CHICAGO, Feb. 11, 2019 /PRNewswire/ -- According to a new market research report "Master Data Management Market by Component (Solutions & Services), Data Type, Deployment Type (Cloud & On-Premises), Organization Size (SMEs & Large Enterprises), Vertical (BFSI, Retail, Manufacturing, Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Master Data Management Market size is projected to grow from USD 9.5 billion in 2018 to USD 22.0 billion by 2023, at a CAGR of 18.3% from 2018 to 2023.
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The major growth drivers for the market include the increasing use of data quality tools for data management and the rising need for compliance.
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Based on deployment type, the on-premises segment is estimated to lead the market in 2018
On-premises deployment of master data management offers enterprises a total control on the security of enterprise sensitive data, such as customer details, product data, enterprise asset details, and supplier data. This data is secured, as it exists on dedicated servers that are separated both physically and virtually from any other business data of the enterprise. The on-premises deployment model allows enterprises to install highly customized, secured, and complex master data management solutions, which cater to the specific needs of enterprises, thereby driving the growth of the on-premises deployment segment.
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Based on vertical, the BFSI segment is expected to hold the largest market share during the forecast period
The Banking, Financial Services, and Insurance (BFSI) sector generates a massive amount of financial data from transactions, which comprise sensitive financial and transactional data and information in detail about customers. The financial sector also accommodates data from other financial institutions and attends to diverse data scattered across different financial systems. To prevent this data from being duplicated or lost and to assist in efficient management, financial institutions, such as banks and insurance companies adopt master data management solutions. Master data management helps banks improve customer service and manage business risks. The BFSI sector uses master data management solutions to sustain data governance, centralize data models, operationalize marketing insights, enhance customer-centric applications, and competently enhance preference and privacy management.
North America is expected to hold the largest market share during the forecast period
The North American region has sustainable and well-established economies, which empower it to invest significantly in R&D activities, thereby contributing to the development of new technologies in master data management. The presence of the majority of key players is expected to be the major factor driving the growth of the market in this region. Key players such as IBM (US), Oracle (US), SAS Institute (US), Teradata (US), Informatica (US), Talend (US), TIBCO Software (US), and Riversand (US), along with several start-ups in the region are offering enhanced master data management solutions & services to cater the needs of customers.
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The major vendors covered in the Master Data Management Market include IBM (US), SAP (Germany), Oracle (US), SAS Institute (US), Teradata (US), Informatica (US), Talend (US), TIBCO Software (US), Riversand (US), SyncForce (Netherlands), Profisee Group (US), Reltio (US), Semarchy (US), Stibo Systems (Denmark), and EnterWorks (US).
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