Master Data Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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.

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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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