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Master Data Management Market Size, Latest Trends, Key Drivers, Top Major Players And Outlook By 2032
Master Data Management Market Analysis
The Business Research Company's Master Data Management Global Market Report 2023 identifies increase in the use of data quality tools for data management as the major driver for the master data management market's growth in the forecast period. Data quality tools are the process and technology that are used to identify, understand and analyze data that support decision-making in business processes. Many organizations are already employing data quality technologies in data cleansing to improve decision-making quality and efficiency in corporate operations by delivering improved analytics, real-time data validation, data profiling, and other services.
The global master data management market is expected to grow from $13.01 billion in 2022 to $15.13 billion in 2023 at a compound annual growth rate (CAGR) of 16.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the master data management market is expected to grow to $27.42 billion in 2027 at a CAGR of 16%.
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Major competitors in the master data management market are International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., Informatica, Talend.
A key trend in the master data management market includes advancing technology resulted in more Agile and Cloud-based MDM. Major companies operating in the master data management market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Informatica, a US-based company operating in master data management, introduced its advanced cloud-native intelligent multi-domain master data management (MDM) solution. It aids in enhancing business operations in many sectors by providing analytics and operational procedures throughout the business value chain, from producer to consumer and places. It helps to manage the relationships between multiple domains in business, such as customer, product, supplier, and locations and assets, including IoT devices or sensors for customer service and relevant communications, by accelerating business outcomes while managing various business risks in signal master records.
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The master data management market is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Small and Medium Enterprises(SMEs), Large Enterprises
4) By Application: Supplier Data, Product Data, Customer data, Other Applications
5) By Verticals: Banking, Financial Services and Insurance(BFSI), Government, Retail, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Other Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the master data management market.
The Business Research Company's "Global Master Data Management Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Master Data Management Market Include:
1. Executive Summary
2. Master Data Management Market Characteristics
3. Master Data Management Market Trends And Strategies
4. Master Data Management Market - Macro Economic Scenario
5. Master Data Management Market Size And Growth
………
26. Africa Master Data Management Market
27. Master Data Management Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Master Data Management Market
29. Master Data Management Market Future Outlook and Potential Analysis
30. Appendix
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