Master Data Management Market is Gaining Significant Business Prospects with Increase in Data Generation Across Various Industries, State TMR Study Says
- Global Master Data Management Market Expected to Cross US$20.4 billion by 2027
- Increase in public spending on the cloud in Europe is driving the master data management market in the region
ALBANY, NY, April 8, 2022 /PRNewswire/ — The global master data management market is expected to grow at a CAGR of 16.5% during the forecast period of 2019 to 2027, according to research by Transparency Market Research (TMR).
Master data management is gaining momentum as one of the important sections of data management in organizations across various industries. Using appropriate master data management solutions can help users access accurate customer and product data. Moreover, these solutions make it easy for companies to conduct their business operations. Rising adoption of the Internet of Things (IoT) is driving the expansion of the global master data management market, a report from TMR highlights.
Over the past few years, many companies around the world have increased their IT budgets as well as their IT infrastructure to avoid the costs associated with processing raw master data. Moreover, the need for accurate data management in different industry verticals has increased, due to many factors such as increasing social media penetration and introduction of IoT technology. These factors are expected to help the global master data management market cross the $20.4 billion valuation by 2027, according to analysts at TMR.
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Master Data Management Market: Key Findings
- With the rise of internet usage around the world, many businesses across different verticals are focusing more on bringing their business online. This factor has led to an increase in the use of master data management solutions globally.
- The e-commerce industry has grown at a rapid pace over the past few years. As the industry is highly dependent on accurate master data management, the expansion of e-commerce industry is expected to contribute to the growth of the global master data management market in the coming years.
- Companies operating in the global master data management market focus on developing tools for specific applications. Moreover, several master data management service providers use different strategies such as partnerships, mergers and acquisitions for their regional expansion. Additionally, the global Master Data Management market players are investing heavily in the new product development activities. These efforts are expected to contribute to the overall growth of the global market over the forecast period.
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Master Data Management Market: Growth Boosters
- Rising integration of ML and AI in various master data management solutions is driving the growth of the global market
- Rising need for accurate data management among businesses across different industries is propelling the global master data management market
Master Data Management Market: Regional Analysis
- the Europe The master data management market is expected to maintain its leading position over the forecast period, driven by increasing cloud spending by government authorities in many countries including Germany, Franceand the UK
- The master data management market in North America expected to take a leading position due to increased spending on IT solutions in the United States
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Master Data Management Market: Key Players
Some of the key players profiled in the report are:
- Arad Metering Technologies
- IBM Corporation
- Schneider Electric SA
- ABB SA
- Itron, Inc.
- Evoque Water Technologies (Siemens)
- Emerson Electric Corporation
- Honeywell International, Inc.
- ET Water Systems, LLC
- General electricity company
- Sensus UNITED STATES Inc.
- i2O Water Ltd
- TaKaDu Ltd.
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Master Data Management Market Segmentation
- MDM product
- MDM customer
- MDM provider
- Multi-domain MDM solution
size of the company
- Large companies
- Small and medium-sized enterprises (SMEs)
- IT and Telecommunications
- Health care
- Energy and Utility
- Transport and logistics
- North America
- Asia Pacific
- Middle East & Africa (SOUL)
- South America
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global market intelligence reports and services. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continually updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports.
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