The global master data management market was valued at US$ 4,677.6 Mn in 2017 and is expected to expand at a CAGR of 15.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Master Data Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 10%. The global master data management market is mainly driven by rising strict regulatory compliances within enterprises.
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MDM in cloud computing and adoption of multi domain master data management globally driving the market
Master data management is an essential part of data management in organizations. Appropriate master data management helps users access accurate data related to products and customers, which further facilitates organizations to carry out business operations. The Internet of Things (IoT) revolution has been vital in supporting the growth of the master data management market since governing master data has become a critical and essential part of data management. Rapid growth in businesses being conducted online has fuelled the demand for master data management solutions globally. The rapidly growing e-commerce industry relies largely on accurate management of master data. E-commerce industry revenues have grown exuberantly during the past five years. This has led organizations operating in this sector to ramp up investments in upgrading their IT infrastructure.
Integration of Artificial Intelligence and machine learning in master data management playing a crucial role in the expansion of the market
The master data management market by solutions has been segmented into product data, customer data, and multi-domain MDM. In 2015, the product data solution segment accounted for the largest share in the master data management solution market. Based on the mode of deployment, the master data management market is segmented into on-premise and cloud deployment.
The market for cloud deployment is expected to increase during the forecast period. The master data management market is further segmented by application into government, BFSI, IT and telecommunications, health care, energy and utility, transportation and logistics, manufacturing, retail, and others. The amount of product and customer data that industries have to handle has increased significantly. Regulatory compliance in the healthcare and pharmaceutical industries makes master data management essential. In the government and BFSI sector, the need for correct master data is highly critical. Circulation of incorrect product and customer data in organizations can affect business operations if incorrect data is accessed and processed by the system. Thus, the necessity of deploying efficient master data management solutions across industries is vital.
This post was originally published on Industry Mirror