ALBANY, New York, June 1, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report entitled "Master Data Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024." According to this report, the global master data management market's revenue stood at US$ 2,352.98 Mn in 2015 and is expected to reach US$ 20,544.87 Mn by 2024, at a CAGR of 27.25% from 2016 to 2024.
Master data management is an essential part of data management in organizations. Appropriate master data management helps users access accurate data related to products and customers, which further facilitates organizations in carrying out business operations. The Internet of Things (IoT) revolution has been vital in supporting the growth of the master data management market since governing master data has become a critical and essential part of data management. Rapid growth in businesses being conducted online has fuelled the demand for master data management solutions globally. The rapidly growing E-commerce industry relies largely on accurate management of master data. Also, the E-commerce industry revenues have grown exuberantly during past five years. This has led organizations operating in this sector to ramp up the investments in upgrading their IT infrastructure.
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The master data management market by solutions is segmented into the product data, customer data, and multi-domain MDM segments. In 2015, the product data solution market accounted for the largest share of 36% in the master data management solution market. Based on the mode of deployment, the master data management market is segment into on-premise and on-cloud deployment. The market for on-cloud deployment of master data management solutions is expected to increase during the forecast period. The master data management market is further segmented by its application across industries such as government, BFSI, IT and telecommunications, health care, energy and utility, transportation and logistics, manufacturing, retail, and others. The amount of product and customer data that industries have to handle has increased significantly. Regulatory compliance in the healthcare and pharmaceutical industries makes master data management essential. In the government and BFSI industries, the necessity of correct master data is highly critical. Circulation of incorrect product and customer data in organizations can affect the business operations since every time incorrect data will be accessed and processed by the system. Thus, the necessity of deploying efficient master data management solutions across industries is vital.
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The master data management market was primarily dominated by North America and Europe in 2015. During the coming years, the master data management market is expected to grow significantly in the Asia Pacific region due to the anticipated increase in IT and IT infrastructure spending in the region. The market growth for IoT in the Asia Pacific is also a key factor to drive the growth of the master data management market in this region. The market growth of the Middle Eastern and Latin American region are expected to showcase a subtle growth over the forecast period.
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The global market for master data management (MDM) market has been segmented as follows:
Master Data Management Market: By Solution
- Product Data Solution
- Customer Data Solution
- Multi-domain MDM Solution
Master Data Management Market: By Deployment
Master Data Management Market: By Industry
- Banking, Finance and Insurance (BFSI)
- IT and Telecommunications
- Health Care
- Energy and Utility
- Transportation and Logistics
Master Data Management Market: By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Other Research Reports by Transparency Market Research:
- Data Protection as a Service (DPaaS) Market:
- Managed File Transfer Market :
- Managed Print Services market :
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