Global Master Data Management Market – Snapshot
According to a new market report published by Transparency Market Research titled “Master Data Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global master data management market is expected to reach US$ 17,339.6 Mn by 2026, expanding at a CAGR of 15.7% from 2018 to 2026. North America held a prominent share of the master data management market in 2017 and is projected to be at the forefront of global demand. Also, the Asia Pacific master data management market is expected to expand at a significant CAGR.
Organizations currently have to deal with large volumes of information and as such they have to handle a large amount of data. In this data-driven environment, appropriate master data management is vital. Effective master data management in organizations ensures the availability of consistent and accurate source data for transactions and other business processes. Organizations have increased their spending on IT and IT infrastructure in order to avoid the costs incurred on processing raw master data. If incorrect data is processed and used in organizations, the time consumed on rework and data correction will be high, since wrong data is detected in the system. With the advent of Internet of Things (IoT) technology and the penetration of social media, the need to process data effectively has become vital across industries.
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Multi-domain MDM solution segment to expand rapidly during the forecast period
By solution, the master data management market has been segmented into product MDM, customer MDM, supplier MDM, and multi-domain MDM solution. Multi-domain MDM solution is expected to be the fastest growing segment during the forecast period. There is a significant rise in the implementation and deployment of multi-domain MDM solutions on account of the operational benefits provided by these solutions to organizations. Multi-domain MDM solutions are cost-effective, easy to maintain, and prevent failure of the MDM platform within organizations.On the basis of deployment, the global master data management market is segmented into on-premise and cloud based. The cloud segment is expected to grow at the fastest rate due to its lesser cost and greater flexibility to scale up. By enterprise size, large enterprises led the global master data management market. This growth is mainly attributed to the growing adoption of multi-domain MDM solutions in large enterprises. Small and medium enterprises (SMEs) segment is expected to rise at the fastest during the forecast period. By industry, the master data management market is segmented into government, BFSI, IT and telecommunications, healthcare, energy and utility, transportation and logistics, manufacturing, retail, and others.