Master Data Management Market Analysis and Trends 2024
With companies in the global master data management market having realized that acquisitions and partnerships are valuable in cutting through the noise and fortifying their operations, M&A activity in this space is expected to heat up, finds Transparency Market Research (TMR) in a new study. Moreover, with the influence of social media on big data creeping in, master data management solution providers will have to ingeniously tackle this challenge before their competitors can. The larger companies clearly have an edge in this context thanks to their wide global presence. As a result, TMR’s report finds that in 2015, Informatica, IBM Corporation, and Oracle Corporation represented over 35% of the global master data management market.
How the global master data management market shapes up in the next few years will be decided by the extent of innovation displayed by companies in creating hybrid solutions – especially in the backdrop of a clear shift toward multi-domain MDM, says TMR. According to TMR, the global master data management market will rise to US$37.97 bn by 2024, up from US$4.35 bn in 2015. This translates to a 27.25% CAGR from 2016 to 2024.
Unstoppable Data Generation Throws up Both Opportunity and Challenge for Companies in MDM Market
"As organizations worldwide contend with massive volumes of data and find ways to make sense of it all, many will look at master data management software for an answer. The increasingly data-driven nature of operations across virtually every industry sector will thus drive many to invest in MDM solutions," notes a TMR analyst.
As such, with an increase in the overall IT spending globally, the master data management market is expected to rake in a healthy share of the pie. With the risk and liabilities associated with incorrect data processing having great economic implications, the future of the global MDM market looks bright.
However, companies, on their part, have to invest both time and talent in spotting challenges that are unique to each industry and formulate MDM solutions to cater to disparate needs. This capability will decide how efficiently companies are able to establish their superiority in the market.
Shift Toward Multi-domain MDM Solutions Will Create Ripples in the Global Market
Basis component, the report segments the master management market into software and services. While software is further sub-segmented into on-cloud and on-premise software deployment, the services segment is split into consulting, operations and maintenance services, and system integration. The demand for on-cloud deployment of MDM solutions is on pace to show promising growth during the report’s forecast period.
Likewise, the report segments the master data management market on the basis of solutions into: Product data, multi-domain, and customer data MDM. Of these, the multi-domain MDM segment had a valuation of nearly US$3.5 bn in 2015, making it the largest segment in terms of revenue. Organizations are increasingly investing in MDM software can manage multiple master data domains. This sentiment will drive investments in MDM products and have a far reaching impact on the overall performance of the MDM market as a whole.
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By component, the software segment stood at US$2.1 bn in 2015. However, the fastest CAGR will be reported by the services segment at 27.76% between 2015 and 2024.
By application across industries, the key segments of the master data management market are government, IT and telecommunications, BFSI, energy and utility, health care, manufacturing, retail, transportation and logistics, and others. Of these, the BFSI segment spent nearly US$890.9 mn on master data management in 2015. However, IT and telecommunications is projected to be fastest-growing segment through the report’s forecast period with a 27.56% CAGR.