Master Data Management Market 2022
The report uncovers that the global master data management market will likely expand at a robust pace in the next couple of years to surpass a value of US$8.6 bn by 2022-end.
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Master data management (MDM) is often leveraged by an organization to build a single master reference source for all crucial business data, thereby bringing down the chances of errors and redundancy in business processes. MDM solutions entail wide-ranging data cleansing, transformation, and integration practices. As data sources are added to the system, MDM initiates processes to identify, collect, transform, and repair data.
Master data management (MDM) has myriad benefits. For starters, it is a source of accurate and up-to-date data. It eliminates supply chain inefficiencies and helps to save operation costs by thwarting redundancies resulting from various, conflicting sources of information. For large organizations that have multiple sources of information, the associated costs can be steep. MDM can go a long way in synchronizing business information for them and enabling them to navigate through unchartered markets in future. Both dominant multinationals as well as smaller regional players are expected to bank upon master data management to lessen database-related issues.
Being a comprehensive process of connecting all important data to one file, master data management (MDM) allows an organization to access a common point of reference. This also facilitates streamlining of data sharing operations for various departments and corporate personnel in companies. Master data management, at its core, is a mix of technologies and applications for sorting, synchronizing, and incorporating all corporate data recorded via different business entities such as customers, suppliers, and manufacturers.
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Depending upon the mode of deployment, the public-level data disposal through cloud networking is fast gaining traction in the global market for master data management. Currently public cloud deployment accounts for almost three-fourth of global market for master data management. Uptake of MDM solutions via on-premise deployment is expected to come down substantially going forward.
The end use vertical of banking and finance is projected to be at the forefront of driving demand in the global market for master data management (MDM) in the foreseeable future. The segment is predicted to rake in a revenue to the tune of US$2 bn by the end of 2022. During this period, the uptake of software on master data management is likely to be substantially more than that of MDS services. In fact, sales of MDM software contribute over half the revenue in the MDM market in the near future.
Some of the prominent names operating in the global market for master data management (MDM) are TIBOC Software Inc., IBM Corporation, SAP SE, Magnitude Software, Inc, Orchestra Networks, Liaison Technologies, Inc., Teradata Corporation, Reltio Inc., SAS Institute Inc., and Informatica Corporation. The report studies the partnerships they are entering to market their products, their sales and revenues, and market shares. It also throws light on their key strategies employed by them to surge ahead in the market in the future.
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