Allied Market Research published a new report, titled, “Master Data Management Market Size Growing at 16.3% CAGR Reach USD 74.5 Billion by 2032.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global master data management market size was valued at USD 16.8 billion in 2022 and is projected to reach USD 74.5 billion by 2032, growing at a CAGR of 16.3% from 2023 to 2032.
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Driving Factors
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.
Market Segmentation
The master data management market is segmented into component, deployments model, enterprise size and end user. On the basis of component, it is categorized into solution and services. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises. On the basis of end user, it is fragmented into BFSI, IT and telecom, healthcare, retail and e-commerce, government, manufacturing, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition Analysis:
The key players companies in the master data management industry include SAS Institute Inc., Informatica Inc., Ataccama, Talend, IBM, SAP SE, Broadcom Inc, Cloud Software Group, Inc., Amazon Web Services, and Oracle Corporation. Furthermore, it highlights the strategies of the key players to improve the master data management market share and sustain competition for master data management industry.
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● Recent Product Upgraded/Development in the Market:
On February 2023, Talend enhanced its master data management and updated Talend Data Fabric, its end-to-end platform for data discovery, transformation, governance, and sharing. The addition of data observability enables data professionals to automatically and proactively monitor the quality of their data over time and provide trusted data for self-service data access. By leveraging dataset crawling or tags, users can easily uncover data blind spots to discover new datasets.
On July 2022, SAS Institute Inc., enhanced its master data management and performs functions such as extracting business information from data sources, capturing data errors through user-defined business rules and sequesters the data for review and correction.
On March 2021, IBM Corporation enhanced its InfoSphere master data management 12.0 that provides better compliance support and the ability to speed task resolution decisions with machine learning assisted stewardship; usability improvements are provided by IBM InfoSphere Global Name Management 7.0 and IBM InfoSphere Identity Insight 10.0.
● Recent Acquisition in the Market:
On February 2022, IBM acquired Neudesic, a US-based cloud services consultancy specializing primarily in the Microsoft Azure platform, along with bringing skills in multi-cloud. This acquisition significantly expanded IBM’s portfolio of hybrid multi-cloud services and further advance the company’s hybrid cloud and AI strategy.
● Recent Partnership in the Market:
On May 2022, Informatica, an enterprise cloud data management leader partnered with Oracle that brings Informatica’s industry-leading data integration and governance products to Oracle Cloud Infrastructure (OCI). In addition, Oracle has named Informatica as a preferred partner for enterprise cloud data integration and data governance for data warehouse and lakehouse solutions on OCI. Through this initiative, Oracle and Informatica integrated Informatica’s Intelligent Data Management Cloud (IDMC) with Oracle Autonomous Database, Oracle Exadata Database Service, Oracle Exadata Cloud@ Customer, and Oracle Object Storage. Informatica and Oracle plan to make these offerings available in the Oracle Cloud Marketplace.
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COVID-19 Scenario
● The COVID-19 pandemic raised attention to the significance of master data management (MDM), which provides accurate and trustworthy data for decision-making. Organization required comprehensive understanding of their data as they traverse the crisis in order to make wise decision and respond fast in response to shifting market condition.
● Robust MDM solutions are growing more important than ever due to pandemic accelerated the adoption of digital technology and remote work. MDM system that guarantee data quality, consistency and security across several platforms and devices are necessary for organization that staff work remotely and access data from multiple sources.
● Additionally, the outbreak impacted market dynamic and consumer behavior. To satisfy the changing needs of their customers, businesses need to adapt their business plans and method. In a market environment that is constantly evolving, MDM solutions are essential in giving businesses a single, unified understanding of their customer data. This allows them to personalized their products, boost customer interaction and increase customer loyalty.
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