Master Data Management Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment Mode (Cloud, On-premise), By End-user, By Region, And Segment Forecasts, 2024 - 2030

Master Data Management Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment Mode (Cloud, On-premise), By End-user, By Region, And Segment Forecasts, 2024 - 2030

Master Data Management Market Growth & Trends

The global master data management market size is anticipated to reach USD 60.7 million by 2030 and is expected to expand at a CAGR of 17.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing globalization of businesses and the need for standardized data across geographies and business units are driving market growth. MDM solutions provide a centralized platform for coordinating master data across different regions and business units, ensuring consistency and accuracy regardless of geographical location. By implementing MDM solutions, organizations streamline global operations, improve collaboration, and facilitate data-driven decision-making on a global scale.

Moreover, the increasing adoption of omnichannel marketing and customer engagement strategies drives the demand for MDM solutions supporting seamless data integration and synchronization across multiple channels and touchpoints. MDM solutions enable organizations to unify customer data from disparate sources, enabling a consistent and personalized experience across all channels. By leveraging MDM solutions, organizations can gain a holistic view of customer interactions, preferences, and behaviors, enabling them to deliver targeted marketing messages, personalized recommendations, and timely support services that enhance customer satisfaction and loyalty.

Furthermore, the proliferation of Internet of Things (IoT) devices and connected technologies drives the demand for MDM solutions to manage the vast amounts of data generated by IoT ecosystems. MDM solutions enable organizations to effectively consolidate and manage IoT data, providing a unified view of device data, sensor readings, and operational metrics. By leveraging MDM solutions, organizations can harness the full potential of IoT technologies, optimize asset performance, and drive innovation in product development and service delivery.

The COVID-19 pandemic increased data privacy and security concerns, further complicating MDM efforts. The rapid proliferation of digital communication tools and collaboration platforms introduced new entry points for cyber threats, necessitating enhanced security measures and data protection protocols. However, the urgency of addressing immediate operational challenges during the pandemic often took precedence over long-term cybersecurity considerations, leaving organizations vulnerable to data security risks.

Master Data Management Market Report Highlights

• Based on component, the market is further bifurcated into solutions and services. The solutions segment accounted held the largest revenue share of 59.1% in 2023, owing to the increasing complexity of data sources, the demand for data-driven decision-making, regulatory compliance requirements, and the adoption of cloud computing and hybrid IT environments.
• Based on deployment, the on-premise segment is expected to grow at a significant CAGR during the forecast period due to the need for customization and integration, data privacy and confidentiality concerns, latency and performance requirements, and data residency regulations.
• Based on end-user, the IT & telecom segment held the largest revenue share in 2023. The convergence of IT and telecom services and the rise of new technologies such as 5G, IoT, and edge computing are driving the need for agile and scalable MDM solutions.
• North America dominated the industry with a share of 38.9% in 2023 and is projected to dominate the market over the forecast period. The increasing adoption of cloud-based MDM solutions is driving growth in the North American MDM market.
• In March 2022, Informatica, a leading enterprise cloud data management company, launched a cloud-native Intelligent Multi-domain Master Data Management (MDM) solution aimed at enabling customers to attain reliable insights into critical master data across various domains and assets, thereby enhancing all aspects of operations through intelligent data utilization. Through the Intelligent Multi-Domain MDM solution, retailers gain the ability to seamlessly integrate and oversee domains, including customer, product, supplier, and location, thereby facilitating a comprehensive understanding of customers to deliver personalized experiences.

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