Market Trends of Master Data Management Industry
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 inter-cloud 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% 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 microservice 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 largest 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 across regions, such as IBM, Oracle, and Informatica Inc., is anticipated to drive market expansion further.
- On the other hand, the growth of R&D spending by significant regional economies 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 also drives the market.
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