The master data management market has undergone tremendous advancement in the past few years. With the advent of the Internet of Things (IoT) the penetration of information technology across various industries has increased. Organizations have ramped up their investments in IoT technology. IoT offers a range of benefits to organizations in the sectors of cloud computing, big data analytics, and global networks. The global start up industry has grown hugely in the IoT sector. Also there has been a significant rise in the number of businesses conducted over the web over the past few years.
As the amount of data generated by organizations multiples rapidly, organizations can no longer afford to delay investments in master data management solutions. This will help the opportunity in the global master data management market to spiral to US$37.97 bn by 2024, rising at a 27.25% CAGR from 2016 to 2024. The market had a valuation of US$4.35 bn in 2015. Consolidation among companies is helping this market blaze ahead, says TMR.
In economies that are racing toward industrialization and urbanization, the amount of data continues to rise exponentially, making investments in product and customer data management an imperative. TMR expects this factor to act as a high-impact driver for the global master data management market. This puts the Asia Pacific region at the forefront of growth in the global MDM market. However, in terms of revenue generation, traditional economies in North America and Europe will still remain vital.
Unstoppable Data Generation Throws up Both Opportunity and Challenge for Companies in MDM Market
“As organizations worldwide contend with massive volumes of data and find ways to make sense of it all, many will look at master data management software for an answer. The increasingly data-driven nature of operations across virtually every industry sector will thus drive many to invest in MDM solutions,” notes a TMR analyst.