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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.
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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.
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.
In-depth interviews were conducted with chief executive officers, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the master data management marketplace.
- By Company Type: Tier 1 – 15%, Tier 2 – 42%, and Tier 3 – 43%
- By Designation: C-level – 62%, D-level – 18%, and Others – 20%
- By Region: North America – 40%, Europe – 20%, Asia Pacific – 30%, Middle East & Africa – 5%, Latin America – 5%
Major vendors offering master data management solutions include IBM (US), SAP (Germany), Oracle (US), SAS Institute (US), Teradata (US), Informatica (US), Talend (US), TIBCO Software (US), Riversand (US), SyncForce (Netherlands), Profisee Group (US), Reltio (US), Semarchy (US), Stibo Systems (Denmark), and EnterWorks (US). The study includes an in-depth competitive analysis of these key market players along with their profiles, recent developments, and key market strategies.
- The market study covers the master data management market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, data type, deployment type, organization size, vertical, and region.
- The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall master data management market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.