Cloud Deployment Mode to Witness Fastest Growth in Master Data Management Market During Forecast Period

Growing demand for verification & compliance and surging needs for excellent business performance and data quality to fuel adoption of master data management globally through 2024.

According to TechSci Research report, “Global Master Data Management Market By Solution, By Deployment Type, By Enterprise Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, global master data management market is expected to witness positive growth during forecast period on account of increasing deployment of advanced data quality tools for data management. Master data management allows enterprises to collate and manage master data so that it can be utilized for effective decision making and data analytics. Organizations and enterprises are investing in IoT platform as it offers a wide range of benefits to organizations with big data analytics and cloud computing, which is positively affecting the growth of the market. Additionally, in order to avoid duplication and preventing data from being lost, financial organizations are increasingly adopting master data management solutions, which is further anticipated to aid the growth of the market through 2024.

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Global master data management market can be segmented based on solution, deployment mode, enterprise size, end user industry and region. Based on the solution, Product master data management solution is expected to acquire the major share as these solutions help in preventing MDM platform failure within organization. In terms of deployment type, the market can be classified into on-premise and cloud. Cloud segment is anticipated to grow at high rate through 2024 as it helps to cut the cost associated with updating and upgrading software. Master data management market caters to various end user industries such as BFSI, IT & Telecom, Government & Defense, Energy & Utility, Retail, etc. BFSI segment is likely to hold the largest share during forecast period as the sector generates large amount of data from transactions and comprise other crucial information.

Orcale Corporation, SAP SE, IBM Corporation, Informatica LLC, Stibo Systems A/S, etc., are among the leading players operating in global master data management market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. In 2018, TIBCO software Inc acquired Orchestra Networks Inc. In the same year, SAP SE launched a number of operations in France, in order to boost the digital strategy of the company.

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 “North America is the leading region in global master data management market due to huge investment by economies, such as Canada and US, in IT solutions, increasing adoption of data compliance practices and presence of leading players across the region. North America is followed by Europe, which generates high demand for master data management owing to strategic partnerships, supportive government mandates and increasing cloud spending by the economies across the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

 “Global Master Data Management Market By Solution, By Deployment Type, By Enterprise Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global master data management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global master data management market.

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