Master data management can be defined as a field where business and IT work in tandem in a coordinated way to ensure uniformity, integrity, accountability, and accuracy of an enterprise’s data management assets. With the help of master data management solutions, an enterprise can streamline data sharing across various departments and personnel by providing a common point of reference for its critical data.
The global Master Data Management market is anticipated to increase at a 17.25% CAGR to reach value USD 22.73 Billion in 2030
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Among the major drivers of the market are the need for compliance and verification. Also, on daily basis, as the data generated by organizations keeps growing, there is a need for data streamlining. The market, however, is hindered by the threat of cyber-attacks in addition to the concerns regarding data theft & privacy.
The global Master data management market revenue is projected to reach close to USD 28.00 Billion by 2025. This can be attributed to the increasing use by enterprises of tools to improve the quality of their databases. The increasing use of master data management has also led to improved, data-backed decisions in marketing and operation fields by the organizations. However, the global master data management market is hindered by data theft and cyber-attack concerns.
Master Data Management Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 22.73 Billion |
| Growth Rate | CAGR of 17.25% during 2020-2030 |
| Segment Covered | By Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | IBM Corporation, Tibco Software Inc, Oracle Corporation, Teradata Corporation, Riversand, SAS Institute, Informatica, Talend, Stibo System, SAP. |
Key Segment Of The Master Data Management Market
By Type, (USD Billion)
• Customer Data
• Product Data
• Others
By Application, (USD Billion)
• Banking, Finance and Insurance
• IT and Telecommunication
• Government and Health Care
• Manufacturing
• Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the master data management market is growing at a CAGR of 17.25 % during the forecast period.
North America dominated the market for master data management market and accounted for the largest revenue share
The Global master data management Market is Segmented on the basis of Component,Deployment Type,Regions
The numerous perceived benefits that master data management solutions can provide to businesses are almost countless. Chief among those are eliminating redundancies and cost inefficiencies due to unreadable/corrupt/out-of-date data. More and more companies are using such data for improved decision making and master data management solutions are helping them in this. However, the concern regarding data theft and data confidentiality, when most organizations today operate in such an environment are expected to hinder the market growth. The threat of cyber-attacks is also likely to hamper the growth of the market.
Component Segment
In terms of components, the global master data management market is split into solutions and services. The solutions segment is anticipated to showcase impressive growth throughout the forecast years. The primary reason behind this growth is the increasing demand for data migration & integration in a bid by organizations towards developing competitive advantage by streamlining their operations. The master data management solutions help businesses monitor and manage their master data and extract meaningful business insights from the data generated. The factors aforementioned are behind the growth of the solutions segment.
Deployment Type Segment
On the basis of deployment type, the global master data management market is bifurcated into cloud and on-premises. The cloud segment is anticipated to expand at a higher rate as it offers organizations around the world to decrease the total cost of ownership and increase data storage capabilities. With cloud deployment, organizations can operate without server infrastructure, thus allowing employees to work remotely. In addition to this, cloud-based deployment is easier to set up and offers much more agility, scalability and flexibility. Such factors are supporting the growth of the cloud segment.
Organization Size Segment
Based on the organization size, the global master data management market is segmented into small and medium-sized enterprises and large enterprises. The large enterprises are expected to hold the major share of the total market throughout the forecast years. Large enterprises such as corporate businesses and IT companies are adopting master data management solutions to organize, localize, and categorize their database, which in turn is helping them with improved operational and marketing strategies.
Vertical Segment
Based on vertical, the global master data management market is segmented into BFSI, government, retail, IT & telecom, manufacturing, energy & utilities, healthcare, and others (education, aerospace and defense, travel and hospitality, transportation and logistics, and media and entertainment). Amongst the said sub-segments, the healthcare vertical is likely to register the highest growth rate in the forecast years. The healthcare industry is undergoing a huge transformation. The vertical sees daily, a large amount of administrative, financial, and clinical data. Healthcare vertical is also governed by tight regulations and requires channelized data and impeccable data integrity.
The North American region is anticipated to hold the largest market size in the global master data management market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the North America region, the presence of key industry players is expected to result in greater product development which in turn is likely to aid the market growth while in the Asia Pacific region, the growth can be attributed to the increasing private sector investment in business productivity tools. In the region, there is a growing awareness about the business productivity supplemented with such tools including master data management solutions and services.
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The major players of the global master data management market are IBM, Oracle, SAP, SAS Institute, TIBCO, Informatica, Talend, Cloudera, Riversand, SynForce, Stibo Systems, Reltio, EnterWorks, Symantec, AWS, Actian, Micro Focus, and Teradata. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.