Master Data Management Market
Growing amount and complexity of data drives the growth of the global master data management market.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 25, 2024 /EINPresswire.com/ — The global was valued at $16.8 billion in 2022, and is projected to reach $74.5 billion by 2032, growing at a CAGR of 16.3% from 2023 to 2032. Surge in amount and complexity of data drive the market growth. In addition, rise in need for data governance and regulatory compliance drive the growth of the market. However, increasing cost & ROI and rise in culture barriers posed by organizations is expected to hamper the growth of the market. Furthermore, rise in integration of new technologies is anticipated to create lucrative growth opportunities for the market.
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The term “Master Data Management” (MDM) refers to a thorough procedure for locating, gathering, storing, organizing, and managing an organization’s crucial data in order to offer a single point of reference. This information often contains crucial details on consumers, goods, employees, suppliers, and other important entities. The master data management (MDM) market consists of software products, services, and technologies that are intended to assist organizations in efficiently managing and maintaining their vital business data in order to guarantee accuracy, consistency, and dependability throughout the entire firm. With the adoption of MDM solutions, businesses establish a centralized, authoritative source for crucial data, simplifying initiatives for data governance, data quality, and data integration.
Region-wise, the master data management market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, to offers a centralized repository for high-quality, consistent data that is essential for decision-making based on data aiding the growth of the master data management market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to data quality, streamline processes, and boost competitiveness which is expected to fuel the market growth in this region.
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The master data management (MDM) market size had been significantly impacted by the COVID-19 pandemic. The worldwide health crisis had presented the industry with both possibilities and challenges, despite the overall strength of demand for MDM solutions. The requirement for accurate and trustworthy data management increased, which is one of main effects of COVID-19 on the MDM market. Rapid adaptation was required by organizations in response to changing business conditions, altering consumer behavior, and supply chain disruptions. The significance of having a strong MDM strategy in place to guarantee data consistency across systems and support agile decision-making was brought to light by research.
By deployment mode, the on-premise segment accounted for nearly three-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, as organization want to have complete control over the hardware, software, and data, also enabling more customization and security, which propels the market growth significantly. The cloud segment would also display the fastest CAGR of 18.3% throughout the forecast period, owing to enables businesses to make use of cutting-edge technologies like AI and ML for data analytics and insights, promoting innovation and competitive advantage.
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Enterprises are becoming more dependent on reliable, real-time data. A centralized, trustworthy source of master data is essential as companies become more data-driven. Master data management (MDM) technology is developing to offer faster and more efficient methods of gathering, storing, and handling master data. To guarantee data consistency and quality, this also involves using sophisticated data integration techniques like data virtualization and extract, transform, and load (ETL) procedures. To make sure that master data is suitable for its intended use, businesses have increased their focus on data quality over the past ten years.
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By end user, the BFSI segment accounted for nearly one-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, owing to allowing them to gain insightful information, spot trends, and make defensible decisions. The healthcare segment would also display the fastest CAGR of 21.1% throughout the forecast period, owing to provide a single, centralized portal for accessing data, MDM features include consolidating, organizing, auditing, updating, de-duplicating, and managing diverse data from every source..
By region, North America garnered the highest share in 2022, holding nearly two-fifth of the global master data management market revenue in 2022, and is projected to retain its dominance by 2032, as it offers a centralized repository for high-quality, consistent data that is essential for decision-making based on data. aiding the growth of the master data management market. The Asia-Pacific region would also portray the fastest CAGR of 20.0% during the forecast period, owing to data quality, streamline processes, and boost competitiveness which is expected to fuel the market growth in Asia-Pacific.
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David Correa
Allied Market Research
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