Organizations currently have to deal with large volumes of information and as such they have to handle a large amount of data. In this data-driven environment, appropriate master data management is vital. Effective master data management in organizations ensures the availability of consistent and accurate source data for transactions and other business processes. Organizations have increased their spending on IT and IT infrastructure in order to prevent the costs incurred on processing raw master data. If incorrect data is processed and used in organizations, the time consumed on rework and data correction will be high, since wrong data is detected in the system. With the advent of Internet of Things (IoT) technology and the penetration of social media, the need to process data effectively has become vital across industries.
The health care, pharmaceutical, and food industries are regulated by health and safety standards, making it necessary for these industries to use correct master data. Apart from these industries, the application of master data management in the BFSI, government, manufacturing, retail, IT and telecommunications, and transportation and logistics sectors is critical. Technological advancements in the IT sector have led to the development of innovative master data management solutions for the data management industry. The global master data management market was valued at US$ 2,352.98 Mn in 2015 and is projected to expand at a CAGR of 27.25% during the forecast period (2016 – 2024) to reach US$ 20,544.87 Mn by 2024.
On the basis of solutions, the master data management market is categorized into the product data solution, customer data solution, and multi-domain MDM solution segments. The market for multidomain MDM solutions is expected to grow significantly during the forecast period, as master data management platforms with multiple-domain capabilities are capable of managing multiple types of data in one data warehouse. Leading players such as Informatica, IBM Global Business Services, and Oracle Corporation have introduced state of the art multi-domain master data management solutions to the industry. On the basis of deployment, the master data management market is categorized into on-premise and on-cloud deployed MDM solutions. The amalgamation of master data management and big data is vital in driving the demand for cloud-based master data management solutions. However, shift from on-premise deployment of master data management solutions to on-cloud master data management solutions is expected to be subtle since the cost of completely transforming a set-up of on-premise deployed master data management solutions to on-cloud deployed master data management solutions is high. Moreover, the security issues associated with sharing all the customer and product related data on cloud is also one key reason for this gradual shift towards on-cloud deployment of master data management in organizations.
The report segments the market for master data management on the basis of its application into industries such as government, BFSI, IT and telecommunications, healthcare, energy and utility, transportation and logistics, manufacturing, retail, and others. All these industries revolve around a massive amount of data related to product and customer. Ineffective management of master data related to customer and products can lead to financial loss to organizations. BFSI, manufacturing, and the health care industries collectively accounted for more than 45% share in the global master data management market in 2015.
North America and Europe accounted for the largest and second-largest share, respectively, of the global master data management market in 2015. Majority of the leading players operate from these two regions with their customer base spread across globally. The key players profiled in the report include Informatica, IBM Global Business Services, Oracle Corporation, SAP SE, Stibo Systems, Riversand Technologies, Inc., Tibco Software Inc, Orchestra Networks, Agility Multichannel, and EnterWorks Acquisition, Inc.
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