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MDM (Master Data Management) becomes one of the vital tools for the businesses that want to improve their data management and get better on making the decision. The MDM market has recorded a remarkable steady growth over the years, as a result of other market dynamics which has kept it growing.
One of the market factors which is a driving force of the MDM market growth is the growing need to control and comply with data management. As enterprises deal with large mounds of information it is important to check whether the data is precise, consistent, and safe. MDM solutions act as a hub to control, define and regulate data while ensuring compliance with principles like GDPR and CCPA. This need for data governance as well as another compliance has raised the need for MDM solutions which can be identified in different industries.
Another element of market factors increasing MDM market growth is growing cloud adoption by customers. Cloud-based MDM solution provides scalability, flexibility, and pocket-friendly costs making it an ideal option for all business sizes. Both with the cloud organizations are capable to access remotely and to manage their data, resulting in the cost reduction of physical infrastructure and more data accessibility. Since more companies are turning to clouds, the need for MDM delivered cloud services is also on the rise.
Moreover, innovations in data-intensive technologies including IoT (Internet of Things) and AI (Artificial Intelligence) propel the growth of the MDM (Master Data Management) sector. Therefore, such technologies generate tons of data that will have to be captured, stored and crunched. Thereby, MDM solutions allow companies to administer and consolidate data from multiple sources on the one hand, and on the other hand, to make use of the capabilities of IoT and AI tools in full. Consistently developers of business applications are getting engaged in TM technologies where the need for other tools that can manage the complexity of variety of data sources will be continuously increasing.
Add to this the fact that dependable and correct customer information has become an inevitable factor that boosts the popularity of MDM solutions. In the face of strenuous competition, companies commit themselves to customer relationships based on specificity and tailored offers. It means identifying the target audience's buying habits, preferences, and demographics. MDM solutions offer a one-stop shop for customer data by unifying view and enable businesses to segment customer base, improve customer service, and develop tailor-made marketing campaigns. Imprecise customer data being considered by companies within the market is no more an exception as the requirement for MDM solution which provides accurate customer insight is growing rapidly.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Professional Service, Deployment, Industry and Region |
Master Data Management Market Highlights:
Master Data Management Market Overview
Master Data Management Market is projected to grow from USD 8.53 Billion in 2024 to USD 25.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.67% during the forecast period (2024 - 2032). Additionally, the market size for Master Data Management was valued at USD 7.3 billion in 2023.
Increasing data volume and complexity, data-driven decision making, regulatory compliance and data governance, digital transformation initiatives, customer-centric approach, mergers and acquisitions, data quality improvement, cloud adoption, industry-specific requirements, are the key market drivers enhancing the market growth.
Figure 1: Master Data Management Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Master Data Management Market Trends
Increasing data volume and complexity is driving the market growth
Master data management (MDM) systems have become increasingly popular due to rising data volume and complexity. In the current digital era, businesses are producing enormous amounts of data from numerous sources, such as clients, partners, suppliers, and internal systems. MDM is essential for enterprises because of the problems that this exponential expansion in data presents with data governance, quality, and integration. Effective management and organization are required due to the sheer volume of data being generated.
The size and complexity of contemporary data ecosystems are beyond the capabilities of traditional data management techniques. MDM solutions offer a centralised platform that enables businesses to collect, combine, and harmonize data from various sources, resulting in a single, trustworthy, and comprehensive picture of their data. Through effective data processing and analysis made possible by this centralised strategy, organisations are able to gain insightful information and make informed decisions.
The expansion of structured and unstructured data sources, including social media, mobile devices, sensors, and IoT devices, has also increased the complexity of data. It is difficult to integrate and accurately reconcile data because of the various data sources and formats. MDM systems, which include data mapping, transformation, and cleansing capabilities, offer the required procedures and tools to manage this complexity. MDM enables organisations to trust their data for crucial business activities by standardizing and harmonizing data across a variety of technologies.
Furthermore, the requirement for efficient data governance grows along with data complexity. Organisations must make sure that data is managed securely and in compliance with internal policies as well as external regulations. MDM solutions include strong data governance capabilities that let businesses set and enforce data quality guidelines, access restrictions, data privacy protections, and audit trails. With the help of these elements, organisations may fulfil their legal requirements, reduce data-related risks, and develop a data governance culture throughout their business processes.
Data integration efforts are impacted by the data's increasing complexity. Information that is inconsistent and fragmented results from data silos, which are a common problem for organisations. By combining data from numerous sources into a unified, complete view, MDM solutions significantly contribute to the dismantling of these silos. Better cooperation, communication, and coordination throughout the organization are made possible by this integration, which enables easy data sharing and synchronization between apps.
Additionally, the need for advanced analytics and business intelligence is intimately related to the growth in data volume and complexity. The importance of utilizing data to gain insights and competitive advantages is understood by organisations. By guaranteeing data quality, consistency, and completeness, MDM solutions offer a strong platform for analytics. MDM helps organisations to undertake accurate and thorough analysis, find patterns, trends, and correlations, and generate insightful information to promote corporate growth and innovation. Thus, driving the Master Data Management Market revenue.
Master Data Management Market Segment Insights
Master Data Management Component Insights
The Master Data Management Market segmentation, based on Component includes Solutions, Services. The solutions segment dominated the market in 2022. This is due to their core functionalities in managing and governing master data.
Master Data Management Deployment Type Insights
The Master Data Management Market segmentation, based on Deployment Type, includes Cloud, On-premises. The cloud category generated the most income in 2022. Due to the cloud-based deployment type, businesses can function without a server infrastructure or office location, enabling remote working.
Figure 2: Master Data Management Market, by Deployment Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Master Data Management Organization Size Insights
The Master Data Management Market segmentation, based on Organization Size, includes Small and medium-sized Enterprises (SMEs), Large Enterprises. The large enterprises category generated the most income in 2022. Compared to SMEs, large enterprises often deal with a greater volume and complexity of data. They have more varied product offerings, a larger client base, and intricate supply chains.
Master Data Management Vertical Insights
The Master Data Management Market segmentation, based on Vertical, includes Banking Financial Services and Insurance (BFSI), Government, Retail, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Others. The Banking Financial Services and Insurance (BFSI) category generated the most income. In this industry, transactions that include sensitive and detailed financial & transactional data as well as client information regularly generate enormous amounts of financial data. Therefore, financial organisations including banks, businesses, and insurance agents utilize master data management systems to maintain these data accurate and secure as well as for effective management.
Master Data Management Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Master Data Management Market dominated this market in 2022 (45.80%). The region's growing technical improvements are one of the main factors supporting the growth of the master data management market in North America. It is anticipated that the expanding regional master data management player base would further fuel market expansion. Further, the U.S. Master Data Management Market held the largest market share, and the Master Data Management Market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: MASTER DATA MANAGEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Master Data Management Market accounts for the second-largest market share. The General Data Protection Regulation (GDPR), which is a notable example, is one of Europe's strict data privacy and protection laws. Further, the German Master Data Management Market held the largest market share, and the UK Master Data Management Market was the fastest growing market in the European region
The Asia-Pacific Master Data Management Market is expected to grow at the fastest CAGR from 2023 to 2032. Several industries in the APAC area are undergoing a rapid digital transition. To spur innovation and improve their competitive edge, businesses are implementing cutting-edge technology like cloud computing, big data analytics, and artificial intelligence. Moreover, China’s Master Data Management Market held the largest market share, and the Indian Master Data Management Market was the fastest growing market in the Asia-Pacific region.
Master Data Management Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Master Data Management Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Master Data Management industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Master Data Management industry to benefit clients and increase the market sector. In recent years, the Master Data Management industry has offered some of the most significant advantages to medicine. Major players in the Master Data Management Market, including SAP SE (Germany), SAS Institute Inc (US), IBM Corporation (US), Oracle Corporation (US), Tibco Software Inc (US), Informatica Corporation (US), Teradata Corporation (US), Orchestra Networks (US), Riversand Technologies Inc. (US), Talend (US) and others, are attempting to increase market demand by investing in research and development operations.
Enterprise application software and related services are offered by SAP SE (SAP). Enterprise resource planning and financial management, intelligent technologies, analytics, human resource management, employee engagement, digital supply chain, network, spend management, customer relationship management, and customer experience are just a few of the many solutions it offers.
The business provides a selection of enterprise applications and business software that are made for database and technology operations, mobile, cloud, analytics, and application operations. Consumer goods, energy, financial services, aerospace and defence, transportation, logistics, chemicals, government, healthcare, higher education, media, real estate, retail, and telecommunications are just a few of the industries it serves as clients in. The corporation operates in the Americas, Asia-Pacific, Europe, the Middle East, and Africa. In Walldorf, Baden-Wurttemberg, Germany, SAP has its headquarters.
Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT infrastructure, IT management, cybersecurity, and software development tools are all part of IBM's product range.
The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The industries it supports include those in the automobile, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunication sectors. In addition to Asia-Pacific, the corporation also conducts business in the Americas, Europe, the Middle East, and Africa. The US city of Armonk, New York, serves as the home of IBM.
Key Companies in the Master Data Management Market include
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SAP SE (Germany)
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SAS Institute Inc (US)
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IBM Corporation (US)
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Tibco Software Inc (US)
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Informatica Corporation (US)
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Oracle Corporation (US)
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Teradata Corporation (US)
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Orchestra Networks (US)
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Riversand Technologies Inc. (US)
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Talend (US)
Master Data Management Industry Developments
Reltio powers master data management (MDM) with AI in new release
On 26th June 2023- Reltio has announced that it has released the 2023.2 version of its flagship Connected Data Platform, infusing more artificial intelligence (AI)-powered capabilities to help enable enterprises with master data management (MDM) operations.
Unipol Digitizes Master Data Management with SAP Business Technology Platform
On 23rd June 2023- Unipol Gruppo S.p.A. is an Italian financial service holding and the first insurance company in the damages sector in the country has announced that it has agreed to use centralized app of its longtime IT partner Qintesi already managed existing SAP systems. The experienced partner implemented a centralized app to manage the creation and modification requests by authorized users. During the design phases of the solution, the project team worked with SAP experts and SAP AppHaus. This new solution manages the master data creation and change requests centrally, saving time, reducing error rates, and making the entire process transparent and easy to manage.
In March 2022: Oracle rolled out an update for its enterprise data management solution. The cloud solution for Enterprise Data Management (EDM) improves the solution’s capabilities in a variety of areas.
In March 2022: IBM updates its InfoSphere MDM Reference Data Management Hub, with the new update users can fine-tune the data they publish using the MDM Publisher function.
Master Data Management Market Segmentation
Master Data Management by Component Outlook
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Solutions
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Services
Master Data Management by Deployment Type Outlook
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Cloud
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On-premises
Master Data Management by Organization Size Outlook
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Small and medium-sized Enterprises (SMEs)
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Large Enterprises
Master Data Management by Vertical Outlook
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Banking Financial Services and Insurance (BFSI)
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Government
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Retail
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IT and Telecom
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Manufacturing
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Energy and Utilities
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Healthcare
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Others
Master Data Management Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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