Enterprise Data Management (EDM) Market Size to Grow by USD 96.98 Billion at a CAGR of 15.07% from 2022 to 2027, The rising demand for data integration and visual analytics drives the market growth, Technavio

NEW YORK, March 1, 2024 /PRNewswire/ -- The enterprise data management (EDM) market is projected to increase at a CAGR of 15.07% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 96.98 billion. The rising demand for data integration and visual analytics, growing demand for digitalization, and data explosion across industries are projected as the key factors leading to the enterprise data management (EDM) market share growth. Request for the sample PDF report.

Market Segments and Key Regions Analysis

As per Technavio's analysis, there are several market segments classified including BFSI, healthcare, manufacturing, retail, and others in the enterprise data management (EDM) market. Among all these segments, the BFSI segment is projected to record the highest market share growth during the forecast period - 2022 to 2027. It was valued at USD 17.01 billion in 2017 and continued to grow significantly by 2021.Considering the geographical regions for market share growth, North America is projected at top of the list. 40% of the total market share growth will be originated from North America by 2027.Technavio further suggests, US and Canada are two major countries in the region have several industries adopting advanced technologies prevalently. Therefore, the data volume generated is high, which further leads to the usage of EDM software solutions. The US is known as the leading market for EDM solutions in North America. Moreover, the North American region has the headquarters of several major companies. These companies are undergoing major developments, such as M&A and the launch of new products, to make their presence stronger in the market during the COVID-19 crisis. Such developments will encourage the market growth in the region during the forecast period. Get the exclusive sample PDF report.

Key Market Driver, Trend, and Challenge

• The growing demand for digitalization is considerably driving the market growth.
• Technavio also suggests various technology-related advancements will emerge as a primary market trend for growth in the EDM market from 2022 to 2027.
• As an emerging market challenge, several challenges encountered in integrating unscalable applications may impede market growth as per Technavio's report. Avail Technavio's subscription 

There are a few key vendors operating in the market, mentioned in the report such as:

• Accenture Plc
• Intel Corp.
• Amazon.com Inc.
• Innovative Systems Inc.
• Cloudera Inc.
• HP Inc.
• Hyland Software Inc.
• Broadcom Inc.
• Informatica Inc.

Analyst Review

In today's digital landscape, data serves as the lifeblood of enterprises worldwide. Efficient organization and strategic utilization of this data are paramount for sustained success. However, achieving this requires alignment across various facets of the organization, including people, standards, and data lineage. With the advent of technologies like Tableau Catalog and solutions provided by companies like Informatica, managing data has become more streamlined than ever.

At the core of effective data management lie diligent database administrators and IT administrators, who ensure that data flows seamlessly through the organization while upholding security and compliance standards. Collaborating closely with them are IT project managers, who oversee the implementation of data management solutions, ensuring they meet the organization's requirements and comply with legal regulations.

The data life cycle encompasses various stages from creation to disposal, each requiring meticulous attention to prevent breaches and mitigate legal complications, especially concerning personally identifiable information. Adhering to standards and implementing robust security measures not only safeguards sensitive data but also fosters trust among stakeholders.

The benefits of effective EDM are manifold. It empowers business users with timely and accurate insights derived from data analysis, enabling informed decision-making. Central to this is master data management, which ensures consistency and accuracy across the organization's master file. This becomes particularly crucial for departments like the sales department, where access to reliable leads and opportunities can drive revenue growth.

In the realm of procurement, maintaining strong relationships with vendors and optimizing the supply chain rely on accurate location and reference data. These elements, when managed efficiently, enhance operational efficiency and minimize errors.

Amidst this complexity, a comprehensive data management solution becomes indispensable. Whether it's for analyzing vast datasets or ensuring regulatory compliance, platforms like Informatica offer a suite of tools tailored to meet diverse organizational needs.

In conclusion, the EDM market continues to evolve, driven by the imperative to unlock the full potential of enterprise data while navigating regulatory landscapes. By embracing advanced solutions and fostering collaboration across departments, organizations can harness the power of data to drive innovation and sustainable growth. Get the exclusive sample PDF report.

Related Reports

• The enterprise data management market for BFSI sector in the US market is projected to increase at a CAGR of 12% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size that will grow by USD 4,277.78 million.
• The log management market is projected to increase at a CAGR of 12.63% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 2,138.85 million.

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio