Master Data Management Market size to grow from USD 16.7 billion in 2022 to USD 34.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period. Various factors such as incorporation of new technologies with master data management, and increasing adoption of data quality tools for data management are expected to drive the adoption of MDM solutions and services.
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MDM solutions comprise a set of comprehensive tools that help end users channel and securely maintain their critical master data. These solutions provide users with enhanced features, such as data validation, data collection, data update on a real-time basis, synchronization, data harmonization, cleansing, de-duplication, and data matching. Master data mainly comprises the prominent data types of an organization, such as customer data, product data, supplier data, location data, and asset data. MDM solutions and services provide in-depth insights into the product life cycle, vendor listing, multi-domain customer requirements, and inventory data. These insights provide users with information that helps them improve their customer experiences, accelerate their analytical and transactional operations, and make faster business decisions.
Healthcare vertical to witness highest CAGR during the forecast period
The segmentation of the MDM market by the industrial vertical includes BFSI, government, healthcare, retail, IT and telecom, manufacturing, energy & utilities, and others. The healthcare industry is developing rapidly due to many major technological advancements resulting in enhancing the efficiency of the overall industry. It is a comprehensive sector dealing with diverse clinical, administrative, and financial data. The industry is strongly regulated and requires channelized medical insights, improved data quality, and accurate clinical information which cannot be consolidated without the deployment of advanced data management solutions.
Small and Medium-sized Enterprises segment to register higher CAGR during the forecast period
Based on organization size, the MDM market is segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. SMEs are rapidly adopting cloud-based MDM solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. SMEs are exploring ways to manage their data using business intelligence and online transaction processing. MDM solutions are adopted by SMEs as a large volume of data is generated by these enterprises.
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APAC to have a higher CAGR during the forecast period
The master data management market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups are adopting cloud-based MDM solutions, as these solutions help improve their operational efficiency, streamline their operations, and enhance the existing customer experience. China, Japan, and India are displaying ample growth opportunities in the master data management market.
Some major players in the master data management market include IBM (US), Oracle (US), SAP (Germany), SAS (US), TIBCO Software (US), Informatica (US), Talend (US), Cloudera (US), Riversand (US), SyncForce (US), and Stibo Systems (Denmark).
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