Master Data Management Market to Reach $74.5 Billion Globally, by 2032 at 16.3% CAGR: Allied Market Research

Growing amount and complexity of data drives the growth of the global master data management market.

PORTLAND, Ore., Nov. 15, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Master Data Management Market by Component (Solution and Services), Deployment (On-premises and Cloud), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprises (SMEs)) and End User (BFSI, IT and telecom, Healthcare, Retail and E-commerce, Government, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″ According to the report, the market was valued at $16.8 billion in 2022 and is estimated to reach $74.5 billion by 2032, exhibiting a CAGR of 16.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios

Drivers, Restraints, and Opportunities

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.

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Report coverage & details:

 

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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The Solution segment to rule the market

By component, the solution segment held the major share in 2022, garnering nearly two-third of the global master data management market revenue, as it enables organizations to make knowledgeable decisions, increase operational effectiveness, improve customer experience, and generate revenue by giving them a single source of truth for master data propels the market growth significantly. The services segment would also showcase the fastest CAGR of 18.6% during the forecast period, owing to businesses in maximizing the value of their data assets, enhancing decision-making, and enhancing operational effectiveness. 

The On-premise segment to maintain its dominance during the forecast period

By deployment mode, the on-premise segment accounted for nearly three-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, as organization want to have complete control over the hardware, software, and data, also enabling more customization and security, which propels the market growth significantly. The cloud segment would also display the fastest CAGR of 18.3% throughout the forecast period, owing to enables businesses to make use of cutting-edge technologies like AI and ML for data analytics and insights, promoting innovation and competitive advantage.

The Small and Medium-sized enterprise segment to dominate by 2032

By enterprise size, large enterprise segment accounted for nearly three-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, as it aids in enhancing data governance and compliance, enabling businesses to make smarter choices. The small and medium-sized enterprise segment would also display the fastest CAGR of 18.7% throughout the forecast period, owing to utilize advanced data management capabilities without making substantial upfront investments.

The Healthcare segment to dominate by 2032

By end user, the BFSI segment accounted for nearly one-fifth of the global master data management market share in 2022, and is expected to rule the boost by 2032, owing to allowing them to gain insightful information, spot trends, and make defensible decisions. The healthcare segment would also display the fastest CAGR of 21.1% throughout the forecast period, owing to provide a single, centralized portal for accessing data, MDM features include consolidating, organizing, auditing, updating, de-duplicating, and managing diverse data from every source..

Asia-Pacific garnered the major share in 2032

By region, North America garnered the highest share in 2022, holding nearly two-fifth of the global master data management market revenue in 2022, and is projected to retain its dominance by 2032, as it offers a centralized repository for high-quality, consistent data that is essential for decision-making based on data. aiding the growth of the master data management market. The Asia-Pacific region would also portray the fastest CAGR of 20.0% during the forecast period, owing to data quality, streamline processes, and boost competitiveness which is expected to fuel the market growth in Asia-Pacific.

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Leading Market Players-

IBMBroadcom IncSaS Institute Inc.Cloud Software Group, Inc.SAP SEInformatica Inc.AtaccamaOracle CorporationTalendAmazon Web Services

The report analyzes these key players in the global master data management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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