As the amount of data generated by any organization remarkably multiplies, companies can no longer delay investments in master data management (MDM). In economies focusing on urbanization and industrialization, the sheer amount of data generated on a day-to-day basis is staggering. As organizations around the world struggle to manage such massive volumes of data, many will look upon the master data management software for a solution.
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The increasing data-driven nature of operations will compel industries to boost their IT spending, subsequently fuelling opportunities for the master data management market. With risks and liabilities relating to incorrect data processing posing adverse economic implications, the future of the global master data management market looks thriving.
Demand for Master Data Management Software to Increase with Rising Penetration of IoT
Considering the rapid penetration of the Internet of Things (IoT), the demand for master data management is expected to increase. The software is designed to help organizations derive actionable insights from the IoT data generated on a daily basis. It offers organizations predictive and actionable analytical data to help them gain from hindrance-free business operations.
For customer and product centric industries, access to accurate master data is crucial. Any discrepancy in the consumer or product information can cost a business hugely in terms of times and money. Therefore, the need for investing in effective master data management solutions has become more important for organizations looking to achieve sustainable growth than ever before.
Master Data Management Market to Significantly Gain from Rising Application in BFSI
In 2015, the banking financial services, and insurance (BFSI) sector emerged as a strong application segment in the global master data management market. Demand from this segment is expected to grow at a robust pace between 2016 and 2024. Besides BFSI, the healthcare sector is also expected to exhibit lucrative opportunities for companies offering master data management solutions.
The healthcare sector in developing countries is exhibiting lucrative opportunities for the market. The industry has been generating databases containing huge volumes of data regarding clinical trials, patients, laboratories, and medicine suppliers, which call for urgent deployment of MDM solutions. Since both these segments are governed by stringent regulations, they are likely to account for a larger share in the global master data management market through the forthcoming years.
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Master Data Management Market to Witness Lucrative Opportunities in Asia Pacific
In the last couple of years, master data management and cloud adoption have become critical for enterprises around the world. North America has been leading this trend from the forefront. Companies operating in this regional market have been quick in introducing master data management solutions to cater to the specific requirements of client. However, in the forthcoming years Asia Pacific is likely to report unprecedented progress in the implementation of the software across industries. Emerging economies in the region are likely to accelerate their investment in the IT infrastructure, which will in turn give significant impetus to the Asia Pacific MDM market.
Furthermore, the Middle East and Latin America are expected to report moderate growth opportunities for the master data management market in the near future.