Master Data Management: Essentials for Business Success

 The global master data management market was valued at $16.8 billion in 2022, and is projected to reach $74.5 billion by 2032, growing at a CAGR of 16.3% from 2023 to 2032. Surge in amount and complexity of data drive the market growth. In addition, rise in need for data governance and regulatory compliance drive the growth of the market. However, increasing cost & ROI and rise in culture barriers posed by organizations is expected to hamper the growth of the market. Furthermore, rise in integration of new technologies is anticipated to create lucrative growth opportunities for the market. 

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The term "Master Data Management" (MDM) refers to a thorough procedure for locating, gathering, storing, organizing, and managing an organization's crucial data in order to offer a single point of reference. This information often contains crucial details on consumers, goods, employees, suppliers, and other important entities. The master data management (MDM) market consists of software products, services, and technologies that are intended to assist organizations in efficiently managing and maintaining their vital business data in order to guarantee accuracy, consistency, and dependability throughout the entire firm. With the adoption of MDM solutions, businesses establish a centralized, authoritative source for crucial data, simplifying initiatives for data governance, data quality, and data integration.

Key Market Players:

SAS Institute Inc., Broadcom Inc, Oracle Corporation, Ataccama, IBM, Amazon Web Services, Cloud Software Group, Inc., SAP SE, Talend, Informatica Inc.

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By component, the solution segment held the major share in 2022, garnering nearly two-third of the global master data management market revenue, as it enables organizations to make knowledgeable decisions, increase operational effectiveness, improve customer experience, and generate revenue by giving them a single source of truth for master data propels the market growth significantly. The services segment would also showcase the fastest CAGR of 18.6% during the forecast period, owing to businesses in maximizing the value of their data assets, enhancing decision-making, and enhancing operational effectiveness. 

Key Findings of the Study

  • By component, the solution segment accounted for the largest master data management market share in 2022.
  • On the basis of deployment mode, the on-premise segment generated the highest revenue in 2022.
  • On the basis of enterprise size, the large enterprise segment generated the highest revenue in 2022.
  • On the basis of end user, BFSI segment dominated the master data management market forecast in 2022.
  • Region-wise, North America generated the highest revenue for master data management market analysis in 2022.


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