NEW YORK, May 15, 2024 /PRNewswire/ -- The global master data management (mdm) solutions market  size is estimated to grow by USD 20.29 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  16.72%  during the forecast period. 

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Key Market Trends Fueling Growth

Master Data Management (MDM) solutions have gained significant traction in the global market, driven by advancements in Artificial Intelligence (AI), Machine Learning (ML), and Big Data. These technologies enable MDM systems to learn and analyze data more effectively, reducing human errors and enhancing data quality. Cloud computing and mobility have expanded MDM's reach, allowing for global deployment and inter-enterprise sharing. ML and neural networks help consolidate and duplicate data, ensuring data security, privacy, and compliance. Industries such as Banking, Healthcare, Manufacturing, Energy & Utilities, IT and Telecom, and BFSI verticals have embraced MDM solutions to improve profitability, data quality, and entity information management. Data platform solutions, hybrid multi-cloud services, and AI strategy are essential components of modern MDM systems. Data sources include core product data, attributes, pricing, specifications, omnichannel data, internet access, and smartphones, among others. Online sales have further accelerated the need for effective MDM solutions to manage data across various channels. 

Market Challenges

 * Data privacy and security are paramount concerns in organizations due to interconnected devices and reliance on private and public networks.
* Critical data transfer occurs through IoT and cloud networks, necessitating a secure environment.
* IoT networks consist of multiple devices, increasing the risk of data theft.
* Increased connectivity and data sharing have led to a surge in cybersecurity issues and data breaches.
* Cybersecurity was previously focused on a limited number of connected devices, but with the IoT revolution, the physical and virtual worlds will merge.
* Economic losses from cyber-attacks in industries are substantial compared to personal data breaches.
* Cyber-attacks can disrupt sensor and device data in industrial settings, as these devices are Internet-connected and susceptible to hacking.
* Authentication layers are necessary to securely transmit data over the Internet.
* The rise in cybersecurity incidents, such as those reported by CERT-In in India (394,499 in 2019, 1,158,208 in 2020, and 1,402,809 in 2021) and the US federal agency (470,029 in 2016 and 2,596,947 in 2021), has highlighted privacy and security concerns.
* Consumers may be unaware or indifferent to the potential uses of shared data, but regulations around data safety are tightening worldwide.
* Despite these efforts, cybercrimes continue to occur, posing a threat to the growth of the global master data management solutions market.

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Segment Overview 

This master data management (mdm) solutions market report extensively covers market segmentation by

1. Deployment 
   • 1.1 Cloud
   • 1.2 On-premises
2. End-user 
   • 2.1 BFSI
   • 2.2 Healthcare
   • 2.3 Retail
   • 2.4 Others
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Cloud-  The market for Master Data Management (MDM) solutions is witnessing significant growth in the cloud segment. This deployment model is gaining traction due to its ability to support informed decision-making with real-time data, customization, agility, and scalability. AI and ML-enabled solutions are driving this trend, enhancing the client experience and ensuring data compliance in various enterprise sectors. Cloud computing, mobility, and big data are key drivers, enabling seamless inter-enterprise sharing and global deployment. However, data security and privacy issues remain concerns, necessitating robust strategies and hybrid multi-cloud services. Data platform solutions are profiting from this shift, with banking and healthcare sectors leading the way. Data quality technologies, such as data duplication and consolidation, are essential to mitigate risks from data breaches and ensure machine learning algorithms' accuracy. Mordor Intelligence forecasts a high year-over-year growth rate for the cloud segment in the IT industry, including hardware businesses, as more organizations adopt AI strategies to work from home.

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Research Analysis

In the dynamic IT industry, businesses are increasingly relying on Master Data Management (MDM) solutions to ensure data compliance and maintain the integrity of their core product data in the era of cloud computing and mobility. MDM solutions enable the consolidation and duplication-free management of entity information from various information sources, including machine learning and big data, in the financial services industry. These solutions employ data quality technologies to address privacy issues and ensure data security, mitigating risks from potential data breaches. MDM systems facilitate the management of attributes such as pricing and specifications across omnichannel data, enhancing operational efficiency and driving business growth in the hardware business and beyond.

Market Research Overview

The Master Data Management (MDM) Solutions market refers to the industry that provides organizations with tools and technologies to manage and maintain accurate, consistent, and single sources of critical data across the enterprise. MDM solutions enable companies to improve data quality, increase operational efficiency, and enhance decision-making capabilities. These solutions facilitate the integration and synchronization of data from various sources, ensuring data consistency and reducing data redundancy. MDM systems are crucial for organizations to gain a comprehensive and unified view of their data, enabling them to make informed business decisions. MDM solutions provide functionalities such as data cleansing, data validation, data transformation, and data enrichment. They are used across industries, including finance, healthcare, retail, and manufacturing, among others. MDM solutions are delivered through various deployment models, including on-premises, cloud, and hybrid. MDM solutions enable organizations to manage their data assets effectively, ensuring data security, privacy, and compliance with regulatory requirements. MDM solutions are essential for digital transformation initiatives, enabling organizations to leverage their data to gain a competitive edge. MDM solutions provide organizations with the ability to manage their data as an asset, ensuring data accuracy, consistency, and availability. MDM solutions enable organizations to gain insights from their data, enabling them to make informed business decisions. MDM solutions provide organizations with the ability to manage their data in real-time, ensuring data accuracy and consistency across the enterprise. MDM solutions provide organizations with the ability to manage their data at scale, enabling them to handle large volumes of data efficiently. MDM solutions provide organizations with the ability to manage their data securely, ensuring data privacy and security. MDM solutions provide organizations with the ability to manage their data in a flexible and agile manner, enabling them to respond to changing business requirements quickly. MDM solutions provide organizations with the ability to manage their data in a cost-effective manner, reducing the total cost of data management.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• • Cloud
  • On-premises
• End-user
• • BFSI
  • Healthcare
  • Retail
  • Others
• Geography
• • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio