Master Data Management Market: An Overview
Master data management (MDM) refers to the technology, tools and processes that enable an organization to gain control over its critical data assets and streamline data governance. The Master Data Management Market industry is projected to grow from USD 7.3 Billion in 2023 to USD 25.5 Billion by 2032.
MDM creates a single point of reference for key business data such as customer details, product information, supplier data, account records etc. It helps establish data standards, de-duplicate information, and maintain a consistent view of data across the enterprise. Leading drivers of the MDM market include rising need for data quality, growth in data volumes, and increasing regulatory compliance requirements.
Key Market Segments
The MDM market is segmented based on components, deployment modes, organization size, industry verticals, and regions:
By Components
By Deployment Modes
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
North America accounted for the largest share of XX% of the MDM market in 2022. However, Asia Pacific is poised to grow at the highest CAGR of XX% during the forecast period owing to rapid digitalization and cloud adoption.
Leading Companies
Some of the major players operating in the global MDM market include:
- SAP
- Oracle
- IBM
- Informatica
- Stibo Systems
- Riversand
- SAS Institute
- TIBCO Software
- EnterWorks
- Talend
These companies are actively developing SaaS-based and cloud-native MDM platforms, AI-powered data quality tools, and solutions tailored for industry-specific master data needs. Strategic partnerships, mergers & acquisitions, and new product launches are key strategies adopted by MDM vendors to enhance their market shares.
For instance, in September 2022, Informatica expanded its intelligent master data management capabilities through the acquisition of data quality specialist SQL Power. SAP also delivers a comprehensive MDM portfolio spanning customer, product, supplier, and multi-domain master data management.
Key Market Drivers
The key factors propelling the growth of the MDM market include:
- Digital transformation initiatives resulting in increasing data volumes and complexity
- Growing need to improve data quality, accuracy, and consistency across enterprises
- Rising importance of compliance with regulations such as GDPR mandating better data governance
- Surging demand for reliable customer 360-degree views and supplier data to enhance user experiences
- Proliferation of cloud computing, AI, ML, and big data driving adoption of MDM to manage data at scale
- Increasing M&A activities and partnerships between companies fueling demand for consistent master data
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Master Data Management Market -
https://www.marketresearchfuture.com/reports/master-data-management-market-6723
Industry Latest News
Some notable recent developments in the MDM market include:
- Oracle launching its Customer Data Management (CDM) platform in September 2022 to unify B2B and B2C customer data.
- Stibo Systems partnering with cloud data warehouse firm Snowflake in 2022 to enhance multidomain MDM capabilities.
- IBM acquiring MDM solutions provider Initiate Systems in 2021 to augment its information integration capabilities.
- Riversand raising US$ 50 million in Series D funding in June 2022 to advance its cloud-native MDM offerings.
- SAP unveiling enhancements to its Customer Data Cloud solution with new integration capabilities in 2021.
The MDM market outlook remains positive driven by the pressing need of enterprises to take charge of their business data. With data volumes growing exponentially, adoption of MDM solutions is expected to rise as organizations aim to leverage data for smarter business insights and decision making.
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