Master Data Management Market Share Report 2019 Key Company Profiles and Industry Size, Analysis, Growth Prospects

Market Highlights

Market Research Future (MRFR's) new report on the global master data management market highlights the key trend and dynamics impacting the growth of the market over the forecast period of 2018-2023. The master data management market was valued at USD4.08 Bn in 2017 and is likely to reach USD 12.43Bn at a CAGR of 20.4% by the end of 2023.

Organizations across the globe are adopting master data management solutions to increase operational efficiency, gain improved decision-making capabilities, diversify organizational departments, and facilitate other functions. Master data management refers to a set of systems, procedures and policies that help organizations define and manage business critical data. In the current era of digitalization, master data management has become indispensable to organizations as the need for building advanced data and analytics capabilities is exceptionally high. Businesses are increasingly realizing the value of master data management and are adopting the same at a torrid pace. The healthcare and the BFSI sectors are among the early adopters were the need to comply with regulations is unusually high. Master data management services are progressively being adopted by SMEs due to growing need to increase operational efficiency which is augmenting the market growth. Furthermore, the emergence of AI and blockchain is likely to assist the growth of the master data management market. These advanced technologies are likely to increase the efficiency of master data management systems and thus boost market growth.

Segmentation:

The global master data management market share has been segmented based on type, professional service, deployment, and industry.

By type, the master data management market has been segmented into customer data, supplier data, product data, and others.

By professional service, the master data management market has been segmented into implementation & deployment service, maintenance & support service, and consulting service.

By deployment, the master data management market has been segmented into on-premise and cloud.

By industry, the master data management market has been segmented into BFSI, IT & telecommunication, healthcare, retail, media & entertainment, transportation and logistics, manufacturing and others.

Regional Analysis:

Region-wise, the master data management market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

North America is the largest master data management market. The region adopts advanced technologies at a significant fast pace which has helped the master data management market thrive in the region. A number of leading industry players based in the region too gives it unprecedented leverage over others. The healthcare and manufacturing industries are generating substantial demand for master data management services which is boosting the growth of the market. The US, Mexico, and Canada are the key contributors to the master data management market.

The Europe master data management market is anticipated to record steady growth over the forecast period. The expanding BFSI and transportation industries are generating considerable demand within master data management market. Stringent regulations which govern the transportation and BFSI sector in the region is encouraging the adoption of master data management solutions. Moreover, growing focus on payment security in the region is contributing to the growth of the market.

The APAC master data management market is likely to expand at the fastest rate over the forecast period. The region is showcasing substantial progress in terms of technology advancement and economic activity. Growth of the ICT industry along with growth in end use industries is laying favorable groundwork for the growth of the market. Japan, South Korea, and China are the key contributors to the APAC market.

Competitive Dashboard:

Oracle Corporation (US), SAP SE (Germany), SAS Institute, Inc (US), Orchestra Networks (US), Informatica Corporation (US), Talend (US), Tibco Software, Inc (US), IBM Corporation (US), Teradata Corporation (US), and Riversand Technologies, Inc. (US) are the key players in the master data management market.

Industry Updates

July 2019 - Stibo Systems, a provider of information management and print technology software for business operations, announced InstrumentUi, a new customer experience boosting feature which empowers businesses to drive better business outcomes from their master data ranging from customer to product data and beyond. The latest release would allow users access to their aster data and provide visibility into every data point.

August 2019 - SAP SE, a software company that provides enterprise software to manage customer relations and business operations, released SAP Master Data Governance, a state-of-the-art master data management application for organizations in the retail and fashion management industries. The software is designed to support retailers’ impending need for a simplified and unified data management.