DUBLIN--(BUSINESS WIRE)--The "Master Data Management Market by Component (Solutions & Services), Data Type, Deployment Type (Cloud & On-Premises), Organization Size (SMEs & Large Enterprises), Vertical (BFSI, Retail, Manufacturing, and Healthcare), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global MDM market is projected to grow from USD 11.3 billion in 2020 to USD 27.9 billion by 2025, at a CAGR of 19.8% during the forecast period. The objective of this report is to define, describe, and forecast the MDM market size based on component, organization size, deployment type, vertical and region
Increase in the use of data quality tools for data management and rising need for compliance are set to drive the MDM market
The significant volumes of data gathered across an organization are channelized through MDM solutions and services to store data at a single location and provide data security. The rising need for compliance is also expected to drive the market growth. However, diversified data regulations and legislation across different verticals and regions are one of the factors hindering the market growth.
In a short time, the COVID-19 outbreak has affected markets and customers' behavior and is making a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to help them sail through these difficult times. The COVID-19 pandemic is impacting businesses across the globe. Analytics companies are trying to fight this pandemic by keeping their assets online and ensuring the privacy and security of data across networks.
Analytics professionals, business intelligence professionals, and professionals providing expertise in advanced analytics, such as AI and ML, have been called for their expertise to help executives make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak. MDM companies are also facing challenges related to the inflexibility of data infrastructure. For instance, network infrastructure in Europe is witnessing higher connection drop rates and lower audio quality. The European Union (EU) has asked MDM service providers to limit picture quality to alleviate potential outages.
Services: The fastest-growing segment of the MDM market, by component
The MDM market, based on components, covers solutions and services. Services play an integral part in the MDM market. They are one of the core components for the effective functioning of any software. The services segment is further categorized into consulting services, integration services, and training & support services. The increasing demand for cloud-based services and the rising adoption of data management solutions are the key factors projected to drive the services segment. The efficient delivery of services improves system reliability, operational efficiency, and saves costs. These services also enhance the customer experience.
BFSI: The largest growing vertical segment of the MDM market
The BFSI vertical comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other small financial entities. The BFSI sector generates a massive amount of financial data from transactions which comprise sensitive and detailed financial & transactional data and information about customers.
To prevent this data from being duplicated or lost and to assist inefficient management, financial institutions, such as banks, companies, and insurance agents adopt MDM solutions. These solutions help banks improve customer service and manage business risks to enhance Know Your Customer (KYC) capabilities. The BFSI sector uses MDM solutions to sustain data governance, centralize data models, operationalize marketing insights, enhance customer-centric applications, and improve preference and privacy management and thus help better customer relationships.
North America: The largest growing region in the MDM market
North America is expected to account for the largest market size during the forecast period. The presence of key market players is a major factor driving the adoption of MDM solutions in North America. Organizations in the region have been early adopters of MDM solutions and services.
The North America region has sustainable and well-established economies, which empower them to invest significantly in R&D activities, thereby contributing to the development of new technologies in MDM. Along with large enterprises, the adoption of MDM solutions by SMEs in North America is rising since the last few years. The presence of a majority of the key players of the market is expected to be the major factor driving the growth of the market in North America.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Master Data Management Market
4.2 Master Data Management Market: Components and Top 3 Verticals
4.3 Master Data Management Market, by Country
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in the Use of Data Quality Tools for Data Management
5.2.1.2 Rising Need for Compliance
5.2.2 Restraints
5.2.2.1 Data Security Concerns
5.2.3 Opportunities
5.2.3.1 Incorporation of New Technologies With Master Data Management
5.2.3.2 Trend Towards Multi-Domain Master Data Management
5.2.4 Challenges
5.2.4.1 Diversified Data Regulations and Legislation Across Different Verticals and Regions
5.2.4.2 Network Slowdown Due to COVID-19 Pandemic to Impact the Master Data Management Market Significantly
5.2.5 Cumulative Growth Analysis
5.3 Adjacent Markets
5.4 Industry Trends
5.4.1 Introduction
5.4.2 Evolution
5.5 Use Cases
5.5.1 London Borough of Camden: Infosphere Master Data Management Enables Increase in Operational Efficiency, Fraud Detection, and Improved Service Levels
5.5.2 Sungard Financial Systems: Tibco MDM Platform Provides Reliable Customer Information Due to Better Reporting and Decision Making
5.5.3 Parts Source: Less Time Needed to Launch New Products, From 2 Hours to 2 Minutes With Informatica MDM
5.5.4 Shoppers Stop: Benefitted from Omnichannel Potential With Rivers and MDM
5.5.5 Carhartt: Talend Master Data Management and Data Quality Solution Delivers a Real-Time Integrated System and Consolidated Consumer Data
5.6 Regulatory Implications
5.6.1 General Data Protection Regulation
5.6.2 ISO 9001 Standard
5.6.3 Content Management Interoperability Services
5.6.4 Department of Defense Standard
5.6.5 ISO 15489: 2001 Standard
5.6.6 Health Insurance Portability and Accountability Act of 1996
6 Master Data Management Market: COVID-19 Impact
7 Master Data Management Market, by Data Type
7.1 Introduction
7.2 Customer Data
7.3 Product Data
7.4 Supplier Data
7.5 Location Data
7.6 Asset Data
8 Master Data Management Market, by Component
8.1 Introduction
8.2 Solutions
8.3 Services
9 Master Data Management Market, by Deployment Type
9.1 Introduction
9.2 Cloud
9.3 On-Premises
10 Master Data Management Market, by Organization Size
10.1 Introduction
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises
11 Master Data Management Market, by Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.3 Government
11.4 Retail
11.5 IT and Telecom
11.6 Manufacturing
11.7 Energy and Utilities
11.8 Healthcare
11.9 Others
12 Master Data Management Market, by Region
12.1 Introduction
12.2 North America
12.3 Europe
12.4 Asia-Pacific
12.5 Middle East and Africa
12.6 Latin America
13 Competitive Landscape
13.1 Competitive Leadership Mapping
13.1.1 Visionary Leaders
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.2 Product Portfolio Analysis
13.3 Business Strategy Excellence
13.4 Market Ranking for the Master Data Management Market, 2018
14 Company Profiles
14.1 Introduction
14.2 IBM
14.3 SAP
14.4 Oracle
14.5 SAS Institute
14.6 Teradata
14.7 Informatica
14.8 Talend
14.9 Tibco Software
14.10 Riversand
14.11 Syncforce
14.12 Stibo Systems
14.13 Symantec
14.14 Ataccama
14.15 Profisee Group
14.16 Reltio
14.17 Semarchy
14.18 Enterworks
14.19 Cloudera
14.20 Mindtree
14.21 Magnitude Software
14.22 Contentserv
14.23 Veeva
14.24 Qlik
14.25 Mapr
14.26 Goldensource
14.27 AWS
14.28 Mulesoft
14.29 Micro Focus
14.30 Zaloni
14.31 Actian
For more information about this report visit https://www.researchandmarkets.com/r/qv3pxj
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