Increasing Size of Enterprises Leads to Accumulation of Data, Driving Demand for Master Data Management: Fact.MR Report
Increasing Size of Enterprises Leads to Accumulation of Data, Driving Demand for Master Data Management: Fact.MR Report
The global master data management market is estimated to be valued at US$ 8,121.6 million in 2024. The market is projected to grow at a compound annual growth rate (CAGR) of 15.7% through 2034. The master data management market is forecasted to reach US$ 78,632.1 million by 2034.
The number of companies and the data-handling requirements are increasing by the day. This creates lucrative opportunities for market players of data management solutions. Multiple variations of master data in the same organization also lead to demand for master data management.
The need to manage master data gets even more pronounced when there is involvement of more than one organization. A significant amount of master data is accumulated with the mergers and acquisitions of companies, which generates the need for master data management solutions to streamline of data processes. Firms are increasingly opting for master data management services to deal with redundant data, which is expected to drive the market’s growth over the forecast period.
Click to Request a Sample of this Report for Additional Market Insights:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9546
Key Takeaways from the Market Study:
“Companies are increasingly opting for cloud systems for data management solutions. Master data management is one such solution that is becoming popular due to its cloud-based capabilities, creating market opportunities,” says a Fact.MR analyst.
Partnerships Between Rival Market Players Not an Uncommon Sight in the Market
The market for master data management is highly competitive, with only a few giants having a stronghold. Market players are indulging in collaborative strategies, even with competitors, especially when it comes to tapping the lucrative Asian market. Some of the prominent companies in the market are SAP SE, SAS Institute Inc., IBM Corporation, and Tibco Software Inc.
Recent Developments
Rise of Data-Driven Decision-Making in Modern Businesses
In today’s business landscape, data has become a crucial asset, driving research and strategic decision-making across industries. Companies are increasingly leveraging data insights to refine operations, optimize customer experiences, and gain a competitive edge. To efficiently manage and process vast volumes of complex data, businesses are turning to master data management (MDM) solutions, which streamline data organization and enhance analytical accuracy.
Growing Demand for Cloud-Based Solutions Fuels Master Data Management Growth
As businesses expand, data storage and management have become pressing concerns. The rise of cloud-based solutions has revolutionized data storage, offering scalable and secure infrastructure to organizations worldwide. Master Data Management, as a cloud-driven solution, is gaining widespread adoption by enterprises seeking efficient data governance, seamless accessibility, and enhanced operational efficiency. The increasing reliance on cloud technology continues to propel the growth of the MDM market, reinforcing its role in modern digital ecosystems.
Challenges of High Costs in Master Data Management Adoption
Master Data Management (MDM) plays a crucial role in consolidating and maintaining a single, consistent version of data across an organization. However, not all stakeholders, including shareholders and department heads, perceive the necessity of maintaining a unified data set. Many prefer to operate with their own versions of master data, leading to resistance against implementing MDM solutions. In organizations where multiple, fragmented data sets are the norm, the adoption of MDM remains limited.
Another significant barrier to MDM adoption is cost. While large enterprises can accommodate the expense, smaller organizations often hesitate to invest in MDM solutions due to budget constraints. The implementation of these systems also requires dedicated personnel, adding to operational costs.
Despite these challenges, the increasing volume of data, even within small and medium-sized businesses, makes manual management inefficient and unsustainable. As a result, more businesses in this segment are recognizing the long-term benefits of MDM, gradually overcoming cost concerns to adopt data management solutions for improved efficiency and decision-making.
Get a Custom Analysis for Targeted Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=9546
Key Market Players:
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cryogenic equipment market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product (tanks, valves, pumps & vaporizers, vacuum jacketed piping, others), cryogen (nitrogen, oxygen, argon, liquefied natural gas (LNG), others), application (distribution, storage), and end-use industry (oil & gas, metallurgy, automotive, food & beverages, chemicals, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Studies Published by Fact.MR Research:
The smart TV sticks market is expected to reach USD 51.9 billion by 2035, up from USD 18.3 billion in 2024. The market is projected to expand at a CAGR of 10% during the forecast period.
The global 3D radar market is poised for significant growth over the assessment period (2025 to 2035). It is expected to reach USD 81.6 billion by 2035, up from USD 20.8 billion in 2024. The market is projected to expand at a CAGR of 11.1% during the forecast period (2025 to 2035).
The global in-circuit test marketis poised for significant growth over the assessment period (2025 to 2035). The market is anticipated to reach USD 2,117 million by 2035, up from USD 1,214 million in 2024. The market is projected to expand at a CAGR of 5.2% during the forecast period of 2025 to 2035.
The global Email Tracking Software Market is poised for significant growth over the assessment period (2025 to 2035); the market is expected to reach USD 33,159 million by 2035, up from USD 12,672 million in 2024, and is projected to expand at a CAGR of 9.1% during the forecast period of (2025 to 2035).
The global battery shield market was valued at USD 2,200 million in 2024 and will expand at a noteworthy CAGR of 6% to end up at USD 4,176.3 million by 2035.
The global metal film resistors marketwas valued at USD 1,080 Million in 2024 and will expand at a noteworthy CAGR of 6.4% to end up at USD 2,136.9 Million by 2035.
The global switchable SPD films market was valued at USD 510.1 million in 2024 and has been forecasted to expand at a noteworthy CAGR of 16.1% to end up at USD 2,692.5 million by 2035.
The global anti-drone market is valued at USD 2,311 million in 2024 and is forecasted to expand at a noteworthy CAGR of 15.3% to end up at USD 11,066 million by 2035.
Master data management (MDM) is a comprehensive method used by organizations to manage and maintain a single, consistent view of critical business data across the enterprise.
Cloud-based data management refers to the use of cloud computing resources and services to store, manage, and analyze data, providing scalability and flexibility for businesses.
Data-driven decision-making processes involve using data analysis and insights to guide business decisions, improving accuracy and effectiveness in strategic planning.
The compound annual growth rate (CAGR) is a measure used to calculate the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
Mergers and acquisitions (M&A) are transactions in which the ownership of companies or their operating units are transferred or combined, often to achieve growth or synergies.
Explore more articles in the Research Reports category
