Technavio analysts forecast the global enterprise data management (EDM) market to grow at a CAGR close to 12% during the forecast period, according to their latest market research report.
Technological development is one of the major trends being witnessed in the global enterprise data management market 2019-2023. The modern workforce is mobile as traditional workplaces are being replaced with mobile workplaces. Hence, the need for data collaboration is high. Enterprise social networks (ESNs) that provide workflow capabilities across social media are growing in scale and scope. They are expected to be natively bundled with EDM software solutions. The advent of cloud and social media collaboration is also expected to increase the demand for comprehensive and multifunctional EDM software solutions. The expectations from EDM software solutions are also evolving due to the use of advanced technologies such as loT and ML. Hence, file share and synchronization functions are expected to be bundled with EDM software solutions, which would allow organizations to use such data to achieve their end-goals. Thus, with such technological advances, the market is expected to register a positive outlook over the next few years.
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According to Technavio analysts, one of the key factors contributing to the growth of the global enterprise data management market is the data explosion across industries:
Global enterprise data management market: Data explosion across industries
The volume of data generated by industries is increasing at a phenomenal pace. The global volume of data is approximately 2.50 zettabytes, and 2.10 exabytes of data are generated every day, 100 terabytes of data are uploaded on Facebook daily. Walmart handles more than one million transactions per hour and stores the data in its database. Most organizations capture and store financial and non-financial transactions. The digitization of organizations increases the complexity and diversity of data sets. The use of advanced and diverse machines and devices in business processes also makes the data diverse and complex. For instance, BFSI companies generate a large volume of data from digital transactions. The use of advanced technologies such as loT in industries is also increasing the volume of data. The use of EDM software solutions improves the processing and analysis of such data. Therefore, data explosion across industries will drive the growth of the global EDM market.
According to a senior analyst at Technavio, The volume of data generated is increasing owing to the rising adoption of ESN, ML, and loT by organizations. Using artificial intelligence and ML, smart systems can learn and accomplish tasks without the need to be programmed for every task. Advanced devices and sensors will eventually create native machine data for their own machine-to-machine communication and collaboration, which will boost the growth of the market.
Global enterprise data management market: Segmentation analysis
The global enterprise data management market research report provides market segmentation by end-user (BFSI, manufacturing, healthcare, retails, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 46% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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