Master data management is an essential part of data management in organizations. Appropriate master data management helps users access accurate data related to products and customers, which further facilitates organizations to carry out business operations. The Internet of Things (IoT) revolution has been vital in supporting the growth of the master data management market since governing master data has become a critical and essential part of data management. Rapid growth in businesses being conducted online has fuelled the demand for master data management solutions globally. The rapidly growing e-commerce industry relies largely on accurate management of master data. E-commerce industry revenues have grown exuberantly during the past five years. This has led organizations operating in this sector to ramp up investments in upgrading their IT infrastructure.
Global master data management market was valued at US$ 6,048.1 Mn in 2019 and is expected to reach US$ 20,485.2 Mn by 2027, expanding at a CAGR of 16.5% from 2019 to 2027.
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Integration of Artificial Intelligence and machine learning in master data management playing a crucial role in the expansion of the market.
The master data management market by solutions has been segmented into product data, customer data, and multi-domain MDM. In 2015, the product data solution segment accounted for the largest share in the master data management solution market. Based on the mode of deployment, the master data management market is segmented into on-premise and cloud deployment. The market for cloud deployment is expected to increase during the forecast period. The master data management market is further segmented by application into government, BFSI, IT and telecommunications, health care, energy and utility, transportation and logistics, manufacturing, retail, and others. The amount of product and customer data that industries have to handle has increased significantly. Regulatory compliance in the healthcare and pharmaceutical industries makes master data management essential. In the government and BFSI sector, the need for correct master data is highly critical. Circulation of incorrect product and customer data in organizations can affect business operations if incorrect data is accessed and processed by the system. Thus, the necessity of deploying efficient master data management solutions across industries is vital.
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Master Data Management Market Taxonomy
- The master data management market is segmented on the basis of solution, deployment type, enterprise size, industry and geography.
- By solution, the master data management market has been segmented into product MDM, customer MDM, supplier MDM, and multi-domain MDM solution.
- On the basis of deployment, the global master data management market is segmented into on-premise and cloud based.
- By industry, the master data management market is segmented into government, BFSI, IT and telecommunications, healthcare, energy and utility, transportation and logistics, manufacturing, retail, and others.
Figure: Global Master Data Management Market, by Region
Global Master Data Management Market: Competitive Dynamics
- Some of the major players in the global environmental health & safety system market are IBM Corporation, Arad Metering Technologies, ABB Ltd, Schneider Electric SA, Evoqua Water Technologies (Siemens), Itron, Inc., Honeywell International, Inc, Emerson Electric Corporation, General Electric Company, ET Water Systems, LLC, i2O Water Ltd, Sensus USA Inc., TaKaDu Ltd.
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