According to the report by Expert Market Research (EMR), the global master data management market size reached a value of USD 17.33 billion in 2023. Aided by the escalating demand for cohesive data management solutions across diverse industrial sectors and the increasing need for operational excellence and data quality, the market is projected to further grow at a CAGR of 14.7% between 2024 and 2032 to reach a value of USD 61.40 billion by 2032.
Master Data Management represents a critical component in the organisational data management strategy, focusing on the creation, integration, and maintenance of a unified data source. MDM solutions facilitate consistent, accurate, and accountable data across the enterprise, enhancing decision-making processes, operational efficiency, and compliance with regulatory standards.
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The burgeoning volume of data generated by businesses, compounded by the complexity of managing data across various digital platforms boosts the master data management growth. Furthermore, the advent of Big Data, the Internet of Things (IoT), and cloud computing technologies has accentuated the importance of robust data management practices, propelling the MDM market growth.
Additionally, the market is witnessing a shift towards AI and machine learning-enhanced MDM solutions, offering sophisticated analytics, predictive insights, and automated data governance capabilities. These advancements are crucial in managing the dynamic nature of data and in supporting the evolving business intelligence and analytics requirements.
As per the master data management market analysis, a significant trend is the emphasis on cloud-based MDM solutions, owing to their scalability, flexibility, and cost-effectiveness. Cloud-based models enable organisations to implement MDM solutions without substantial upfront investment in infrastructure, facilitating broader adoption, especially among small and medium-sized enterprises (SMEs).
The master data management market is characterised by rapid technological innovations, with vendors offering solutions that integrate with advanced analytics, blockchain, and artificial intelligence to provide enhanced data accuracy, security, and governance. The trend towards digital transformation across sectors is also driving the adoption of MDM solutions, as organisations strive to streamline operations and leverage data-driven strategies for competitive advantage.
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North America holds a substantial master data management market share, attributed to the presence of major MDM solution providers, a strong technological infrastructure, and a high adoption rate of advanced data management solutions. However, the Asia-Pacific region is projected to exhibit the highest growth rate, driven by the rapid digitalisation of businesses, increasing regulatory requirements for data management, and growing awareness of the benefits of MDM solutions.
Master Data Management Market Segmentation
The market can be divided based on component, deployment model, application, enterprise size, end use, and region.
Market Breakup by Component
- Solution
- Service
Market Breakup by Deployment Model
- Cloud
- On-Premise
Market Breakup by Application
- Product Data
- Supplier Data
- Customer Data
- Others
Market Breakup by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Market Breakup by End Use
- BFSI
- Government
- Retail
- Manufacturing
- Education
- IT and Telecommunication
- Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global master data management market. Some of the major players explored in the report by Expert Market Research are as follows:
- SAP SE
- IBM Corporation
- Oracle Corporation
- SAS Institute Inc.
- TIBCO Software Inc.
- Informatica Inc.
- Ataccama Software, s.r.o.
- Stibo Systems
- Syndigo LLC
- Profisee Group, Inc.
- Others
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