented concurrently.
- The market is growing due to recent innovations in machine learning (ML), big data, and artificial intelligence (AI). In addition to offering access to enormous datasets, this technology offers new technological possibilities for data processing and storage. As new technologies' capacity for handling data from several domains and perspectives has increased, customers have a wide range of expectations. The most frequent request has been to combine Master Data Management systems with Big Data, analytics, and business intelligence technologies.
- However, issues with implementation, data security, and privacy constrain market revenue. Due to strict laws and extensive business requirements, MDM implementation might be challenging. Furthermore, firms are progressively integrating technologies, which makes them prone to security flaws and assaults. Users resist MDM solutions because they are concerned about losing important personal data. These issues are inhibiting MDM solution adoption and limiting market revenue growth.
- The market was mostly negatively impacted by COVID-19, which resulted in fewer operations and lower revenue generation. At the same time, it has new prospects in certain sectors, such as the COVID-19 crisis, which sparked a need for analytics and reliable data access. This demanded a systematic and targeted approach to patient engagement utilizing master data management tools that provided information to patients and their families, recorded their communication preferences, and displayed awareness of previous encounters.
Scope of the Report
Master data management involves creating a single master record for each person, place, or thing in a business across internal & external data sources and applications. Once created, this master data serves as a trusted view of business-critical data that can be managed and shared across the business to promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions.
The Master Data Management Market is Segmented By Component (Software, Service), By Deployment Model (On-premise, Cloud), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Application (Supplier, Product, Customer), By Industry Vertical (IT & Telecommunication, BFSI, Healthcare, Government, Retail, Manufacturing, Education), and Geography.
|By Deployment Model|
|By Enterprise Size|
|Small & Medium Enterprises|
|By Industry Vertical|
|IT & Telecommunication|
|Middle East & Africa|
|Rest of the World|
Key Market Trends
Cloud MDM Segment to Hold a Significant Share
- Analyzing new technologies and approaches for acquiring, storing, and utilizing master data is becoming vital as master data management (MDM) becomes essential for fostering company success. The next generation of MDM systems is driven by AI/ML, cloud, federated architectures, inter-enterprise sharing, global deployment, data platform solutions, and other contemporary MDM features.
- Enterprise sectors have used MDM technologies on the cloud for speed and flexibility since vendors and customers are dispersed worldwide and communicate virtually. Businesses will customize their MDM cloud services, while those onshore will result in a stronger focus on master data integration and data quality to and from cloud sources.
- As more apps and data migrate to the cloud, data professionals can manage more complicated amounts of data across several clouds, inside one cloud, and on-premises sources. To enable these various topologies, multi-cloud and intercloud data management is essential.
- Cloud-based services are becoming more widely used for MDM (as well as other essential corporate applications). A cloud-native solution, such as cloud MDM, will probably offer advantages over on-premise solutions concerning integration with cloud-sourced data and apps as the center of gravity for data continues to move beyond the firewall.
- According to Eurostat statistics on enterprise use of cloud services in 2021, over 94 percent of all businesses in the European Union have implemented cloud software as a service, which includes master data management solutions. Every business trend indicates that a cloud-native MDM platform is required. In addition to the well-known benefit of requiring less work to get up and running, the flexible microservices design offers greater advantages for simple updates, smooth scalability, and rapid portability.
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North America to Hold Major Market Share
- The master data management industry is estimated to have the greatest market share in North America. The expanding use of technology in the area is one of the main reasons promoting the growth of the MDM market in North America. The expansion of MDM players such as IBM, Oracle, Informatica Inc., etc., across regions is anticipated to drive market expansion further.
- On the other hand, the growth of R&D spending by significant economies in the region is helping the development of new technologies in the North American master data management market.
- For instance, in June 2022, Ataccama, a unified data management and governance solutions provider, secured USD 150 million in a growth capital investment round, money that will be used to finance the company's efforts to develop new products and expand its market presence.
- Organizations working in specific industries, including banking and healthcare, are required to adopt MDM because of the strict data protection and security rules in the United States. The increasing desire to enhance operational effectiveness and lessen data redundancy is another factor driving the market.
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The Master Data Management Market is highly fragmented and has several significant players. Few key companies currently hold a large portion of the market, such as IBM, Oracle, Informatica Inc., SAP SE, Ataccama, etc. The players in the market are growing their consumer bases internationally to raise their market share and profitability.
- February 2022 - IBM announced that it had acquired Neudesic, a United States cloud services consultant focused on the Microsoft Azure platform and multi-cloud expertise. The portfolio of hybrid multi-cloud services offered by IBM will be greatly increased due to this purchase, further advancing the company's hybrid cloud and AI strategy.
- September 2021 - CDQ AG announced a strategic investment from SAP to advance and solidify the two companies' existing partnership and support CDQ's ambition to provide fully automated master data management solutions on a global scale, including master data quality, master data governance, and master data sharing capabilities. The corporation aims to provide customers with automated solutions for data quality and governance problems that many businesses deal with today through the SAP PartnerEdge program.
- May 2022 - Informatica and Oracle have announced a strategic relationship that will enable Oracle Cloud Infrastructure (OCI) to use Informatica's product data integration and governance technologies. Additionally, Oracle has designated Informatica as a preferred partner for data governance and enterprise cloud data connectivity for lakehouse and data warehouse solutions on OCI. Oracle and Informatica have joined forces through this project to connect their respective products: Oracle Object Storage, Oracle Exadata Cloud Customer, Oracle Autonomous Database, and Oracle Exadata Database Service. These services will be made accessible in the Oracle Cloud Marketplace by Informatica and Oracle.
- March 2022 - Cloud-native Intelligent Multi-domain Master Data Management (MDM), launched by Informatica, an enterprise cloud data management company, will give clients trustworthy views of business-critical master data across all domains and assets enhancing every function with intelligent data.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Verification and Compliance
5.1.2 Growing Usage of Data Quality Tools for Data Management
5.2 Market Restraints
5.2.1 Expensive Integration and Maintenance activities
5.2.2 Concerns on Data Security and Privacy
5.2.3 Stringent Data Regulations Imposed in Various Regions
6. MARKET SEGMENTATION
6.1 By Component
6.2 By Deployment Model
6.3 By Enterprise Size
6.3.1 Large Enterprises
6.3.2 Small & Medium Enterprises
6.4 By Application
6.5 By Industry Vertical
6.5.1 IT & Telecommunication
6.6.1 North America
6.6.4 Middle East & Africa
6.6.5 Rest of the World
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.3 Informatica Inc.
7.1.4 SAP SE
7.1.6 SAS Institute Inc.
7.1.7 TIBCO Software Inc.
7.1.8 Teradata Corporation
7.1.9 Syndigo LLC
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Master Data Management Market market is studied from 2020 - 2027.
What is the growth rate of Master Data Management Market?
The Master Data Management Market is growing at a CAGR of 16.12% over the next 5 years.
Which region has highest growth rate in Master Data Management Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Master Data Management Market?
North America holds highest share in 2021.
Who are the key players in Master Data Management Market?
IBM, Oracle, Informatica Inc., SAP SE, Ataccama are the major companies operating in Master Data Management Market.