Increase in the use of data quality tools for data management is driving the overall growth of the master data management market
The master data management market is projected to grow from 9.5 billion in 2018 to USD 22.0 billion by 2023, at a CAGR of 18.3% from 2018 to 2023. The market growth is driven by various factors, such as the increasing use of data quality tools for data management and the rising need for compliance. However, data security concerns can hinder the growth of the market.
By component, the solutions segment is estimated to hold a larger market size than the services segment in 2018.
Increased demand for data integration & migration and data governance solutions from enterprises is driving the solutions segment. Master data management solutions are increasingly adopted by organizations to effectively and efficiently manage the growing volume of data to enhance productivity and maintain business continuity. The proliferation of data forced IT companies, such as IBM, SAP, Oracle, and Informatica, to develop and design master data management solutions as well as help the IT team simplify and manage master data. Vendors in the market are offering master data management solutions, thereby facilitating automated management of master data without human intervention.
By deployment type, the cloud segment is expected to register a higher growth rate than the on-premises segment during the forecast period.
Cloud-based software offers a centralized way to secure sensitive data across organizations. Moreover, cloud-deployed software reduces the cost associated with upgrading and updating software, in comparison to the costs associated with on-premises deployed software, as the extra cost is incurred by the service providers in the cloud-deployed format. This is also one of the factors fueling the growth of the cloud segment.
The Asia Pacific market is expected to register the highest growth rate during the forecast period.
The Asia Pacific is estimated to be the fastest-growing market for master data management. This growth is attributed to the presence of rapidly growing economies, such as China, Japan, Australia, and India. There has been a significant increase in the adoption of master data management solutions in these countries to cater to the needs of data quality and governance in large enterprises and SMEs of the region. Rapid economic development, globalization, and the increased adoption of data regulatory practices are expected to drive the growth of the master data management market in the Asia Pacific region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Master Data Management Market 4.2 Market Size By Component, 2018 4.3 Market Size By Organization Size, 2018-2023 4.4 Market Size By Vertical, 2018-2023 4.5 Market Investment Scenario
5 Market Overview and Industry Trends 5.1 Market Dynamics 5.1.1 Drivers 22.214.171.124 Increase in the Use of Data Quality Tools for Data Management 126.96.36.199 Rising Need for Compliance 5.1.2 Restraints 188.8.131.52 Data Security Concerns 5.1.3 Opportunities 184.108.40.206 Incorporation of New Technologies With Master Data Management 220.127.116.11 Trend Towards Multi-Domain Master Data Management 5.1.4 Challenges 18.104.22.168 Diversified Data Regulations and Legislation Across Different Verticals and Regions 5.2 Industry Trends 5.2.1 Introduction 5.2.2 Evolution 5.2.3 Case Studies/Use Cases 22.214.171.124 Case Study 1: London Borough of Camden: Infosphere Master Data Management Enables Increase in Operational Efficiency, Fraud Detection, and Improved Service Levels 126.96.36.199 Case Study 2: Sungard Financial Systems: Tibco MDM Platform Provides Reliable Customer Information Due to Better Reporting and Decision Making 188.8.131.52 Case Study 3: Partssource: Less Time Needed to Launch New Products, From 2 Hours to 2 Minutes With Informatica MDM 184.108.40.206 Case Study 4: Shoppers Stop: Benefited From Omnichannel Potential With Riversand MDM 220.127.116.11 Case Study 5: Carhartt: Talend Master Data Management and Data Quality Solution Delivers A Real-Time Integrated System and Consolidated Consumer Data
6 Master Data Management Market, By Component 6.1 Introduction 6.2 Solutions 6.2.1 Increased Demand for Data Integration & Migration and Data Governance Solutions From Enterprises is Driving the Solutions Segment 6.3 Services 6.3.1 Increasing Need to Enhance Customer Experience is Driving the Services Segment 6.3.2 Consulting Services 6.3.3 Integration Services 6.3.4 Training & Support Services
7 Master Data Management Market, By Data Type 7.1 Introduction 7.2 Customer Data 7.3 Product Data 7.4 Supplier Data 7.5 Location Data 7.6 Asset Data
8 Master Data Management Market, By Deployment Type 8.1 Introduction 8.2 Cloud 8.2.1 Need to Cut Down Total Cost of Ownership is Driving the Cloud Segment 8.3 On-Premises 8.3.1 Total Control Over Security and Privacy of Enterprise Master Data is Driving the On-Premises Segment
9 Master Data Management Market, By Organization Size 9.1 Introduction 9.2 SMEs 9.2.1 Need for Cost-Effective Management Solutions to Reduce Operational Costs is Expected to Drive the SMEs Segment 9.3 Large Enterprises 9.3.1 Rapidly Growing Structured and Unstructured Data is Driving the Adoption of Master Data Management Solutions in Large Enterprises
10 Master Data Management Market, By Vertical 10.1 Introduction 10.2 BFSI 10.2.1 Improves Customer Service to Enhance Know Your Customer (KYC) Capabilities 10.3 Government 10.3.1 Need to Manage Fragmented Critical Data From Heterogeneous Systems Propels Demand for Master Data Management Solutions 10.4 Retail 10.4.1 Management of Diverse Products & Items Across Multiple Departments, Portfolios, and Price Ranges Drives Market Growth 10.5 IT and Telecom 10.5.1 Enables Consolidation of Information Into A Single Reference Frame and Centralization of Different Services Through Master Data Management Solutions 10.6 Manufacturing 10.6.1 Master Data Management Solutions Enable Manufacturers to Manage Products, Inventories, and Assets Across All Channels 10.7 Energy and Utilities 10.7.1 Energy Industry Business Spread Across Different Geographies and Applications Drives the Adoption of Master Data Management Solutions 10.8 Healthcare 10.8.1 Highly Regulated Healthcare Industry Obtains Consolidated Data Insights and Quality Through Master Data Management Solutions 10.9 Others
11 Master Data Management Market Analysis: By Region