Master Data Management Market Synopsis
According to MRFR, the global Master Data Management Market is slated to grow from USD 4.08 billion in 2017 to USD 12.43 billion by 2023, at a CAGR of 20.4% over the review period.
Increasing global compliance and verification requirements and increasing size of centrally managed data management drives the demand for master data management during the forecast era. The need to process data efficiently has become critical across industries with the introduction of Internet of Things ( IoT) technology and the proliferation of social media. Many engines, restrains and opportunities are shaping today's master data management market. The need to install centrally located or managed data, growing verification and compliance requirements and increasing needs for excellent business performance and data quality are some of the many factors that drive the MDM market.
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However, issues relating to data security and attack vulnerability may hamper the growth of the market for master data management over the forecast period. In addition, existing concerns regarding data protection as well as lack of knowledge of the benefits associated with data management solutions are the prime factors that impede business growth. However, the introduction of integrated vendor solutions is expected to give the service providers new opportunities.
Market Segmentation
The global master data management market is segmented into professional service, industry, type, deployment, and region.
By type, the market is segmented into customer data, product data, supplier data, and others.
Based on the professional service, the market is segmented into maintenance & support service, implementation & deployment service, and consulting service.
By deployment, the market is bifurcated into on-premise and cloud.
By industry, the market is segmented into IT & telecommunication, BFSI, retail, healthcare, transportation and logistics, media & entertainment, manufacturing and others.
Regional Analysis
The global market for master data management is estimated to rise at a significant rate during the forecast period from 2018 to 2023. Global master data management market geographic analysis is being studied for North America, Europe , Asia-Pacific and the rest of the world.
During the forecast period North America is expected to dominate the market for master data management. The involvement of major players and early adoption of emerging technologies like IoT and artificial intelligence ( AI) drives North America's master data management market. Over the forecast era, the US, Canada , and Mexico are projected to dominate the overall North American master data management market. Healthcare and manufacturing industries drive North America's master data management market.
Europe is expected to record stable growth during the forecast period. Throughout the forecast era, BFSI and transport sector are expected to drive Europe's master data management market. Transport rules and regulations as well as stringent payment protection requirements applicable to the BFSI sector drive the European transport & BFSI industry.
During the forecast period Asia-Pacific is expected to rise at a quick pace. Asia-Pacific is an economically and technologically developing region, with countries like China , Japan and South Korea projected to dominate the Asia-Pacific global master data management market. Growth in the IT & Telecommunications sector is driving the Asia-Pacific master data management market.
Key Players
The prominent players in master data management market are Riversand Technologies, Inc. (US), SAS Institute, Inc (US), Oracle Corporation (US), SAP SE (Germany), Tibco Software, Inc (US), IBM Corporation (US), Informatica Corporation (US), Orchestra Networks (US), Teradata Corporation (US), Talend (US) among others.
Main market players have recently been seen investing generously in research and development. Likewise, these brands are also seeking new markets to make their presence known and their consumer database growing. Market strategies such as joint venture, and acquisitions and mergers further helped influential vendors broaden their range of products.
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