Enterprise Wealth Data Management Market: Growing Demand for Intellectual Property Protection to Drive Sales
The Global business asset data management market shows the presence of several small and medium-sized enterprises and a rather small number of established players, observes a recent report by Transparency Market Research. Due to the increasing popularity of these solutions, the market is expected to witness the entry of a large number of new entrants during the forecast period.
As a result, the market, which is very competitive in terms of products and services offered, is expected to become more competitive in the near future. To stay ahead of the competition, an increased focus on differentiating offerings and adding innovative solutions and services to portfolios will work for market players. Due to the presence of many smaller players in the market, partnerships will also play a crucial role in success. Some of the major players currently operating in the market are North Plains Systems Corp., Eloquent Systems, Inc., Open Text Corporation, Widen Enterprises, Inc., NetXposure, Inc. and MediaBeacon, Inc.
Asia-Pacific to present promising growth opportunities
Transparency Market Research (TMR) predicts that the global enterprise wealth data management market will post a staggering 19.1% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, valued at 175 , US $ 2 million in 2015, is expected to reach US $ 834.6 million by 2024. Among the leading companies, digital asset management is expected to have a market share of 65.9% in 2016 and is expected to maintain its leading position with a market share of 67.3% in 2024.
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From a geographic point of view, the North American market dominates and is also expected to maintain it in the near future. However, the Asia-Pacific region market is expected to exhibit the highest growth rate during the forecast period. The presence of a large number of manufacturing companies in countries like Japan, China and India will be the key factor encouraging the growth of the Asia-Pacific Enterprise Wealth Data Management market.
Cloud-based solutions to open up new avenues for growth
Besides the fact that enterprise wealth data management solutions provide an efficient way to organize critical business data in an easily accessible and shareable way, their demand is increasing among companies wishing to protect critical data. The advanced security solutions offered by several legacy data management solutions have recently emerged as effective tools to protect an organization’s historical data.
In addition, the demand for legacy data management solutions is also increasing due to the possibility of their easy implementation using cloud-based solutions. Cloud-based solutions, by making expensive legacy data management solutions very economical and easy to implement or install, play a crucial role in the overall development of the market. Cloud-based solutions will continue to have a significant positive impact on the future growth prospects of the market.
Reluctant organizations due to low return on investment
The high costs of enterprise wealth data management solutions often place a heavy burden on a business’s finances. Additionally, these solutions are used internally within a business to organize unorganized data, which may not be a top spending area for many businesses. In addition, it is difficult to achieve high returns on investment in the case of enterprise wealth data management. As a result, senior management in organizations is often reluctant to spend money on enterprise wealth data management solutions. This factor is one of the major challenges facing the global enterprise wealth data management market and is expected to restrain the market to some extent over the next few years.
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Transparency Market Research is a global market intelligence company providing business information reports and services on a global scale. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking information to multiple decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.
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