Master Data Management Market - The Potential of Demand For MDM Software and Service
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While SMBs are increasingly adopting cloud computing as the concept offers them cost benefits, fast deployment, and flexibility, the market for master data management is also gaining traction from the possibilities of amalgamation with big data and benefits of regulatory compliances. On the other hand, difficulties in maintaining consistency and completeness of the data is a restraint that is obstructing the MDM market from attaining a higher growth rate. This report foresees that state-of-the art MDM solutions will be able to eliminate data redundancy and provide for effective analysis of master data in the near future and entice adoption.
In 2017, the banking, financial services and insurance (BFSI) segment of the global master data management market was valued at US$779.13 million and it is expected to reach US$4,234.18 million by 2024, expanding at a CAGR of 27.4%. In the BFSI sector, MDM solutions are essential in meeting regulatory compliance challenges. Similarly, the healthcare industry presently is loaded with a database of patients, medicine suppliers, and laboratories.
MDM solutions for the healthcare industry are capable of being integrated with leading electronic health record (EHR) systems, health information systems (HIS), and other clinical systems. The healthcare end-use segment of the master data management market is estimated to be worth US$3,433.04 million by 2024. The report has also evaluated the potential of demand coming from the industries of IT and telecommunications, government, manufacturing, energy and utility, transportation and logistics, and retail.
Solution-wise, the report segments the market for master data management into product data solutions, customer data solutions, and multi-domain MDM solutions. Also, the market has been bifurcated on the basis of deployment mode, into on-premise and cloud. Although the adoption rate of on-cloud deployment has been lower than the on-premise deployment of MDM solutions, the cost of installation of on-cloud deployment of MDM solutions is considerably less than that for their on-premise deployment - hence the latter segment is poised for a faster growth.
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Geographically, North America has been identified as the region that is most profitable for the vendors of master data management software and services. As of 2017, the region was generating a MDM demand worth of US$1,542.69 million and is primed to remain key region throughout the forecast period of 2017 to 2024. The analyst of the report has notified of the trend of integration of on-premise MDM solutions with software as a service (SaaS) applications in the U.S. MDM industry. On the other hand, the Asia Pacific MDM market is forecasted to expand at a much stronger CAGR of 29.5% during 2017 to 2024.
In the emerging economies of Asia Pacific such as China and India, it is vital to achieve appropriate management of product and customer data across industries. IT industry in this region has undergone tremendous technological advancements in the recent past. The master data management market in the Asia Pacific region is estimated to be worth US$4,944.61 million, with the IT industry expected to play a pivotal role in effectively carrying out business process across industries in this region.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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