The global master data management market size is expected to reach USD 54.05 billion by 2030, according to a new study by Polaris Market Research. The report “Master Data Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Deployment Type; By Organization Size; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Master data management operates with various datasets; thus, regulations associated with gathering IP data and data packets are to adhere to stringently. The demand for the industry is increasing continuously; however, the lack of a skilled workforce is hampering the growth of the industry. In addition, Big Data analytics is witnessing a dearth of skilled professionals owing to a lack of knowledge regarding advanced technologies.
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The growth of the global industry is primarily driven due to the increase in the adoption of cloud-based management software as it offers numerous advantages in caparison with on-premises management. Cloud master management offers inexpensive license costs and doesn’t require a complex IT setup; therefore, companies are adopting such platforms to reduce operational costs and streamline processes.
Oracle Product Hub Cloud has become popular in recent years, as it provides enhanced features that allow for cost reduction. Moreover, several factors, such as the increased adoption of cloud master management among SMEs and high growth of cloud management in the e-commerce sector encourage industry players to introduce technologically advanced solutions in the industry.
Master Data Management Market Report Highlights
- Services segment is expected to be lucrative during the forecast period. This is due to rising use of data management tools
- Cloud is expected to be the fastest growing during the forecast period. The companies are adopting cloud solutions as the deployment is easier in comparison with on premises software and tools
- By organization size, the market is categorized into small & medium enterprises, large enterprises. The large enterprises is expected to account for the largest share during the forecast period
- BFSI end-use industry accounted for the largest market share. This is due to rapid digitization and improving the customer service and managing business risk
- North America is expected to maintain its dominance during the forecast period due to increase in technological developments in this region
- The global market is highly competitive owing to the existence of large market players with global presence including Hewlett Packard Enterprise Company, IBM Corporation, Informatica, Micro Focus, Mindtree Limited
Polaris Market Research has segmented the master data management market report based on component, deployment type, organization size, end-use, and region:
Master Data Management, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Master Data Management, Deployment Type Outlook (Revenue – USD Billion, 2018 – 2030)
Master Data Management, Organization Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Small and Medium Enterprises
- Large Enterprises
Master Data Management, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- IT & Telecom
Master Data Management, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa