According to a new market research report published by Credence Research “Global Master Data Management Market (Component (Solution, Service); Data Type (Asset Data, Customer Data, Location Data, Product Data, Supplier Data); Deployment (Cloud, On-Premise) Application (Banking, Financial Services, and Insurance (BFSI), Government, Manufacturing, Telecom & IT, Retail, Healthcare, Energy & Utilities, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the Master Data Management market is set to grow with a CAGR of 17.5% during the forecast period, starting from US$ 9.28 Bn in 2018.
The master data management market is driven by the increasing digitalization across the enterprises. As the enterprises are moving towards the digital business models, they are dealing with large and changing chunks of digital data related to their customers, product, vendors, employees and other stakeholders of the market ecosystem. Therefore, the need to effectively manage these data sets and derive actionable insights form it becomes essential for the enterprises.
Master data management solution assists the enterprises in the effective collection, and analysis of the data to enhance the operational and business performance. This is the primary factor augmenting the demand for the master data management solution among the enterprises.
The master data management market is categorized based on the application into the BFSI, government, IT & telecom, healthcare, manufacturing, retail, energy & utility and other industry sectors. BFSI accounted for more than 25% share in the overall master data management in 2018. The market growth is endorsed to the large scale digitalization of the banking and insurance institutes across the globe.
The sensitive nature of the information in the BFSI sector also encourages the adoption of advance data management solution across the sector. On the other hand, healthcare is estimated to grow significantly during the forecast period. The growing Electronic Health Record (EHR) and cloud computing technology across the region is the primary factor driving the market growth.
Asia Pacific’s master data management market is estimated to grow considerably during the forecast period. The increasing adoption of internet services across the region is the major factor driving the growth of the market. The growing adoption of the IoT and cloud computing technology across the region is also acting as a major factor driving the market growth. Moreover, the rapidly growing digital data across the region is also fostering the market growth.
The major vendors in the master data management market EnterWorks, Informatica, IBM Corporation, Oracle Corporation, Reltio, Profisee Group, Riversand, SAS Institute, SAP SE, Semarchy, SyncForce, Stibo Systems, Talend, TIBCO Software and Teradata.
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