Master data management has remade many industries and has become a vital discipline for many organizations operating across various regions. Ever since the introduction of master data management, this discipline has gone through many changes. The adoption of changing trends has benefited many organizations in better managing their huge amount of operational data.
The demand for software that could meet the need to manage and organize multiple master data domains is increasing at a rapid pace. A number of fortune 1000 companies are predicted to adopt master data management services to support their business strategies. On the supply side, many master data management vendors are advertising their services and products to attract maximum patrons. Although the capacities and features of the master data management software are gradually changing and improving, meeting the customized needs of the patrons is a big challenge for the key players operating in the global master data management market. Technological advancements have assisted vendors to introduce new features in the master data management software.
The global master data management market was valued at US$4.35 bn in 2015 and is predicted to reach US$37.97 bn by 2024, exhibiting a 27.25% CAGR between 2016 and 2024.
Cloud-based Services to Benefit Master Data Management Services
The advent of cloud computing has changed the way a master data management software operates. Organizations are attracted towards the many benefits of cloud-based solutions. Although cloud computing has benefited many services, only a small number of vendors of master data management technology have developed specific products and services for the cloud. However, many of the key players operating in the global market are focusing on using public cloud solutions in order to meet individual master data management needs.
Advent of IoT to Increase IT Penetration
The introduction of the Internet of Things has increased the penetration of information technology. Companies are increasing their investments in the Internet of Things technology. IoT offers many benefits to companies in the sectors of big data, cloud computing, and global networks. As IoT offers many benefits, it is being increasingly adopted by many organizations. Startup companies have developed considerably owing to the advancements in IoT. There has also been a rise in the number of companies operating their business on the internet. This has boosted the need for master data management services.
Companies are investing in master data management services on a large scale to better manage their services. Master data management manages customer and product-related data efficiently and also serves as a key data repository for the businesses. A correctly organized master data management software leads to risk reduction and management. Key companies such as IBM Global Services, Tibco Software, EnterWorks Acquisition Inc., SAP SE, Oracle Corporation, and Stibo Systems are concentrating on introducing new master data management solutions for the data-driven businesses.
The global master data management market is segmented on the basis of component, solution, industry, and region. Based on region, the global master data management market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. The Asia Pacific master data management market is predicted to exhibit 29.4% CAGR from 2016 to 2024.
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Master data management finds application in various industries such as retail, transportation and logistics, energy and utility, IT and telecommunications, health care, manufacturing, government, and banking, finance and insurance (BFSI). Based on solution, the global master data management market is classified into multi-domain solution, customer data solution, and product data solution.