Master Data Management Market – Demand worth of US$9,074.48 million by 2024

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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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.

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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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