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The master data management (MDM) solutions market size is forecast to increase by USD 20.29 billion at a CAGR of 16.72% between 2023 and 2028. The market is experiencing significant growth due to the increasing volume and complexity of data in various industries, including BFSI vertical, IT and telecom, manufacturing, and energy & utilities. This data consolidation is driven by the need to gain a single, accurate view of business data to improve operational efficiency and enhance decision-making capabilities. Additionally, advancements in natural language processing (NLP), machine learning (ML), and artificial intelligence (AI) technologies are enabling MDM solutions to provide more intelligent and automated data management capabilities. However, data privacy and security concerns continue to pose challenges for MDM solution providers, with data breaches being a major concern. Cloud deployment is also gaining popularity in the MDM market due to its cost-effectiveness and flexibility, allowing organizations to store and manage their data more securely and efficiently.
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Master Data Management (MDM) solutions have gained significant traction in today's data-driven business landscape, with organizations seeking to manage data compliance, ensure data quality, and mitigate risks such as data duplication and breaches. MDM solutions enable the consolidation of entity information from various information sources, ensuring data accuracy and consistency across the enterprise. The market for MDM solutions is witnessing rapid growth, driven by the increasing adoption of cloud computing, mobility, and the integration of advanced technologies such as machine learning (ML) and artificial intelligence (AI) into business processes. The financial services industry is a major adopter of MDM solutions due to the need for data security and regulatory compliance.
Furthermore, MDM solutions help businesses manage core product data, including pricing, specifications, and attributes, ensuring omnichannel data consistency. With the shift to remote work, MDM solutions have become essential for ensuring data accessibility and security. Data quality technologies, such as data cleansing and data profiling, are integral components of MDM solutions, ensuring that data is accurate, complete, and consistent. MDM solutions also help businesses address data duplication and data consolidation challenges, ensuring that data is not spread across multiple systems, reducing the risk of data breaches, and improving overall operational efficiency.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The cloud segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth, particularly in the cloud segment. Enterprises are increasingly adopting cloud-based MDM solutions due to their ability to offer customization, agility, and scalability. These solutions consolidate data from various sources, reducing the risks of data inconsistencies and increasing the availability of real-time data. This, in turn, facilitates more efficient resource management and usage. The cloud segment is expected to experience a high growth rate during the forecast period. Sectors such as BFSI, IT and telecom, manufacturing, and energy & utilities are major contributors to the market's growth. Additionally, advancements in machine learning and data analytics are enhancing the capabilities of MDM solutions, providing valuable insights and improving overall business performance.
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The cloud segment was valued at USD 7.18 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Master Data Management (MDM) Solutions have gained significant traction in various industries due to the increasing importance of data consolidation and the rising threat of data breaches. The global MDM market has been witnessing steady growth, with advancements in technologies such as machine learning and cloud deployment playing a pivotal role. According to recent studies, the BFSI vertical, IT and telecom, manufacturing, and energy & utilities sectors are the major contributors to the market. In North America, the region that adopted MDM solutions early on, the market has experienced a rise due to the increasing IT budgets for cloud-based solutions.
Furthermore, the US leads the regional market, with Canada and Mexico following closely. The demand for content and digital media, along with the adoption of advanced technologies like artificial intelligence (AI), in sectors such as healthcare, is expected to fuel the growth of MDM solutions in North America. Additionally, investments in data centers are on the rise in the region, driven by the expansion plans of hyper scalers. Despite the challenges posed by data breaches, MDM solutions offer a strong solution for enterprises to manage their data effectively and securely.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing volume and complexity of data is the key driver of the market. The IT industry is witnessing a significant rise in data generation, with the global data volume projected to grow exponentially. This data explosion, coupled with the growing complexity of data within organizations, necessitates the adoption of advanced data management solutions.
Furthermore, these solutions enable companies to eliminate data duplication, ensuring data accuracy and consistency across various business processes. By leveraging MDM solutions, organizations can derive valuable insights from their data, leading to enhanced profitability and improved business operations. Working from home has further accentuated the need for efficient data management, making MDM solutions an indispensable tool for businesses in various sectors, including the hardware business.
The growing advances in natural language processing (NLP), ML, and AI technologies is the upcoming trend in the market. Master Data Management (MDM) solutions have gained significant traction in the IT industry due to their profitability and ability to mitigate data duplication. Neudesic, a leading technology solutions provider, integrates advanced AI strategies into its MDM offerings. In the hardware business, for instance, MDM solutions enable efficient data management for remote workforces, such as those working from home, by ensuring data accessibility and security.
Furthermore, advancements in AI, Natural Language Processing (NLP), and Machine Learning (ML) models have revolutionized analytics tools and platforms. AI technology, with its ability to explain data contextually, provides requested information, analysis, and triggers activities based on findings. Neural network techniques and ML models enable machines to learn and think more like humans, reducing human errors and creating more precise analytic models. These advancements are expected to positively impact the global analytics industry, making data-collecting devices into powerful analytic tools.
Data privacy and security concerns is a key challenge affecting the market growth. Master Data Management (MDM) solutions have become indispensable in today's IT industry, particularly in the context of the hardware business and the increasing adoption of work-from-home models.
However, despite the benefits, data duplication and privacy and security concerns remain major challenges. With the proliferation of the Internet of Things (IoT) and cloud technologies, critical data is increasingly transferred through networks, making it essential to establish a highly secured environment. The IoT network, comprising multiple devices, can sometimes result in data theft issues.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adastra Crop. - The company offers Ataccama One MDM under the brand Ataccama Corp.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Master Data Management (MDM) solutions have gained significant traction in the IT industry due to the increasing importance of data compliance, data security, and privacy issues in enterprise sectors. With the advent of cloud computing, MDM solutions have become more accessible, enabling mobility and inter-enterprise sharing. MDM solutions provide data platform solutions for various industries such as banking, healthcare, BFSI vertical, IT and telecom, manufacturing, energy & utilities, and more. MDM solutions help in data consolidation, eliminating data duplication, and ensuring data quality by providing a single source of truth for core product data, including attributes like pricing, specifications, and entity information.
Furthermore, with the integration of machine learning (ML) and artificial intelligence (AI), MDM solutions have become more intelligent, enabling AI strategy and ML-enabled solutions for enhancing client experience and improving profitability. Cloud deployment of MDM solutions has become increasingly popular due to the availability of internet access on smartphones and online sales. However, it also brings challenges such as data security and privacy concerns. Federated architectures have emerged as a solution to address these challenges while ensuring global deployment and inter-enterprise sharing. Overall, MDM solutions play a crucial role in managing data quality and ensuring data security and privacy in the digital age.
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Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.72% |
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Market growth 2024-2028 |
USD 20.29 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.12 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adastra Crop., Broadcom Inc., Cloudera Inc., Contentserv Swiss GmbH, Informatica Inc., International Business Machines Corp., LTIMindtree Ltd., Open Text Corp., Oracle Corp., PiLog Group, Profisee Group Inc., QlikTech international AB, Reltio Inc., SAP SE, SAS Institute Inc., Semarchy, Syndigo LLC, Teradata Corp., TIBCO Software Inc., Veeva Systems Inc., and Stibo Systems |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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