What Has Been The Historical And Current Growth Of The Master Data Management Market?
The master data management market has seen considerable growth due to a variety of factors.
• In recent times, the size of the master data management market has seen a surge. It is projected to expand from $17.64 billion in 2024 to $20.5 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.3%. The record growth during the historic period can be linked to factors such as data proliferation, the difficulties associated with legacy system integration, concerns about data quality, deals involving mergers and acquisitions, the emphasis on customer focus, and initiatives involving digital transformation.
What Are The Predictions for The Master Data Management Market Size?
The Master Data Management market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the master data management market is predicted to undergo swift expansion in the coming years, ascending to $37.84 billion by 2029 with a compound annual growth rate (CAGR) of 16.6%.
The swelling in the projection period is linked to efforts towards data democratization, MDM solutions specific to various sectors, hybrid and multiple-cloud environments, data governance and security, and instantaneous data management. Within the projected period, substantial trends will consist of product innovation, self-service data access, initiatives to improve data quality, hybrid data environments and MDM that focuses on the customer.
Which Drivers Are Accelerating Growth In The Master Data Management Market?
Growing acceptance of artificial intelligence is anticipated to spur the expansion of the master data management market. The escalations in artificial intelligence adoption are attributed to streamlined processes, augmented productivity, data availability, flexibility, integration, and fostering innovative business procedures. AI-driven algorithms are capable of smartly recognizing duplicate records and matching analogous data entries across diverse systems, ensuring a soul, unblemished source of truth for master data. For example, the International Business Machines Corporation (IBM), a US-based company, stated in May 2022 that 35% of businesses worldwide used artificial intelligence (AI) in 2022, marking a rise of 4% from 2021. Moreover, the count of organizations utilizing artificial intelligence (AI) swelled by 13% in 2022 in contrast to 2021. Consequently, this burgeoning adoption of artificial intelligence fuels the master data management market.
What Are The Core Segments Of The Global Master Data Management Market?
The master data management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Small And Medium Enterprises(SMEs), Large Enterprises
4) By Application: Supplier Data, Product Data, Customer Data, Other Applications
5) By Verticals: Banking, Financial Services And Insurance(BFSI), Government, Retail, IT And Telecom, Manufacturing, Energy And Utilities, Healthcare, Other Verticals
Subsegments:
1) By Solution: Data Integration Tools, Data Quality Management, Master Data Hub, Data Governance
2) By Services: Consulting Services, Implementation Services, Support And Maintenance, Training And Education
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Which Emerging Trends Are Reshaping The Master Data Management Market Size?
The growing trend of Agile and Cloud-based MDM owing to advancements in technology is playing a major role in the progression of the master data management market. In order to strengthen their standing in the market, major companies are concentrating on the development of fresh technological solutions. For example, Informatica, a company based in the US that operates in the master data management field, rolled out its state-of-the-art cloud-native intelligent multi-domain master data management solution in March 2022. This solution contributes to optimizing business operations across various sectors by offering analytics and operational processes all the way through the business value chain from manufacturer to consumer. It enables the management of connections between several business domains like customer, product, supplier, locations and assets, along with IoT devices or sensors geared toward customer service and pertinent communication. This, in turn, accelerates business results whilst controlling different business risks in signal master records.
Who Are the Key Players In The Master Data Management Market?
Major companies operating in the master data management market include:
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• TIBCO Software Inc.
• Informatica
• Talend Data Integration Services Pvt. Ltd.
• Cloudera Inc.
• Broadcom Inc.
• SyncForce
• Stibo Group
• Teradata Corporation
• Profisee
• Reltio Inc.
• Magnitude Software Inc
• Ataccama Corp.
• Winshuttle LLC
• Azure Data Catalog
• Clear Analytics
• Collibra
• Semarchy
• Pimcore
• Riversand (Syndigo) Technologies India Private Limited
• EnterWorks
• Agility Multichannel Limited
• SAP Master Data Governance
• Syniti
• Contentserv Technologies Private Limited
• Clearview AI
• Orchestra Networks
What Are The Regional Insights Into The Master Data Management Market?
North America was the largest region in the master data management (MDM) market analysis in 2024. The regions covered in the master data management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
