ALBANY, N.Y., Dec. 7, 2020 /PRNewswire/ — In the contemporary scenario of rapid digital transformation, data forms the backbone of key business processes and strategies. The use of business data is critical to the formulation of important policies and growth strategies across a plethora of industries. Companies across the world are focusing on retaining the integrity of their data, in addition to ensuring confidentiality of their data assets. Therefore, the demand for master data management systems and platforms is a function of growth across the digital economy.
The exponential growth of data stored and received across business nodes has become a matter of grave concern for security experts. Several companies have lately witnessed compromise of critical business data, causing them severe financial losses. The deployment of a data management platform is crucial for several industries and sectors that deal in data storage and processing on a recurring basis.
The total value of the global master data management market is projected to touch US$ 20,485.2 Mn by the end of 2027. The worth of the master data management market was pegged at US$ 6,048.1 Mn in 2019. The aforementioned growth dynamics correspond to a starry CAGR of 16.5% over the forecast period ranging from 2019 to 2027.
The stellar growth rate of the market can be attributed to increased usage of data across multiple business streams. Over the course of the next decade, data management is projected to become one of the top priorities for business processing and growth.
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Key Findings of Market Report
- Need for Accuracy of Business Data
Accuracy of data enables businesses to be confident about their strategic moves. The recent use of data-based insights for business planning and forecasts has created new avenues for growth across the global master data management market. In addition to this, renewed focus on security of data stores and networks has also recalibrated industry focus toward master data management platforms. It is worthwhile to state that organizational data spans into a number categories ranging from customer data, busines operations data, and employee data. Market data has also become a key value-generator for the vendors operating in the global master data management market.
- Advancements in Cybersecurity Technologies
The cybersecurity posture of companies has improved by leaps and bounds in recent times. It is important for the business fraternity to ensure availability and accuracy of data for the sake of consolidating their cybersecurity landscape. This factor, coupled with advancements in IT management software and platforms, has given a thrust to the growth of the global master data management market in recent years.
Explore 218 pages of top-notch research, incisive insights, and detailed country-level projections on Master Data Management Market (Solution – Product MDM, Customer MDM, Supplier MDM, Multi-domain MDM; Deployment Type – On-premise, Cloud based; Enterprise Size – Large Enterprises, Small and Medium Enterprises (SMEs); Industry – Government, BFSI, IT and Telecommunications, Healthcare, Energy and Utility, Transportation and Logistics, Manufacturing, Retail) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/master-data-management-market.html
Global Master Data Management Market: Growth Drivers
- Advancements in cybersecurity products and technologies, fuelled by increased business investments in security
- Development of dedicated data stores for several industries and sectors
- Creation of a strong net of data security across companies through the use of management and processing platforms.
- Growing use of data for formulation of company policies and strategies
Analyze global master data management market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Master Data Management Market: Key Companies
- Arad Metering Technologies
- Itron, Inc.
- Schneider Electric SA
- ABB Ltd
- Evoqua Water Technologies (Siemens)
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Global Master Data Management Market: Segmentation
- Product MDM
- Customer MDM
- Supplier MDM
- Multi-domain MDM
- Large Enterprises
- Small and Medium Enterprises (SMEs)
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