Global Master Data Management Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The Global Master Data Management Market size was estimated at USD 5.55 Billion in 2021 and is expected to reach USD 7.55 Billion in 2022 and is expected to hit around USD 23.8 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 18.2% from 2022 to 2030.

Our recently published report, “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.

Master Data Management Market: Overview

Master data management (MDM) is the expertise and/or technology that gives a reliable perspective of a company’s information and renders that data easily accessible to other business operations. The primary component of MDM is master data; master data is indeed an organization’s critical business data, which includes product, supplier, and client information. Master data management solutions aid in the accuracy and governance of a company’s data across business applications such as enterprise resource planning (ERP), customer relationship management (CRM), product lifecycle management (PLM), enterprise performance management (EPM), others.

With the advent of MDM, businesses can now collect and manage master data and use it for data analytics and intelligent decision-making. MDM improves organizational and operational efficiency as well as decision-making skills. MDM makes it simple to use data for various corporate processes to enhance operational and business performance and provide better customer service. MDM cloud adoption reduces ownership costs while increasing enterprises’ data storage capacities. Cloud-based MDM is used by organizations because it is easier to implement, delivers agility, and has more flexibility than on-premises solutions at a lower cost. These reasons contribute to the rise of cloud-based MDM systems.

Master Data Management Market: COVID–19 Impact Analysis

The COVID-19 pandemic has significantly impacted every industry, particularly the IT industry, with the hardware industry suffering the most. The sector saw a considerable slowdown in the manufacture and delivery of hardware components due to the worldwide country-by-country shutdown. In addition, the software and service industries also experienced a significant downturn for a brief while. However, the use of cloud-based technology, collaborative apps, security solutions, big data, and artificial intelligence (AI) aided the IT sector during and after the shutdown.

The pandemic has impacted the master data management business since quarantine, and other COVID-related procedures were implemented, slowing market growth. With the controls lifted, the market is returning to its pre-COVID state. Organizations collaborated with companies to develop intelligent quarantine solutions to limit the risk of COVID-19 and the risk of the virus spreading in the workplace. In addition, several master data management software vendors have established work-from-home resource centres and integrated work-from-home modules into their current master data management systems, accelerating the expansion of the work-from-home culture. In response to COVID-19, for instance, NICE introduced a work-from-home module for its staff to assist them in coping with rising contact volumes and reduce query response time.

Master Data Management Market: Growth Drivers

Increasing usage of data management tools

Massive amounts of data created throughout an organization are channelled through master data management systems and services, allowing data to be stored in a single location while ensuring data security. Increased data churning necessitates advanced data quality systems to promote operational excellence.

The first step in implementing MDM, a powerful tool that allows organizations to follow the phases of information flow and audit data transformation, is to improve data quality. MDM systems automatically update records and remove inaccurate data, while data quality technology ensures data correctness. This has enabled enterprises to employ both MDM systems and data quality technology. Data integrity is crucial for firms in the financial services industry.

In Northern Europe, IT users consider master data and quality management critical parts of the business. Data quality technologies help in the reduction of data duplication and rework, as well as the preservation of valid data records. Data consolidation is becoming increasingly crucial for businesses that recognize the importance of data quality. This aspect drives the master data management market forward by increasing demand for MDM solutions.

Introduction of advanced technologies with MDM solutions

Artificial intelligence (AI), big data, and machine learning (ML) drive the MDM industry forward. This technology enables new technological possibilities for data storage and processing, as well as the availability of massive datasets. Customers’ requirements are becoming more diverse as new technologies’ capabilities in administering multi-domain and multi-faceted data have increased.

The most popular request has been for MDM systems to be integrated with technologies like Big Data, analytics, and business intelligence. Duplicate records are discovered, and data quality is ensured, addressing two typical master data problems. It also checks documents based on information from sources other than the master data administration application, such as data information, CAD data, and transaction history. Machine learning is increasingly being used in MDM, allowing new data to be examined while depending on prior data transfers.

Organizations may use missing knowledge to find patterns in data, as well as potential links and correlations, and accelerate data integration from a source to a client. With the aid of these technologies, businesses may connect the origins of eCRM, customization, social commerce, and offline operations, resulting in a single data source for all channels. Furthermore, innovative players such as Amazon, Google, and Facebook are merging MDM with other current technologies to provide complete, reliable, and accurate information throughout all channels to speed development without causing any harm to their brands.

Master Data Management Market: Segmentation Analysis

The 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 enterprises are the prime customers who use MDM solutions to process the data, analyze and take decisions according to the analysis. The MDM also eradicates false and inaccurate data, which helps to bring in more clarity and reduces confusion.

By deployment model, the cloud-based segment is anticipated to dominate the market during the forecast period. Cloud-based data offers the addition and exclusion of data through web services controlled completely by operating from remote areas. The growing popularity of cloud-based databases encourages SMEs to adopt and shift to cloud-based databases as it will help increase efficiency.

By end user, the BFSI segment is anticipated to dominate the market during the forecast period. Over the past ten years, there has been markedly increased growth of BFSI. The use of MDM solutions is highest in the BFSI sector. The need for accuracy and constant data analysis to achieve the desired results has increased the popularity of MDM in the BFSI sector. 

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 geography/region, the North American area was the leading revenue generator in 2021.

Recent Development

• In March 2021, IBM released Infosphere, a master data management solution for organizations 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 its 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.

Regional Landscape

Throughout the projection period, North America 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 North America. In addition, the increasing number of MDM market participants across geographies 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 global 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 Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America