Fragmented structure of IT-related operations continues to create manifold data problems which tend to break the ingrained business processes, and cost companies billions of dollars in damage control. Against such a backdrop, master data management (MDM), a combinative method to augment, clean and consolidate data procured from multiple business entities, is gaining traction in terms of adoption. According to recent market study published by Persistence Market Research, the global market for master data management is pegged to incur a robust expansion throughout the forecast period, 2017-2022. Increasing demand for harmonizing corporate data across an enterprise will continue to drive the demand for MDM solutions across global IT landscape. By the end of 2022, the global master data management market is expected to surpass US$ 8,600 Mn in value, reflecting growth at robust CAGR.
- Steadfast Adoption of MDM solutions in North America
Adoption of master data management leverages an enterprises capacity to maneuver through bulk data and obtain the desired files. In the US, adoption of MDM solutions across IT companies is attaining predominance. North American companies are becoming more aware about the performance scope of MDM solutions, particularly in providing assumptive analysis through data augmentation. According to the report, North America will be observed as the largest market for master data management throughout the forecast period. By the end of 2022, North America’s master data management market is anticipated to reach US$ 2,700 Mn value. The report also projects impressive growth in adoption of master data management across Europe. The master data management market in Middle East & Africa (MEA) region, on the other hand, will witness slowest adoption rate during the forecast period.
- Deploying Master Data Management via Public Cloud Model
Implementation of different MDM solutions entails the need for equally diverse deployment techniques. The report has segmented the global market for master data management across two deployment models – on-premise and public cloud. Presently, the adoption of MDM solutions through public cloud deployment is accounting for nearly three-fourth of global revenues. The report projects that by the end of 2022, public cloud deployment of master data management will rake nearly US$ 7,000 Mn globally.
- BFSI – Largest End-user of Master Data Management
The report also expects that government organizations will also boost their adoption of MDM solutions for data synchronization. In 2017, over US$ 200 Mn worth of MDM solutions will be adopted by government facilities across the globe. However, the largest end-user of master data management will be the banking & finance sector. Between 2017 and 2022, end-use of master data management in the BFSI industry is anticipated to create an incremental opportunity of over US$ 950 Mn.
On the basis of components, master data management can be bifurcated into services and software. Throughout the forecast period, over half of the value procured in the global market for master data management will be accounted by MDM software. The report has also profiled leading developers of master data management solutions as key players in the global market. Companies such as Magnitude Software, Inc., Informatica Corporation, Liaison Technologies, Inc., Orchestra Networks, Reltio Inc., Teradata Corporation, SAP SE, TIBCO Software Inc., International Business Machines Corporation, and SAS Institute Inc. are expected to remain active in expansion of global master data management through 2022.
For queries regarding these research findings, get in touch with Persistence Market Research’s analysts at firstname.lastname@example.org