Master Data Management (MDM) Solutions Market size is set to grow by USD 20.29 billion from 2024-2028, Increasing volume and complexity of data boost the market, Technavio

NEW YORK, May 27, 2024 /PRNewswire/ -- The global master data management (MDM) solutions market  size is estimated to grow by USD 20.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  16.72%  during the forecast period. 

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Market Driver

Master Data Management (MDM) solutions have gained significant attention in the analytics industry due to advances in Natural Language Processing (NLP), Machine Learning (ML), and Artificial Intelligence (AI). These technologies enable MDM systems to process large volumes of data quickly and accurately. AI's ability to explain data contextually and trigger activities based on findings is particularly beneficial for MDM. Cloud computing and mobility are also crucial factors driving the growth of MDM solutions.

Companies invest in MDM to ensure data compliance, reduce errors, and create precise analytic models. MDM solutions handle core product data, attributes, pricing, specifications, and omnichannel data, ensuring data quality and security. Key areas of application include banking, healthcare, manufacturing, energy & utilities, IT and telecom, and the BFSI vertical. MDM solutions enable global deployment, data consolidation, and inter-enterprise sharing, addressing data duplication and privacy issues. 

Market Challenges

• In the rapidly evolving digital landscape, data privacy and security have emerged as significant challenges for organizations. With the proliferation of IoT and cloud networks, critical data is increasingly transferred across interconnected devices and networks. The healthcare, IT, telecom, BFSI vertical, manufacturing, energy & utilities, and other industries face the risk of data duplication, consolidation, and breaches. MDM solutions have become essential to ensure data quality, entity information, and data consistency across various information sources.
• These solutions enable the management of core product data, including attributes, pricing, specifications, and omnichannel data. By implementing MDM, organizations can mitigate risks, enhance client experience, and optimize their AI and ML-enabled solutions.

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Segment Overview 

1. Deployment 
• 1.1 Cloud
• 1.2 On-premises
2. End-user 
• 2.1 BFSI
• 2.2 Healthcare
• 2.3 Retail
• 2.4 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Cloud-  The market for Master Data Management (MDM) solutions, specifically the cloud segment, is experiencing significant growth due to the increasing adoption of AI-enabled and ML-enabled solutions. Enterprise sectors, including banking and healthcare, prioritize client experience and data compliance, driving the demand for these advanced technologies. Cloud computing, mobility, and big data are key factors fueling this growth, enabling real-time data access and collaboration.

However, data security and privacy issues remain concerns, necessitating robust solutions. Neudesic, a leading IT industry player, emphasizes the importance of an AI strategy in MDM. Mordor Intelligence forecasts high year-over-year growth for cloud deployment in MDM, with federated architectures facilitating inter-enterprise sharing in a global deployment.

Data platform solutions are essential for profitability, addressing challenges such as data duplication, data consolidation, and data breaches through machine learning capabilities. The IT industry and hardware business are also adapting to cloud deployment in the BFSI vertical and IT and telecom sectors, enabling work from home and overcoming the limitations of traditional MDM systems.

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Research Analysis

In the dynamic business landscape of the 21st century, Master Data Management (MDM) Solutions have emerged as indispensable tools for ensuring data compliance and enhancing data quality in various industries, including financial services. These solutions facilitate the consolidation and duplication-free management of core product data, entity information, and attributes, such as pricing and specifications, in a cloud-based environment.

MDM Solutions enable organizations to leverage machine learning and artificial intelligence technologies for data analysis and improve data security. Furthermore, these solutions support omnichannel data access, ensuring data availability for mobility and work-from-home scenarios. By addressing data breaches and data quality challenges, MDM Solutions contribute significantly to the overall success of a hardware business or any organization relying on big data.

The Master Data Management (MDM) Solutions market refers to the industry that provides organizations with tools and technologies to manage and maintain accurate, consistent, and single sources of critical data. MDM solutions enable companies to improve data quality, increase operational efficiency, and enhance decision-making capabilities. These solutions are crucial in today's data-driven business environment, where organizations need to manage large volumes of complex data from various sources. MDM solutions offer features such as data cleansing, data normalization, data validation, and data integration.

They help organizations to ensure that their data is consistent across different systems and departments, enabling better collaboration and data-driven insights. MDM solutions are used in various industries, including finance, healthcare, retail, and manufacturing, among others. They provide organizations with a centralized repository for managing and maintaining their master data, ensuring data accuracy, completeness, and timeliness. MDM solutions are also essential for ensuring regulatory compliance and data security. Overall, MDM solutions play a vital role in helping organizations to leverage their data as a strategic asset, driving innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• Cloud
• On-premises
• End-user
• BFSI
• Healthcare
• Retail
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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