Master Data Management (MDM) Market Size, Share, Growth, and Industry Growth, By Type (Customer Data, Product Data, and Others), By Application (Banking, Finance and Insurance (BFSI), IT and Telecommunications, Government & Health Care, Manufacturing & Logistics, and Others), Regional Insights, and Forecast To 2032

Updated On: 01 April 2024

Master Data Management (MDM) Market REPORT OVERVIEW

• 
• Request a Free Sample to learn more about this report

The global master data management (MDM) market size was USD 4634 million in 2022 and market is projected to touch USD 17774 million by 2032, exhibiting a compound annual growth rate (CAGR) of 12.9% during the forecast period.

Enterprises can manage their master data through the use of a variety of solutions, services, and industry standards known as master data management (MDM). Master data includes private and important business information on clients, goods, purchases, suppliers, and other factors. Enterprises may now gather and manage master data and use it for data analytics and wise decision-making, thanks to the development of MDM. MDM improves decision-making abilities while also improving organizational and operational efficiency. Utilizing data for various business operations to improve operational and business performance and provide better customer services is made simple by MDM.

There are numerous drivers, restraints, and opportunities that affect the master data management industry today. One of the main factors propelling the MDM market is the unavoidable requirement to install centrally placed or managed data, the expanding need for verification and compliance, and the escalating demands for outstanding business performance and data quality. The primary challenges impeding the growth of the master data management market size, however, are the present concerns about data security as well as a lack of knowledge regarding the benefits connected with data management solutions. Incorporating integrated vendor solutions, however, is predicted to present new opportunities for service providers.

COVID-19 Impact: Use of Software in Various Industries Boosted Growth

The pandemic outbreak affected all industries, including the IT industry. However, the hardware business experienced a severe downfall due to disruption in supply and manufacturing. The imposed restrictions affected the growth of the market. Quarantine and other COVID-19-related regulations slowed down the master data management (MDM) market growth. But the upliftment of restrictions led to the recovery of the market. The IT industry experienced a rise owing to the rapid shifting of the industry to remote working. The market grew during the pandemic owing to the rapid adoption of the work-from-home culture. The use of master data management (MDM) increased during the pandemic due to its wide applicability in the IT and telecommunications sectors. 

LATEST TRENDS

"Increasing Adoption of Data Quality Tools to Surge Growth in the Market"

The master data management (MDM) Market will be driven by an increase in the usage of data quality technologies for data management. Through MDM solutions and services, large amounts of data collected from throughout an organization are channeled for storage in a single location and data security. Likewise, data governance satisfies compliance requirements. To improve operational excellence, powerful data quality tools are needed. The first step in implementing MDM, a potent tool that enables businesses to map the stages of information flow and document data transformation, is to ensure data quality. Data quality tools ensure data accuracy, while MDM solutions update records and remove redundant data automatically.

Master Data Management (MDM) Market Segmentation

• 
• Request a Free Sample to learn more about this report

• By Type Analysis

By type, the market is segmented into product data, customer data, and others.

• By Application Analysis

Based on application, the market is classified into finance and insurance (BFSI), manufacturing & logistics, government & health care, banking, IT and telecommunications, and others.

DRIVING FACTORS

"Rising Demand for Service from Various Businesses to Bolster Market Growth"

Businesses and corporations utilize master data management (MDM) as a technique to connect all of their crucial data to a single point of reference. When implemented correctly, MDM enhances data quality while facilitating data sharing between staff members and departments. A company can optimize operations, manage hazards and risks, manage threats to privacy, manage labor expenses, and improve business processes with the use of master data management. Enterprises can manage their master data using a variety of solutions, services, and industry standards through master data management (or MDM). Master data includes private and important business information on clients, goods, purchases, suppliers, and other factors.

"Various Features of the Service Coupled With Its Rising Popularity to Boost Service Demand"

The capacity of master data management solutions to gather and integrate customer data, analyze customer data, and create useful consumer insights from the collected data is a contributing factor in their rising popularity. Through a consolidated platform, MDM solutions assist financial service companies in collecting and managing consumer feedback and data. A master data management solution addresses the critical objective of enhancing margin and revenue by serving as a central repository for all customer data. In order to better serve them and support personalized services that spur new customer demands, master data management assists in classifying customer needs.

RESTRAINING FACTORS

"Data Security Concerns to Impede Growth in the Market"

Concerns about data security. Due to widespread consumer worries about the security of their data, this market's growth is constrained. Businesses today work in data-driven environments, which raises the danger of sophisticated data breaches, cyberattacks, and phishing attempts. Due to data being present in several systems, there are a number of issues that arise, which increases the security risks to the data. For many organizations, however, where the risk of security breaches and dispersed data is high, isolated data systems are a constraint.

Master Data Management (MDM) Market REGIONAL INSIGHTS

• 
• Request a Free Sample to learn more about this report

"North America to Lead Market Due to the Rising Technological Advancements in the Region "

North America is forecasted to register the largest part of the master data management market share attributable to the rising technological advancements and the growing number of key players in the region. 

Asia Pacific is forecasted to hold a significant market share due to the growing awareness about the rise in business productivity, supplemented with strongly designed MDM solutions offered by key market players.

KEY INDUSTRY PLAYERS

"Companies Adopting Various Strategies to Grow their Business"

The master data management sector is now impacted by a variety of drivers, constraints, and opportunities. The inescapable necessity to install centrally located or managed data, and the growing demand for verification and compliance, superior business performance, and data quality, are some of the key reasons driving the MDM industry. However, current worries about data security and a lack of awareness of the advantages associated with data management solutions are the main obstacles preventing the growth of the master data management market size. However, it is anticipated that incorporating integrated vendor solutions will open up new opportunities for service providers.

List of Market Players Profiled

• SAP (Germany)
• Oracle (U.S.)
• IBM (U.S.)
• Informatica (U.S.)
• Stibo Systems (Denmark)
• TIBCO Software (U.S.)
• Riversand Technologies (U.S.)
• Orchestra Networks (France)
• EnterWorks (U.S.)
• Magnitude (U.S.)
• Talend (U.S.)
• SAS Institute (U.S.)
• Microsoft (U.S.)
• KPMG (Netherlands)
• Teradata (U.S.)
• Software AG (U.S.)
• Agility Multichannel (U.S.)
• VisionWare (U.K.)
• SupplyOn AG (U.S.)
• Sunway World (Indonesia)
• Yonyou (China)

INDUSTRY DEVELOPMENT

March 2022- Oracle announced an update for its enterprise software. This software enhances the capabilities of solutions in various areas. These features resolve critical concerns such as data transfer, data integrity, and request tracking. 

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.