Master Data Management Market Size is Projected to Grow USD 17880 by 2026 | Valuates Reports
The global Master Data Management market size is projected to reach USD 17880 Million by 2026, from USD 9890.1 Million in 2020, at a CAGR of 10.4% during 2021-2026.
Major factors driving the Master data management market size are an increase in the usage of data quality tools for data management, and the growing need for enforcement accurately provides forecasts for faster decision making.
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MASTER DATA MANAGEMENT MARKET SIZEThe increase in the use of data quality tools for data management is expected to drive the master data management market size during the forecast period. The large amounts of data collected across an enterprise are channelized through MDM. The rise in data needs comprehensive data quality tools to improve operational excellence. Tools for data quality help decrease data replication, minimize rework, and maintain reliable records of data. For companies that have begun to understand the value of data quality, data consolidation is becoming a significant feature. This aspect contributes to the high demand for Master Data Management solutions. The increasing popularity of MDM solutions combined with the use of data quality tools for efficient data management in the BFSI sector to improve customer support and optimally manage bank-related business risks is likely to fuel the Master Data Management market size. The incorporation of new technologies such as Artificial Intelligence (AI), Big Data (BI), Machine Learning (ML) is expected to increase the growth of the master data management market size. In the Master Data Management market, the adoption of ML is growing, allowing new data to be taken into consideration and relying on previous data-related interactions. ML helps companies discover data trends and propose comparisons, correlations, and data adaptation more easily from a source to the user. These technologies support additional technological capabilities for the storage and processing of data and the availability of large databases.
MASTER DATA MANAGEMENT MARKET SHARE ANALYSIS
North America is expected to hold the largest master data management market share during the forecast period. This dominance of North America is attributed to the presence of many solution vendors in the US and Canada. As businesses are centralized multi-domain MDM software applications, the MDM market in North America is expected to expand steadily.
During the forecast period, Asia Pacific is projected to have the highest market growth rate. With growing awareness of business productivity gains, augmented by competently built MDM solutions offered by suppliers in this area, Asia Pacific is becoming a highly prospective sector. In addition, extensive facilities for deploying and managing master data applications at economical costs are enhancing growth.
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MASTER DATA MANAGEMENT MARKET SEGMENTATION
Master Data Management Breakdown Data by TypeCloud-based On-premises.
Master Data Management Breakdown Data by ApplicationGovernment Retail IT Manufacturing Energy Medical Traffic Media Others.
By RegionNorth America Europe Asia Pacific Latin America Middle East & Africa
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TOP COMPANIES IN THE MASTER DATA MANAGEMENT MARKET
Investing generously in research and development is seen in major market players. Similarly, to make their presence known and expand their customer database, major brands are also seeking new markets. Business strategies such as joint ventures, acquisitions and mergers have further allowed leading suppliers to extend their range of products.
Some of the top companies in the master data management market include,SAP SAS Institute IBM Oracle Tibco Software Informatica Teradata Orchestra Networks Rivers and Technologies Talend Others.
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SIMILAR REPORTSCloud Master Data Management (Cloud MDM) Market Research Report 2020 - 2026, Segmented by type Customer data, Product data, Others, by application Banking, Finance and Insurance (BFSI), IT and Telecommunications, Government and Health Care, Manufacturing and Logistics and by various regions. Master Data Management Software Market Research Report 2020 - 2026, Segmented by type Cloud, On-premise, by application Large Enterprises, SMEs and by various regions. Master Data Management Product Data Syndication (PDS) Market Research Report 2020 - 2026, Segmented by type Cloud based, Web based, by application Retail, Logistics, Telecommunications and by various regions. Global and China Master Data Management (MDM) Solutions Market Research Report 2020 - 2026, Segmented by type Cloud based, On premise, by application Large Enterprises (1000+Users), Medium-Sized Enterprise (499-1000 Users), Small Enterprises (1-499 Users) and by various regions. Global and China Master Data Management (MDM) BPO Market Research Report 2020 - 2026, Segmented by type Supply Centric MDM, Enterprise Centric MDM, Customer Centric MDM, by application Large Enterprises, Small and Medium Enterprises and by various regions. Master Data Management PDS Software Market Master Data Management CDS Software Market
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