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.

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Key Takeaways from the Market Study:

• The global master data management market is projected to expand at a compound annual growth rate (CAGR) of 15.7% through 2034. The East Asia master data management market is expected to grow at a CAGR of 16.3% from 2024 to 2034.
• The master data management industry is expected to register a CAGR of 16.9% in Japan over the forecast period. The master data management industry in the United States is expected to rise at a CAGR of 16.5% through 2034.
• Based on deployment, the on-premise segment leads the market, with an expected share of 76.3% in 2024.

“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

1. In November 2023, IBI released Data Intelligence, a collaborative data platform with master data management among the offerings.
2. In June 2023, Reltio released the AI and Machine Learning (ML) data management platform Reltio Connected Data Platform 2023.2.

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.

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Key Market Players:

1. SAP SE
2. SAS Institute Inc
3. IBM Corporation
4. Tibco Software Inc.
5. Informatica Corporation
6. Oracle Corporation
7. Teradata Corporation
8. Orchestra Networks
9. Riversand Technologies Inc.
10. Talend

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