- 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.
- Organizations currently have to deal with large volumes of information and as such they have to handle a large amount of data. In this data-driven environment, appropriate master data management is vital. Effective master data management in organizations ensures the availability of consistent and accurate source data for transactions and other business processes. Organizations have increased their spending on IT and IT infrastructure in order to avoid the costs incurred on processing raw master data. If incorrect data is processed and used in organizations, the time consumed on rework and data correction will be high, since wrong data is detected in the system. With the advent of Internet of Things (IoT) technology and the penetration of social media, the need to process data effectively has become vital across industries.
Master Data Management Market – Definition
- The master data management market report provides analysis of the global master data management market for the period 2017 – 2027, where in 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the master data management market would help clients understand the analysis of master data management based on different industry verticals.
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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. Multi-domain MDM solution is expected to be the fastest growing segment during the forecast period. There is a significant rise in the implementation and deployment of multi-domain MDM solutions on account of the operational benefits provided by these solutions to organizations. Multi-domain MDM solutions are cost-effective, easy to maintain, and prevent failure of the MDM platform within organizations.
- On the basis of deployment, the global master data management market is segmented into on-premise and cloud based. The cloud segment is expected to grow at the fastest rate due to its lesser cost and greater flexibility to scale up.
- By enterprise size, large enterprises led the global master data management market. This growth is mainly attributed to the growing adoption of multi-domain MDM solutions in large enterprises. Small and medium enterprises (SMEs) segment is expected to rise at the fastest during the forecast period.
- 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.
- Based on geography, the global master data management market has been divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to hold a prominent share of the global market, followed by Europe. The U.S. master data management market accounted for the largest share compared to the Canada market due to greater spending on IT solutions in the region.
- In Europe, the rising cloud spending by governments of countries such as the U.K., Germany, and France is observed to be one of the major reasons for massive cloud adoption in both the public and private sectors of Europe. As a part of the strategy, several vendors are investing in tools development specific to a particular application and are focused on new product developments, partnerships, and mergers and acquisitions in order to increase geographical reach in the global master data management market.
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Master Data Management Market – Company Profiles
- 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.