Overview and Scope
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.
Sizing and Forecast
The master data management market size has grown rapidly in recent years. It will grow from $15.34 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to data proliferation, legacy system integration challenges, data quality concerns, mergers and acquisitions, customer-centric focus, digital transformation initiatives..
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..
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Segmentation & Regional Insights
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
North America was the largest region in the master data management (MDM) market analysis in 2023. The regions covered in the master data management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The master data management market report table of contents includes:
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. Global Master Data Management Market Size and Growth
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31. Global Master Data Management Market Competitive Benchmarking
32. Global Master Data Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Master Data Management Market
34. Master Data Management Market Future Outlook and Potential Analysis
35. Appendix
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