Master Data Management Market Size, Industry Analysis, Key Findings, Share, Research, Development Status, Emerging Technologies, Revenue and Key Findings
(firmenpresse) - Market Highlights
The master data management market is expected to expand from USD 4.08 billion to USD 12.43 billion by 2023, with a CAGR of 20.4% through the forecast tenure. An escalated global requirement for compliance, verification, and expansion of centrally condensed data management leads the mas MDM market during the forecast period. But data insecurity and the vulnerability of attacks may restrict the growth of master data management during the forecast period. MDM is a system procedure made by a company to determine the master reference for all company's data, which results to lesser redundancy and lessened mistakes in day to day business measures. MDM provides several services like standards and solutions that assist companies to administer their master data. MDM allows the organizations to handle and maintain the master data and use it for efficient decision making and data analytics. MDM solution helps in synchronizing the master data in the application across the company and locates the crucial data that portrays the accurate representation of the business body such as products, facilities, employees, and customers. The characteristics of MDM consist of self-service access to trusted data, optimization of master data environments, and consent management.
MDM is a system made by an organization to develop single master reference source for all critical organizational data, leading to less redundancy and fewer errors in business processes. In other words, MDM consists of different services, standards, and solutions which helps organizations to manage their master data. This master data consists of critical or confidential information regarding organization’s customers, products, suppliers, and transactions among others.
Segmentation:
The global master data management data is classified into type, region, professional service, deployment, and industry. Based on type, the market is classified into customer data, product, supplier data, and others. Based on region, the market has divided into North America, Asia-Pacific, Europe, and the Rest of the world. Based on professional service, the market is segmented into maintenance and support service, implementation and deployment service and consulting service.
Based on deployment, the market is classified into on-premise and cloud. Based on industry, the market is segmented into IT, BFSI, media, and entertainment IT and telecommunication healthcare, retail, transportation and logistics, manufacturing, and others.
Regional Analysis
The global master data management market size is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the master data management market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the master data management market during the forecast period. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the master data management market in North America. The US, Canada, and Mexico are expected to dominate the global master data management market in North America during the forecast period. Healthcare and manufacturing industry drive the master data management market in the North American region.
Europe is expected to record stable growth during the forecast period. BFSI and transportation sector are expected to drive the master data management market in Europe during the forecast period. Rules and regulations for transportation and strict norms related to payment security applied to the BFSI sector drive the transportation & BFSI market in Europe.
Asia-Pacific is expected grow at a faster rate during the forecast period. IT & telecommunication sector drives the master data management market in the Asia-Pacific region. Asia-Pacific is economically and technologically developed region and countries such as China, Japan, and South Korea are expected to dominate the global master data management market in the Asia-Pacific region.
Competitive Analysis
Master data management market is expected to grow considerably with a significant rate since there are various kinds of services, technological parameters, and solutions which assists the companies to administer the master data. The master players mainly concentrate on facilitating the organizations to manage the master data and utilize it for efficient decision making. The businessperson with advanced technical and economical resources can establish innovative products that can render the competitor’s products, outdated and non-competitive, even before they are launched. Hence, businesspersons must develop and adapt to the new technologies. Being updated about the emerging technologies which could affect their position in the market and the competitiveness of their product is crucial.
Key Players
The eminent players in the field of master data management market are SAS Institute, Inc (US), INC (US), Informatica Corporation (US), Oracle Corporation (US),SAP SE (Germany) , Teradata Corporation (US), Orchestra Network (US), IBM Corporation (US), Riversand Technologies, Inc (US), Tibco Software, Talend (US) among others.
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Datum: 13.04.2020 - 12:30 Uhr
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News-ID 610501
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