Master Data Management Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Master Data Management Market Analysis

The master data management market size is expected to grow from USD 12.89 billion last year to USD 30.67 billion by the end of the forecast period, registering a CAGR of 18.93%. 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.

• To deliver information that can be relied upon for decision-making and consumer outreach, tools for master data management and data governance are essential. This is because a broader range of systems, IT specialists, and users from businesses and partner organizations create and access data.
• In recent years, organizations have become more aware of their data, which is crucial to the success or failure of an organization's most important business activities. The Internet of Things (IoT), interconnected, connected devices, cloud computing, mobility, and digitalization have all boosted data flow and volume, combined with the availability of less expensive storage, pushing organizations to preserve practically everything. Unfortunately, this strategy has caused sensitive, critical, and mission-critical data points to have varying parameters, commonly creating dark data swamps.
• 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, installing an MDM program can only guarantee success if 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, implementation, data security, and privacy issues 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 critical personal data. These issues are inhibiting MDM solution adoption and limiting the market’s revenue growth.

Master Data Management Market Trends

Cloud MDM Segment to Hold a Significant Share

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Master Data Management Industry Segmentation

To maintain the consistency, correctness, stewardship, semantic consistency, and accountability of the enterprise's official shared master data assets, business and information technology collaborate through the discipline of master data management (MDM), which is facilitated by technology.

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 and telecommunication, BFSI, healthcare, government, retail, manufacturing, education), and geography. The market sizes and forecasts are provided in terms of value in USD million for all the above segments.

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