Master Data Management Market Worth $26,799.6 Million by 2020
Apr 21, 2015, 02:00 ET
DALLAS, April 21, 2015 /PRNewswire/ --
According to a new market research report "Master Data Management Market by Application (Customer Data, Product Data, Supplier Data, Site, Others), by Service Type (Consulting, Implementation, Training & Support), by Deployment, by User Type, by Industry, by Region - Global Forecast to 2020", published by MarketsandMarkets, defines the global Master Data Management Market based on various applications, deployment modes, service types, user types, industries, and regions with an in-depth analysis and forecasting of market sizes. The report also identifies the factors driving this market, various restraints, and opportunities impacting it along with the adoption trends.
Browse 69 market data tables and 61 figures spread through 179 pages and in-depth TOC on "Master Data Management Market - Global Forecast to 2020"
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The propagation of data among the organizations supplemented with the incorporation of diverse technologies has extensively redefined the workflow patterns of the people. Further, the need to have this diversely placed voluminous data in a single repository so as to facilitate data consistency has led to the increase in adoption of master data management software and services. Master data management solutions have provided the users with a unified and precise view of their entire master data. Likewise, the consolidated master data sheet has leveraged the users with a single point of reference to centrally analyse, monitor, track, and manage their master data record. This has invariably helped them to conveniently make timely better business decisions.
Over the years, the master data management-based content accessibility techniques and solution portfolios have evolved and have been swiftly progressing. With the increasing accessibility to ubiquitously access one's organizational master data, the users which comprise Small Medium Businesses (SMBs) and large enterprises are adopting master data management solutions to harmonize, prioritize, synchronize, standardize their business processes, and augment collaboration. Further, the presence of an efficient master data management solution within the organization facilitates them to streamline their business processes. This is accomplished through competent master data management applications which provide channelization of their product portrayal data, fortify their customer interactions, accurately manage vendor accounts, customized view of their site data, and accountancy for their asset data. Likewise, the master data management services which include consulting, implementation, and training and support are largely provided by the master data management service vendors to help users maintain their deployed master data management software applications. Currently, multi-domain master data applications enabled with cross-data domain features are widely being considered for facilitating transactional and non-transactional data flow across organizations. This has in turn also revolutionized the businesses and market outreach for the chief stakeholders in the master data management ecosystem which include master data management software providers, master data management platform providers, and cloud-based master data management services vendors as it has provided them with increase in revenue potentials. Further, besides providing users with an enhanced experience, master data management has also leveraged the stakeholders to retain their privileged customers, allure new clients, and enhance business value for its users.
Further, the widespread acceptance about the benefits of master data management software and services among the users, followed by the rising acknowledgements towards assistances of these services among the industrial verticals, has invariably led to the increase in considerations for master data management solutions. The master data management solutions can be tailored to suite the different needs of the users, and can be conveniently used to augment enterprise applications such as Customer Relationship Management (CRM), e-commerce applications, and Enterprise Resource Planning (ERP). Presently, master data management solutions are broadly being adopted by the users to tactfully enable data quality maintenance, and enhance regulatory compliances through categorized data governance models. Further, the escalating demand for finer master data software integrations with Big Data and Business Intelligence (BI) through cloud deployments is emerging to become the most crucial advancement in the years to come. Thus, master data management plays the most critical role in providing highly qualified, secure, convenient and easy master data viewership for the users.
The major vendors of the global Master Data Management Market are SAP AG, IBM Corporation, Riversand Technologies, Inc., Talend, and Tibco Software, Inc. The major forces driving this market are the indispensable requirement to have centrally managed data, rising need for compliance and verification, mounting demands for operational excellence and data quality, creation of new business avenues in organizations, and manifestation of unified customer view and client-centricity.
MarketsandMarkets broadly segments the Master Data Management Market by regions into: North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA); by application into: Customer Data, Product Data, Supplier Data, Site, and Others; by deployment mode into: Cloud, and On-Premises; by service type into: consulting, implementation, and training and support; by industries into: BFSI, government, retail, IT and telecom, manufacturing, energy and utilities, healthcare, transportation and logistics, media and entertainment, and others.
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MarketsandMarkets forecasts the global Master Data Management Market comprising software and services to grow from $9,440.4 Million in 2015 to $26,799.6 Million by 2020, at a CAGR of 23.2%. In terms of regions, NA is expected to be the biggest market in terms of market size, whereas APAC and Europe are expected to experience increased market traction, during the forecast period.
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