Latin America Master Data Management Market 2024–2033

Reports Description

Our recently published report, “Latin America Master Data Management Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis. Research shows that the master data management market was estimated at around USD 15,200 million in 2021 and is expected to reach USD 17,200 million in 2022 growing at a CAGR of nearly 15.4% from 2022-2030. The market is projected to reach approximately USD 32,400 million by 2030.

Latin America Master Data Management Market: Overview

Latin America Master data management (MDM) is the knowledge and/or technology that provides a consistent view of a company’s information and makes it conveniently available to other business functions. Master data is the core component of MDM; master data is an organization’s essential business data, which includes the product, supplier, and customer information. Master, data management solutions improve the accuracy and control of a company’s data across business systems such as ERP, CRM, product lifecycle management (PLM), enterprise performance management (EPM), and others.

Businesses may now gather and manage master data and utilize it for data analytics and intelligent decision-making, thanks to the introduction of MDM. MDM boosts organizational and operational efficiency and decision-making abilities. MDM simplifies data usage for multiple corporate operations to improve operational and business performance and deliver better customer service. MDM cloud usage lowers the total cost of ownership while improving business data storage capacity. Organizations prefer cloud-based MDM because it is faster to install, provides more agility, and has greater flexibility than on-premises solutions at a lower cost. These factors all contribute to the popularity of cloud-based MDM systems.

Master Data Management Market: COVID – 19 Impact Analysis

The COVID-19 epidemic has had a tremendous impact on every business, notably the IT industry in Latin America, with the hardware industry bearing the brunt of the damage. As a result of the lockdown in Latin American countries, the sector faced a significant slowdown in the fabrication and distribution of hardware components. In addition, the software and service industries also witnessed a considerable slowdown for a limited period. The utilisation of cloud-based technology, collaborative apps, security solutions, big data, and artificial intelligence (AI), on the other hand, assisted the IT industry both during and after the closure.

Since quarantine and other COVID-related processes were undertaken, the pandemic has impacted the Latin America master data management sector, impeding the market growth. With the limitations removed, the market is reverting to pre-COVID levels. Organizations cooperated with corporations to develop innovative quarantine solutions to reduce the danger of COVID-19 and the risk of the disease spreading in the workplace. Several master data management software suppliers have set up work-from-home centres and implemented work-from-home modules into their existing master data management systems, hastening the spread of the work-from-home culture.

Latin America Master Data Management Market: Growth Drivers

Increasing usage of data management tools

Substantial volumes of data generated across an enterprise are routed via master data management systems and services, allowing data to be kept in a single location while maintaining data security. To enhance operational effectiveness, increased data churning needs improved data quality systems. Improving data quality is the first step in deploying MDM, a powerful technology that allows businesses to track information flow and audit data transformation stages.

MDM systems automatically update records and delete incorrect data, while data quality technologies assured data accuracy. This has allowed businesses to use both MDM systems and data quality technology. Data integrity is critical for financial services companies. Data quality solutions reduce duplicate entries and rework while preserving authentic data records. Data unification is becoming increasingly essential for firms that understand the value of high-quality data. By rising demand for MDM solutions, this factor is propelling the Latin America master data management market ahead.

Introduction of advanced technologies with MDM solutions

The MDM sector is being propelled ahead by artificial intelligence (AI), big data, and machine learning (ML). This technology opens up new avenues for storage and processing, in addition to the accessibility of enormous datasets. Customers’ needs are diversifying as new technologies improve their ability to manage multi-domain and multi-faceted data. The most common request has been for MDM solutions to be connected with Big Data, analytics, and business intelligence technologies. As a result, duplicate records are found, and data quality is assured, solving two common master data issues. It also verifies documents using information from sources beyond the master data administration programme, such as data, CAD data, and transaction history.

Machine learning is becoming more popular in MDM, allowing fresh data to be reviewed while relying on previous data transfers. Organizations may utilise missing understanding to uncover patterns in data, as well as possible relationships and correlations, and to speed up integration from a source to an end-user. Businesses may use these technologies to combine eCRM, customisation, social commerce, and offline operations, resulting in a unified data source for all channels. Furthermore, forward-thinking companies like Amazon, Google, and Facebook combine MDM with other contemporary technologies to give complete, dependable, and accurate information across all channels to accelerate growth while protecting their brands.

Latin America Master Data Management Market: Segmentation Analysis

The Latin America master data management market is segmented into the organization type, deployment model and end user. Based on organization type, the demand for large enterprise segments is estimated to lead the market during the forecast period. Large organizations in Latin America are the primary users of MDM systems to process data, analyses it, and make choices based on the results. The MDM also eliminates erroneous and misleading data, which increases clarity and decreases complexity.

By deployment model, the cloud-based segment is anticipated to dominate the market during the forecast period. Cloud-based data allows for the insertion and deletion of data via online services managed by operating from remote regions. In addition, the growing prevalence of cloud-based databases is driving SMEs to embrace and migrate to cloud-based databases to boost efficiency.

By end user, the BFSI segment is anticipated to dominate the market during the forecast period. In Latin America, the BFSI sector has grown significantly during the last decade. As a result, the BFSI industry is the most likely to employ MDM solutions. The requirement for precision and continuous data analysis to get the desired results has increased MDM’s popularity in the BFSI industry. 

Report Scope

Key Insights: 

• Based on organization type segmentation, large enterprises are estimated to hold the largest market share during the forecast period.
• Based on deployment model segmentation, the cloud-based is estimated to hold the largest market share during the forecast period.
• Based on end-user segmentation, the BFSI segment is the leading revenue-generating category during the forecast period.
• Based on country, the Brazil region was the leading revenue generator in 2021.

Recent Development

• In March 2021, IBM released InfoSphere, a master data management solution for organisations with significant master data performance, volume, and accuracy requirements. InfoSphere Master Data Management assists clients in attaining a more comprehensive and precise 360-degree view of their most crucial domains, such as individuals, businesses, and accounts. The upgrade increases adherence support and the ability to make task resolution choices faster with machine-learning-aided leadership.
• In March 2022, Oracle released an upgrade to their enterprise data management product. The cloud solution for Enterprise Data Management (EDM) enhances the system’s capabilities in several ways. These enhancements address crucial issues, including data integrity, transmission, and request tracking. As of the March update, validation errors may now be downloaded as an MS Excel file. This enables EDM users to receive assistance/feedback from others.

Country Landscape

Throughout the projection period, Brazil is expected to continue to be among the most alluring markets and this region is accounted for the majority revenue share in the market. The rising technological improvements in the area are key factors supporting the growth of the MDM market in Brazil. In addition, the increasing number of MDM market participants across Latin America is projected to boost market expansion further.

Competitive Landscape

Our report offers quantitative and qualitative insights into the MDM market, and the key players adopt significant development initiatives. Further, it provides competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.

Prominent Players:

• IBM Corporation
• Tibco Software Inc
• Oracle Corporation
• Teradata Corporation
• Riversand
• SAS Institute
• Informatica
• Talend
• Stibo System
• SAP

The Latin America master data management market is segmented as follows:

By Organization Type

• Small and medium sized enterprises
• Large enterprises

By Deployment Model

• On premise
• Cloud-based

By End User

• BFSI
• Healthcare
• IT and telecommunication
• Retail
• Others

On the basis of Latin America Geography

• Brazil
• Argentina
• Rest of Latin America