A newly compiled business and commerce study by Transparency Market Research (TMR) has detected that the shares in the global master data management market are fairly consolidated among a few major players, although new entrants are making a moderate mark too. While IBM Global Business Services, Oracle Corporation, SAP SE, and Informatica have been rated as leaders, holding a considerable chunk of shares, promising players such as Stibo Systems, EnterWorks Acquisition, Inc., and Riversand Technologies are carving a niche for themselves via innovative solutions.
The analyst of this research report has observed that InfoSphere version 188.8.131.52 by IBM Analytics entered commercialization in May 2017 and has already become a highly popular product that is capable of managing master data for single as well as multiple domains. IBM serves this information integration and management platform in both stand-alone and bundled workflow, data quality, and integration modes. IBM’s data-match engine is considered to be one of the best in class.
Master Data Governance v.9.0 by SAP has been available since September 2016 and then the company added Hybris Product Content Management v.6.4 to its portfolio in May 2017. The Germany-based software company is catering to a range of industries and also offers customized solutions to the retail and oil and gas industries. Oracle oozes from a vast family of master data management products, with Oracle Customer Hub (Siebel UCM) v.IP2017 and Oracle Customer Data Management Cloud Service v.R12 being among the most recent ones. On the other hand, Riversand Technologies has developed an enterprise MDM solution that centralizes all the processing related to master data.
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Global MDM Market to Breach 20 Billion Dollar Mark by 2024
Going forward, major companies of the global MDM market are expected to indulge into strategic acquisitions and partnerships to expand their business geographically as well as add to their portfolio of solutions. As per the projections of this industry research report, the demand in the global master data management market will propagate at an exponential CAGR of 27.3% during the forecast period of 2017 to 2024. Revenue-wise, the analyst of the report has estimated the global MDM market to be worth US$20,554.87 million by 2024.
Segmenting the market on the basis of solution, this report has identified product data solution as the one that is in higher demand, although multi-domain MDM solution is rated as the fastest growing solution segment. The report has also gauged the potential of demand for MDM software and services that can be expected out of several industries and regions. Banking, financial services, and insurance (BFSI) and North America are the two leading categories, respectively.
Cloud-based MDM on the Rise
On-cloud deployment of data, applications, services, and processes offers several benefits to business enterprises, such as fast deployment, security, flexibility, and overall lowered cost of operations. Currently, the on-premise MDM solutions are integrated with software-as-a-service (SaaS). However, the master data management market has already began the transformation onto cloud, which has proven its worth in increasing productivity and helping diverse industry players to offer improved customer service. The TMR report has estimated cloud-based MDM to generate a demand worth of US$9,074.48 million by 2024, exhibiting a phenomenal CAGR of 34.2% during the forecast period of 2017 to 2024.
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Big Data a Boon for MDM Market
Organizations that accumulate large amounts of structured and unstructured data require a well-defined approach for their storage and analysis. MDM enhances the value of big data by giving it structure and significance. Amalgamation of MDM and big data helps organizations turn big data into trusted data through governance and authentication where big data technology feeds information to MDM and MDM feeds master data descriptions.
Demand in the global master data management market is projected to increment at a CAGR of 27.3% during 2017 to 2024
Competitive landscape is considerably consolidated with a few major players, although there are opportunities for new and niche players as well.
The information presented in this review is based on a Transparency Market Research report, titled, “Master Data Management Market (Solution – Product Data, Customer Data, and Multi-domain Solutions; Deployment – Cloud and On-Premise; End-Use Industry – Government, Banking, Finance and Insurance (BFSI), IT & Telecommunications, Health Care, Energy and Utility, Transportation and Logistics, Manufacturing, Retail) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”