Global Master Data Management (MDM) BPO Market: Snapshot
The proper management of business data is a high priority task for the enterprise world. The use of master data management tools, enterprises can eliminate and avoid data duplication, maintain a standard form of data throughout the enterprise, and easily incorporate new rules pertaining to efficient data management practices. The master data management BPO market provides tools and services for activities such as data collection, collation, quality-assurance, matching, and consolidation to ensure that the data is consistent in terms of the set standards and adheres to the requirements of regular maintenance activities and applications.
With the vast rise in digital data in the BPO sector, the use of master data management tools and services has become a necessity for smooth operations. It is estimated that the market will expand at a promising 13.4% CAGR over the period between 2017 and 2025.
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Software to Remain Most Lucrative Components of MDM Solutions for BPO Sector
For the report, the global master data management BPO market has been segmented based on component into services and software. The software segment is further segmented into on-premise deployment and cloud-based deployment modes. The segment of services has been examined for system integration, operation and maintenance, and consulting. Of these, the software segment is likely to account for the dominant share in the overall valuation of the market over the forecast period, chiefly owing to the increased demand for cloud-based solutions owing to their economical and flexible nature. The demand for cloud-based software solutions has been expanding at a promising pace in emerging economies, driven due to the thriving expansion of end-use industries such as healthcare, IT and telecom, and manufacturing.
Based on solution, the report segments the global master data management BPO market into multi-domain solution, customer data solution, and product data solution. Of these, the segment of multi-domain solutions is likely to hold the dominant share in the overall market over the forecast period. Based on end-use industry, the market has been examined for industries such as retail and manufacturing, IT and telecom, and BFSI.
Asia Pacific to Present Promising Growth Avenues in Near Future
The market has gained traction and is well-established in regions such as Europe and North America over the past few years. North America, especially, continues to contribute to a large share of the overall demand served for master data management tools for the MPO sector, holding a revenue valuation of US$2,059.4 mn in 2017. The key factors attributed to this include the well-developed network infrastructure in countries such as the U.S. and Canada and the presence of several MDM service providers in the region. The high numbers of IT and telecom enterprises in the region and continues attempts aimed at the further development of the region’s network infrastructure also contribute to promising growth opportunities.
While the market will continue to gain good growth prospects in North America in the near future as well, the market in Asia Pacific is likely to emerge as the most promising one over the report’s forecast period. This will be made possible by the rising numbers of enterprises in emerging economies, thriving industries such as IT and telecom, BFSI, and software development. As a result, the regional market will remain a leading hub for companies operating in the global master data management BPO market.
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Some of the leading companies operating in the global master data management BPO market are Stibo Sysytem, Inc, Informatica Corporation, Reltio, Riversand, Accenture, Almaviva, Tata Communication Services, Ltd, Atos SE, Tibco Software, Capgemini SE, Spacepage, and Almaviva.