Master Data Management Market Growth to be Fuelled by Advancements in Technology

Fragmented structure of IT-related operations continues to create manifold data problems which tend to break the ingrained business processes, and cost companies billions of dollars in damage control. Against such a backdrop, master data management (MDM), a combinative method to augment, clean and consolidate data procured from multiple business entities, is gaining traction in terms of adoption. According to recent market study published by Persistence Market Research, the global market for master data management is pegged to incur a robust expansion throughout the forecast period, 2017-2022. Increasing demand for harmonizing corporate data across an enterprise will continue to drive the demand for MDM solutions across global IT landscape. By the end of 2022, the global master data management market is expected to surpass US$ 8,600 Mn in value, reflecting growth at robust CAGR.

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Fragmentation and inconsistency of data collected across multiple business entities creates manifold issues such as supply chain inefficiencies, downgrading spend control initiatives, and weakening market penetration. Managing the Master Data, a business-critical method that aggregates all corporate data, continues to gain grounds across IT landscapes across the world. In the upcoming years, increasing need for consolidated data and analytical solutions will be observed as proponent to adoption of Master Data Management (MDM) solutions. Synchronization of business information, facilitated through MDM, is also viewed as a promising tool to expand applications of products and help companies navigate through unchartered markets in future. From local players to multinationals, companies will continue to seek MDM tools for lowering the incidence of database problems.

Master Data Management: Market Standpoint

Being a comprehensive process of linking all critical data to one file, master data management enables an enterprise in accessing a common point of reference. With that, an MDM solution will also streamline data sharing operations for different corporate personnel and departments within a company. Master data management can be observed as a combination of technologies and applications for cleaning, augmenting, synchronizing and incorporating of all corporate data recorded through various business entities such as suppliers, manufacturers and customers.

According to Persistence Market Research, the global market for master data management is expected to gain traction and reflect a robust growth during the forecast period, 2017-2022. In terms of value, the global master data management market is pegged to surpass US$ 8,600 Mn by the end of 2022, reflecting an impressive, aggregated expansion at a robust CAGR.

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Surge in Public Cloud Deployment of Master Data Management

Creating a unique customer database is critical for managing the new application suites in an IT-oriented business. Other enterprises are also boosting the importance of non-barricaded, open-ended deployment of MDM solutions. On the basis of deployment, the global market for master data management will continue to witness predominance of public-level data disposal through cloud networking. By the end of 2017, nearly three-fourth of global market for master data management value will be accounted by public cloud deployment. The adoption of MDM solutions through on-premise deployment will dwindle towards the end of 2022.

High Demand for MDM Software in BFSI Sector

The next five years will exhibit an impressive uptake in adoption of MDM solutions in the banking & finance industry. By the end of 2022, the BFSI sector will be observed as largest end-use industry for master data management, accounting for more than US$ 2,000 Mn in global revenues. During this period, the adoption of software on master data management will be considerably higher than that of MDS services. Throughout the forecast period, over 50% of global revenues raked in the master data management market will be arising from sales of MDM software.

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