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Master Data Management Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
Master Data Management Market
The master data management market size is expected to see rapid growth in the next few years. It will grow to $32.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to data democratization initiatives, industry-specific mdm solutions, hybrid and multi-cloud environments, data governance and security, real-time data management. Major trends in the forecast period include product innovation, self-service data access, data quality improvement initiatives, hybrid data environments, customer-centric mdm.
Market Overview -
Master data management (MDM) refers to a practice that collects and creates a single record from each person, place, and thing in an organisation from internal and external data sources and apps in order to improve business processes. It is used to improve the consistency and quality of data assets to carry out knowledge business decisions.
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Surge In Data Quality Tool Adoption Fuels Growth Of Master Data Management (MDM) Market
The increase in the use of data quality tools for data management is expected to propel the growth of the master data management (MDM) market going forward. 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. For instance, in April 2021, according to the article published by Trianz, a US-based company operating in master data management (MDM), approximately 40% of businesses are investing in master data management (MDM) to integrate data tools across functional areas in operations to enhance customer experience and better governance in businesses. Therefore, the increase in the use of data quality tools for data management is driving the growth of the master data management (MDM) market.
Competitive Landscape -
Major companies operating in the master data management market report are International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., Informatica, Talend Data Integration Services Pvt. Ltd., Cloudera Inc., Broadcom Inc., SyncForce, Stibo Group, Teradata Corporation, Profisee, Reltio Inc., Magnitude Software Inc, Ataccama Corp., Winshuttle LLC, Azure Data Catalog, Clear Analytics, Collibra, Semarchy, Pimcore, Riversand (Syndigo) Technologies India Private Limited, EnterWorks, Agility Multichannel Limited, SAP Master Data Governance, Syniti, Contentserv Technologies Private Limited, Clearview AI, Orchestra Networks
Technology Advancements Drive Adoption Of Agile And Cloud-Based Master Data Management (MDM) Solutions
Advancing technology resulted in more Agile and Cloud-based MDM is a key trend gaining popularity in the master data management (MDM) market. 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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Key Segments -
The master data management market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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