Enterprise Data Management Market to Reach $94.65 Billion by 2028
Global Enterprise Data Management Market was valued at USD 83.25 Billion in 2021, and it is projected to reach USD 94.65 Billion by 2028, growing at a CAGR of 14% from 2022 to 2028.
Westford, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) — As businesses increasingly rely on data to make decisions, it’s no surprise that demand for data management solutions either increasing. enterprise data management market can help organizations achieve several goals, including improved decision-making and accountability, improved efficiency and productivity, and reduced risk.
From capturing and storing data to making it available for analysis, EDM solutions offer a holistic approach to data management. While there are many different EDM options, some of the most common services include data warehousing, business intelligence (BI), big data analysis, and report management. In addition to these traditional services, some vendors are offering innovative new offerings such as artificial intelligence (AI)-based data discovery and predictive modeling.
The major drivers for this growing demand for the enterprise data management market are the widespread awareness of the power of Big Data and the growing need of organizations to obtain lightning-fast insights to make better decisions. Most businesses today suffer from a lack of timely and actionable insights due to a lack of data processing power and skills. By implementing an EDM solution, companies can overcome this challenge and ensure that your business achieves tangible results in a short time.
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How are vendors coping with this growing demand for EDM?
According to analysis by SkyQuest, there has been a significant increase in demand for the enterprise data management market in recent years. This is due to the increasing complexity of data and the need for organizations to effectively manage their data to improve their business performance. As a result, the number of EDM solution providers has increased.
A number of factors have helped EDM solution providers grow their businesses. First, the demand for the enterprise data management market has been driven by the need for organizations to effectively manage their data assets. Second, many vendors have taken advantage of advances in technology to improve their solutions. For example, vendors have developed application programming interface (API) capabilities to allow them to integrate with other systems. Therefore, customers can use these APIs to more easily access data from other systems within an organization.
As vendors in the enterprise data management market continue to create innovative and pragmatic solutions to manage data across the enterprise, they are faced with the challenge of how to reach new customers and grow their business. There are a variety of growth strategies suppliers can explore to grow their businesses, including building on strengths, expanding product offerings, and developing marketing initiatives.
Some vendors in the global enterprise data management market have also focused on growing their customer base by building collaborative ecosystems with complementary vendors. By doing so, they can deliver comprehensive data management solutions at a lower cost than working alone.
In addition, suppliers can focus on developing new market segments by differentiating themselves from their competitors through innovation or quality of service. In doing so, they can capitalize on the needs of specific clienteles and attract new customers.
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However, it is not only technological advancements that have helped the vendors in the enterprise data management market to grow their businesses. Another key driver has been the growth of cloud-based solutions. Many customers now want solutions that they can deploy on a cloud-based platform. This means that EDM solution providers can offer easy-to-use and elastic solutions that can be scaled according to customer needs.
Here are some of the key approaches that enterprise data management market players are adopting to stay competitive:
In September 2022, Schlumberger Enterprise Data Solution announced the launch of enterprise data management services. It started providing the solution powered by Microsoft Azure. The company aims to offer its services especially to organizations engaged in the energy industry to gain better understanding and control over data modernization.
In September 2022, Aiven entered the data warehousing market. With this in mind, the company has launched its new platform called Aiven for ClickHouse. This will allow the generation and analysis of real data
In September 2022, Oracle announced a lunch of its MySQL HeatWave platform on AWS. With the launch, it became the only company to provide analytics, OLTP, machine learning-based automation, and machine learning, and all within a single MySQL database.
In September 2022, Salesforce and Snowflake expanded their partnership to offer customers a personalized customer relationship
Unique, Customized Solution Gains Momentum in Enterprise Data Management Market
As the enterprise data management (EDM) market continues to grow, companies are beginning to realize the importance of meeting the unique needs and expectations of their customers. In a recent survey, 70% of respondents said they saw an increased demand from customers for personalized customer service and unique services. According to SkyQuest analysis, it was around 50% in 2021, which translates to 20% growth in just one year.
This trend in the enterprise data management market is likely due to companies starting to realize the value of big data analytics and insights. By understanding the needs and preferences of their customers, businesses can create more personalized experiences and improve their products and services overall.
To meet this demand, many companies have turned to third-party data management vendors who specialize in providing custom solutions to meet customer data needs. Third-party providers can provide a wide range of services, including data collection and analysis, data governance, data quality assurance, and customer relationship management (CRM). Additionally, these vendors can help companies identify and respond to customer requests for new features or enhancements to existing systems.
Third-party vendors in the enterprise data management market can offer several advantages over traditional enterprise data management (EDM) solutions. These benefits include increased service flexibility and customization, the ability to tailor services specifically to meet customer needs, and rapid response times to changing customer demands. These benefits have helped third-party vendors retain a significant share of the enterprise data management market.
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Key Players of Global Enterprise Data Management Market
IBM Corporation (USA)
SAS Institute Inc. (USA)
Teradata Corporation (USA)
Oracle Corporation (USA)
SAP SE (Germany)
Cloudera, Inc. (USA)
Mindtree Limited (India)
EnterWorks, Inc. (USA)
CarteR (United States)
Golden Source Corporation (USA)
Amazon Web Services, Inc. (USA)
MuleSoft, LLC. (WE)
Micro Focus International plc (UK)
Zaloni, Inc. (USA)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
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