Growing demand for verification & compliance and surging needs for excellent business performance and data quality to fuel adoption of master data management globally through 2024
According to TechSci Research report, “Global Master Data Management Market By Solution, By Deployment Type, By Enterprise Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, global master data management market is expected to witness positive growth during forecast period on account of increasing deployment of advanced data quality tools for data management. Master data management allows enterprises to collate and manage master data so that it can be utilized for effective decision making and data analytics. Organizations and enterprises are investing in IoT platform as it offers a wide range of benefits to organizations with big data analytics and cloud computing, which is positively affecting the growth of the market. Additionally, in order to avoid duplication and preventing data from being lost, financial organizations are increasingly adopting master data management solutions, which is further anticipated to aid the growth of the market through 2024.
Browse 20 market data Tables and 107 Figures spread through 114 Pages and an in-depth TOC on“Global Master Data Management Market”
master data management market can be segmented based on solution, deployment
mode, enterprise size, end user industry and region. Based on the solution, Product
master data management solution is expected to acquire the major share as these
solutions help in preventing MDM platform failure within organization. In terms
of deployment type, the market can be classified into on-premise and cloud. Cloud
segment is anticipated to grow at high rate through 2024 as it helps to cut the
cost associated with updating and upgrading software. Master data management
market caters to various end user industries such as BFSI, IT & Telecom, Government
& Defense, Energy & Utility, Retail, etc. BFSI segment is likely to
hold the largest share during forecast period as the sector generates large
amount of data from transactions and comprise other crucial information.
Orcale Corporation, SAP SE, IBM Corporation, Informatica LLC, Stibo
Systems A/S, etc., are among the leading players operating in global master
data management market. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. In 2018, TIBCO software Inc acquired Orchestra Networks Inc. In the same
year, SAP SE launched a number of operations in France, in order to boost the
digital strategy of the company.
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“North America is the leading region in global master data management market
due to huge investment by economies, such as Canada and US, in IT solutions,
increasing adoption of data compliance practices and presence of leading
players across the region. North America is followed by Europe, which generates
high demand for master data management owing to strategic partnerships,
supportive government mandates and increasing cloud spending by the economies across
the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Master Data Management Market By Solution, By Deployment Type, By Enterprise Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global master data management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global master data management market.
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