According
to a research report "Master
Data Management Market by Component, Organization Size (SMEs & Large
Enterprises), Deployment Mode (Cloud & On-premises), Vertical (BFSI &
Healthcare), and Region (North America, Europe, APAC, MEA, Latin America) -
Global Forecast to 2027" published by MarketsandMarkets, the master data
management market size to grow from USD 16.7 billion in 2022 to USD 34.5
billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.7% during the
forecast period. Various factors such as incorporation of new technologies with
master data management , and increasing adoption of data quality tools for data
management are expected to drive the adoption of MDM solutions and services.
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MDM solutions comprise a
set of comprehensive tools that help end users channel and securely maintain
their critical master data. These solutions provide users with enhanced
features, such as data validation, data collection, data update on a real-time
basis, synchronization, data harmonization, cleansing, de-duplication, and data
matching. Master data mainly comprises the prominent data types of an
organization, such as customer data, product data, supplier data, location
data, and asset data. MDM solutions and services provide in-depth insights into
the product life cycle, vendor listing, multi-domain customer requirements, and
inventory data. These insights provide users with information that helps them
improve their customer experiences, accelerate their analytical and
transactional operations, and make faster business decisions.
Healthcare vertical to witness highest CAGR
during the forecast period
The segmentation of the
MDM market by the industrial vertical includes BFSI, government, healthcare,
retail, IT and telecom, manufacturing, energy & utilities, and others. The
healthcare industry is developing rapidly due to many major technological
advancements resulting in enhancing the efficiency of the overall industry. It
is a comprehensive sector dealing with diverse clinical, administrative, and
financial data. The industry is strongly regulated and requires channelized
medical insights, improved data quality, and accurate clinical information
which cannot be consolidated without the deployment of advanced data management
solutions.
Small and Medium-sized Enterprises segment to
register higher CAGR during the forecast period
Based on organization size, the MDM
market is segmented into large enterprises and SMEs. Currently, the market
share of large enterprises is higher; however, the market for SMEs is expected
to increase at a higher CAGR during the forecast period. SMEs are rapidly
adopting cloud-based MDM solutions, as these solutions help improve their
operational efficiency, streamline their operations, and enhance the existing
customer experience. SMEs are exploring ways to manage their data using
business intelligence and online transaction processing. MDM solutions are
adopted by SMEs as a large volume of data is generated by these enterprises.
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APAC
to have a higher CAGR during the forecast period
The master data management market has been segmented into
five major regions: North America, Europe, APAC, Latin America, and MEA. APAC
is expected to have the highest CAGR during the forecast period. The region is growing
at a good pace because of the major multinational players coming over and a lot
of new entrepreneur setups are adopting cloud-based MDM solutions, as these
solutions help improve their operational efficiency, streamline their
operations, and enhance the existing customer experience. China, Japan, and
India are displaying ample growth opportunities in the master data management
market.
Key
market players
Some major players in the Master
Data Management Market include IBM (US), Oracle (US), SAP (Germany), SAS (US),
TIBCO Software (US), Informatica (US), Talend (US), Cloudera (US), Riversand
(US), SyncForce (US), and Stibo Systems (Denmark).
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