The Global Master Data Management Market size is expected to reach $39.4 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period.
Master data management, also called MDM, is a primary process for managing, centralizing, organizing, categorizing, localizing, synchronizing, and enriching master data in accordance with a company's sales, marketing, and operational plans. In addition to any sources of information that drive an organization, master data might take the shape of customers, products, suppliers, location, and asset information.
The efficient processing of master data within a central repository offers an individual authoritative perspective of information as well as removes data silos, which are costly inefficiencies. It helps a user achieve their company goals by identifying, linking, and distributing data and material across customers, products, stores/locations, workers, suppliers, digital assets, and more.
Most businesses nowadays use a variety of systems, all of which hold significant data about customers, the business, or other critical business KPIs, such as CRMs, ERPs, and so on. As a result, data silos, replicated data, missing data, and a fragmented perspective of the business emerge. Addressing simple business questions becomes challenging when data is scattered across multiple locations and languages.
Many firms nowadays, especially worldwide businesses, have a significant number of different applications and systems (e.g., ERP, CRM) where data that overlaps organizational departments or subdivisions can easily get fragmented, duplicated, and out of date. When this happens, it becomes difficult to accurately address even the most basic but crucial questions regarding any type of performance statistic or KPI for an organization. Businesses look to master data management to meet this challenge. Due to these factors, master data management is rapidly gaining traction among people all over the world and hence, is estimated to witness major growth prospects in the coming years.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Master Data Management Market. Companies such as IBM Corporation, SAP SE and Informatics, LLC are some of the key innovators in Master Data Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, SAP SE, Teradata Corporation, Cloudera, Inc., Tibco Software, Inc. (Vista Equity Partners), SAS Institute, Inc., Stibo Systems, Inc. (The Stibo Group), Informatica, LLC, Syndigo, LLC (Riversand)
By Component
Master data management, also called MDM, is a primary process for managing, centralizing, organizing, categorizing, localizing, synchronizing, and enriching master data in accordance with a company's sales, marketing, and operational plans. In addition to any sources of information that drive an organization, master data might take the shape of customers, products, suppliers, location, and asset information.
The efficient processing of master data within a central repository offers an individual authoritative perspective of information as well as removes data silos, which are costly inefficiencies. It helps a user achieve their company goals by identifying, linking, and distributing data and material across customers, products, stores/locations, workers, suppliers, digital assets, and more.
Most businesses nowadays use a variety of systems, all of which hold significant data about customers, the business, or other critical business KPIs, such as CRMs, ERPs, and so on. As a result, data silos, replicated data, missing data, and a fragmented perspective of the business emerge. Addressing simple business questions becomes challenging when data is scattered across multiple locations and languages.
Many firms nowadays, especially worldwide businesses, have a significant number of different applications and systems (e.g., ERP, CRM) where data that overlaps organizational departments or subdivisions can easily get fragmented, duplicated, and out of date. When this happens, it becomes difficult to accurately address even the most basic but crucial questions regarding any type of performance statistic or KPI for an organization. Businesses look to master data management to meet this challenge. Due to these factors, master data management is rapidly gaining traction among people all over the world and hence, is estimated to witness major growth prospects in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on every industry, particularly the IT industry, with the hardware company being the most impacted. The industry saw a considerable slowdown in the manufacturing and distribution of hardware components as a result of the imposition of lockdown in various countries all over the world. For a very long period, the software and service industries also experienced a significant slowdown. Cloud-based technologies, security solutions, collaborative applications, big data, and AI, on the other hand, helped the IT industry to recover more quickly during and post the lockdown.Market Growth Factors
Rising Adoption of Data Management Tools
Massive volumes of data generated across an organization are channeled through master data management services and solutions, which store data in a single location and ensure data security. Increased data churn needs advanced data quality technology to promote operational excellence. The first step in deploying MDM, the powerful system that enables businesses to track the phases of the flow of information and document data transformation, is to ensure data quality. Data quality technologies ensure data accuracy, while MDM systems update records and delete redundant data automatically.
Rapid Technological Advancements in Master Data Management Technology
The MDM market is being propelled forward by new technologies like as big data, artificial intelligence (AI), and machine learning (ML). This technology enables new data processing and storage capabilities, as well as the availability of large datasets. As new technologies' capabilities in processing multi-faceted and multi-domain data have developed, customers have a broader range of requirements. Integration of MDM solutions with technologies, like analytics, Big Data, and business intelligence has been the most prevalent request. Duplicate records are found and data quality is ensured, two frequent master data problems.Market Restraining Factors
Security and Privacy Concerns
In the contemporary era of expanding data management and maintenance solutions, master data management solutions and services are evolving as the finest way to structure and retain data. However, this market's growth is constrained by widespread user concerns about data security. Organizations are now working in data-driven environments, increasing the risk of advanced cyber-attacks, data breaches, and phishing attempts. As a result of data being disseminated across various systems, several concerns develop, raising the security threats to the data.Component Outlook
On the basis of Component, the Master Data Management Market is segmented into Solution, Services, Consulting Services, Integration Services, and Training & Support Services. In 2021, the solutions segment registered the largest revenue share of the master data management market. Because of the operational benefits that multi-domain MDM systems give to enterprises, there has been a substantial increase in the design and deployment of these solutions. Multi-domain MDM systems are cost-effective, simple to maintain, and help enterprises avoid MDM platform failure. Due to these factors, the growth of this segment of the market is bolstering.Vertical Outlook
Based on the Vertical, the Master Data Management Market is segregated into BFSI, Government, Retail, IT & Telecom, Manufacturing, Energy & Utilities, Healthcare and Others. In 2021, the healthcare segment recorded a significant revenue share of the master data management market. The healthcare business is continually evolving as a result of numerous important technical developments that have improved the overall efficiency of the industry. It is a broad field that deals with a wide range of administrative, clinical, and financial data. This factor is augmenting the growth of this segment.Organization Size Outlook
By the Organization Size, the Master Data Management Market is divided into SMEs and Large Enterprises. In 2021, the large enterprises segment procured the largest revenue share of the master data management market. The increased adoption of multi-domain MDM systems in large companies is primarily responsible for the rapidly increasing growth of this segment. This factor is playing a major role in expediting the growth of this segment.Deployment Outlook
Based on the Deployment Type, the Master Data Management Market is bifurcated into Cloud and On-premises. In 2021, the cloud segment procured a substantial revenue share of the master data management market. Businesses can operate without a dedicated server infrastructure or an office location using cloud-based deployment, enabling remote working. The expansion of cloud-based MDM solutions is being aided by these factors.Regional Outlook
Region-Wise, the Master Data Management Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the highest revenue share of the master data management market. The rising technological improvements in the region are the key factors encouraging the growth of the regional market. Moreover, another factor that is expediting the growth of the master data management market in the region is the robust prevalence of market players in the region.Cardinal Matrix-Master Data Management Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Master Data Management Market. Companies such as IBM Corporation, SAP SE and Informatics, LLC are some of the key innovators in Master Data Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, SAP SE, Teradata Corporation, Cloudera, Inc., Tibco Software, Inc. (Vista Equity Partners), SAS Institute, Inc., Stibo Systems, Inc. (The Stibo Group), Informatica, LLC, Syndigo, LLC (Riversand)
Recent Strategies Deployed in Ultra-Mobile Devices Market
Product Launches and Product Expansions:
- Mar-2022: Informatica launched cloud-native Intelligent Multi-domain MDM. The new product aimed to strengthen customers with reliable insights of business-critical master data to improve the functions of intelligent data. In addition, the new solution is expected to also aid companies in overcoming data fragmentation.
- Jan-2022: Oracle rolled out Oracle Cloud for Telcos, a range of cloud solutions. Through this launch, the company aimed to allow users to develop new applications and bring advancements in the prevailing workloads with above 80 cloud services.
- Mar-2021: Riversand, a subsidiary of Syndigo, LLC introduced the Riversand App Marketplace. The new solution features third and first-party that can be leveraged by Riversand clients, integrators, and partners in order to increase the value of their Riversand investment
- Feb-2021: SAP unveiled the cloud version of the SAP Master Data Governance application. The new product aimed to offer an approach to encompass value proposition in certain areas of a company.
- Jan-2021: Informatica rolled out Customer 360, a SaaS platform. The new Informatica Intelligent Cloud Services platform-built customer 360 MDM aimed to offer MDM capabilities in order to aid in ensuring the data quality and delivering data management as a cloud service.
- Nov-2020: Teradata released Teradata DataDNA. The new product aimed to offer transparency into the data assets of an organization along with their utilization in the ecosystem. Moreover, the new tool delivers insights into the condition of the data.
- Oct-2020: SAP SE released SAP Customer Data Platform, a next-generation CDP. The new customer data platform aimed to enable organizations to enhance the customer experience over every engagement spanning from marketing and commerce to service and sales.
- Jun-2020: Cloudera launched the Cloudera Data Platform. The new integrated data management platform offers self-service analytics over multi and hybrid cloud environments. In addition, the platform is totally open computing, open-source, open storage, and en for integration, which is expected to help customers in avoiding the dreaded vendor lock-in.
Partnerships, Collaborations and Agreements:
- Mar-2022: Informatica teamed up with Microsoft, an American multinational technology corporation. This collaboration aimed to enable customers to quickly incorporate and rationalize multiple data sources into a single version of truth for their entire critical business operations in all business areas.
- Aug-2021: IBM partnered with Cloudera, an American software company. Through this partnership, the companies aimed to fulfil the AI and data requirements of customers with the integration of IBM's Cloud Pak for Data and the Cloudera Data Platform.
Acquisitions and Mergers:
- Dec-2020: IBM completed its acquisition of Instana, a German-American software company. Through this acquisition, the company aimed to offer the best-in-class AI-based automation capabilities in order to manage the sophistication of advanced and modern applications, including hybrid cloud landscapes.
Geographical Expansions:
- Nov-2021: Oracle expanded its geographical footprint in Singapore with the launch of Oracle Cloud Singapore Region. The new product aimed to meet the increasing demand for enterprise cloud services across South East Asia and increase Oracle's reach to 33 cloud regions all over the world.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Solution
- Service
- BFSI
- Telecom & IT
- Manufacturing
- Retail
- Government & Public Sector
- Healthcare & Life Sciences
- Energy & Utilities
- Others
- Large On-premise
- SMEs
- On-premise
- Cloud
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Oracle Corporation
- SAP SE
- Teradata Corporation
- Cloudera, Inc.
- Tibco Software, Inc. (Vista Equity Partners)
- SAS Institute, Inc.
- Stibo Systems, Inc. (The Stibo Group)
- Informatica, LLC
- Syndigo, LLC (Riversand)
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Master Data Management Market by Component
Chapter 5. Global Master Data Management Market by Vertical
Chapter 6. Global Master Data Management Market by Organization size
Chapter 7. Global Master Data Management Market by Deployment Mode
Chapter 8. Global Master Data Management Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- IBM Corporation
- Oracle Corporation
- SAP SE
- Teradata Corporation
- Cloudera, Inc.
- Tibco Software, Inc. (Vista Equity Partners)
- SAS Institute, Inc.
- Stibo Systems, Inc. (The Stibo Group)
- Informatica, LLC
- Syndigo, LLC (Riversand)
Methodology
LOADING...
