As the amount of data generated by organizations multiples rapidly, organizations can no longer afford to delay investments in master data management solutions. This will help the opportunity in the global master data management market to spiral to US$37.97 bn by 2024, rising at a 27.25% CAGR from 2016 to 2024. The market had a valuation of US$4.35 bn in 2015. Consolidation among companies is helping this market blaze ahead, says TMR.
In economies that are racing toward industrialization and urbanization, the amount of data continues to rise exponentially, making investments in product and customer data management an imperative. TMR expects this factor to act as a high-impact driver for the global master data management market. This puts the Asia Pacific region at the forefront of growth in the global MDM market. However, in terms of revenue generation, traditional economies in North America and Europe will still remain vital.
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Though big data management and cloud adoption are becoming critical to enterprises across the world, this trend is particularly strong in North America. Companies in the master data management market thus been quick in introducing solutions master data management solutions that will help clients enhance the value of big data and integrate MDM solutions seamlessly with their overall cloud policy. A similar trend is prevalent in Europe. Consequently, North America and Europe dominated the global master data management market in 2015, TMR finds.
The Asia Pacific master data management market is on the cusp of unprecedented growth, the report further finds. This will occur as a result of an increase in the spends on IT infrastructure by enterprises operating in the region. Moreover, with IoT sure to be a transformational force for the overall IT industry here, the MDM market will be no exception. The APAC MDM market will exhibit a 29.4% CAGR from 2016 to 2024. TMR expects the Middle East and Latin America to display moderate growth through the report’s forecast period.
Master Data Management Investments in BFSI Sector to Remain Strong
TMR’s analysis shows that in 2015, the banking, financial services, and insurance (BFSI) segment of the MDM market had a valuation of US$890.94 mn. TMR’s projections show that this segment will exhibit a very strong CAGR of 27.3% between 2016 and 2024. In that year, the healthcare and BFSI sectors collectively made up the largest share in the worldwide MDM market as both of these sectors are governed by stringent regulatory compliance mandates, which have now extended to data management.
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Companies in the master data management market cannot afford to ignore the new opportunities that are arising in the healthcare sector in developing economies. Databases containing massive volumes of data about patients, laboratories, clinical trials, and medicine suppliers call for the urgent implementation of MDM solutions. Cloud-based MDM solutions that can be integrated with existing electronic health record (EHR) systems and health information systems (HIS) are the way ahead in this space.
The competitive landscape of the market is expected to wear a more consolidated look in the coming years with companies such as IBM Global Business Services, Informatica, and Oracle Corporation focus on mergers and partnerships to take the emerging trend of multi-domain MDM head-on.