Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Master Data Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” The report, by Transparency Market Research (TMR), says that the valuation of the global master data management market was US$4.35 bn in 2015 and is poised to reach US$37.97 bn by 2024, expanding at an impressive CAGR of 27.25% between 2016 and 2024.
The report highlights the various opportunities, drivers, and restraints estimated to influence the growth of the master data management market. The amount of data generated and used is on an exponential rise owing to rapid urbanization and industrialization worldwide. This has created an indispensable need for customer and product data management. The economic implications of any discrepancy in data have driven the demand for effective and accurate master data management (MDM).
Moreover, the increasing investments in IoT systems are proving to be lucrative for the growth of this market. The vendors, on the other hand, have to formulate customized MDM solutions to cater to the unique needs of each industry. This has evolved as both a challenge and opportunity for companies in the global master data management market to establish their superiority.
The report offers a holistic perspective on the market’s growth across regions of Asia Pacific, Europe, North America, Middle East and Africa, and Latin America in terms of revenue. North America was the leading market in 2015 and is expected to maintain its dominance until 2024. The large scale adoption of big data management and cloud systems is likely to fuel the growth of the regional master data management market. However, Asia Pacific will be the fastest-growing segment, expanding at a CAGR of 29.4% between 2016 and 2024. The increasing implementation of IoT is anticipated to transform the MDM market in this region.
Based on application, due the stringent regulatory compliance mandates, the banking, financial, services, and insurance (BFSI) was the dominant segment by revenue in 2015. However, IT and telecommunications will be the fastest-growing segment and is estimated to expand at a CAGR of 27.56% between 2016 and 2024. On the basis of component, software was the leading segment in 2015, with a valuation of US$2.1 bn. The services segment will grow at a noteworthy 27.76% CAGR from 2016 to 2024.
The report provides an in-depth analysis of the competitive landscape of the global master data management market. The market is expected to become a more consolidated arena with companies engaging in mergers and acquisitions to fortify their operations. The multinational companies are dominating the market thanks to their wide global presence. The key companies in the global master data management market are Oracle Corporation, IBM Global Business Services, and Informatica.
Browse Full Global Master Data Management Market Report with TOC:http://www.mrrse.com/master-data-management-market
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