Press release
Master Data Management Market Rising at a 27.25% CAGR 2024
Organizations have ramped up their investments in IoT technology. IoT offers a range of benefits to organizations in the sectors of cloud computing, big data analytics, and global networks.
The global start up industry has grown hugely in the IoT sector. Also there has been a significant rise in the number of businesses conducted over the web over the past few years.
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Moreover, increase in the number of connected devices globally has also been one key factor in promoting the growth of IoT market. Economies across the world foresee the economic benefits of IoT.
Considering the direct proportionality of growth in IoT to need for data management, the growth of IoT is expected to drive the demand for master data management in organizations. Master data management can enable organizations to derive actionable insights from the IoT data generated.
Master data management offers actionable analytical and predictive data to organizations in order to carry out their business operations effectively related to product and customer data.
For product and customer centric industries, availability of effective and accurate master data is critical. Discrepancy in customer as well as product related data can cost any organization hugely in terms of time and money.
Therefore, the need to invest in effective master data management solutions has become vital for the success of any organization. Businesses today have to handle a large amount of data related to products and customers.
Master data management focuses on managing product- and customer-related information through product data solutions and customer data solutions. Improper management of data can lead businesses to face loses in terms of money and time. Master data management serves as a central repository of master data, which is consolidated from various sources of data.
Data-driven business operations rely hugely on master data. Master data management done correctly helps achieve risk management and regulatory compliance in organizations. Thus organizations consider investing in efficient data management and master data management solutions.
This report on the master data management market provides analysis for the period from 2014 to 2024, wherein 2015 is the base year and the period from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information.
The report highlights the various drivers, restraints, and opportunities expected to influence the market’s growth during the said period. It also highlights the trends that prevail in the master data management market globally.
The study provides a holistic perspective on market growth throughout the forecast period in terms of revenue estimates (in US$ Mn) across regions of North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM).
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This research report provides in-depth analysis of the master data management market, which is segmented on the basis of component, solution, and industry.
The report provides cross-sectional analysis of the global master data management market in terms of market estimates and forecasts for all segments across regions.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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