Management of the master data, a method critical for smooth business operations, collects all the corporate data and aggregates it. Master data management is getting a lot of popularity in the recent year and the key players in the global market are tapping up on every possible opportunity that comes up in the market. In the later stage of 2016, TBIOC Software Inc. launched two novel analytical tools in its MDM services, which consisted a service of business process mapping. Recently, another tech giant, IBM Corporation has extended its association with Hortonworks with a view of exploring newer management solutions with the help of machine learning and data sciences. Some of the other companies in the global master data management market include names such as Liaison Technologies Inc., Magnitude Software Inc., Orchestra Networks, SAS Institute Inc., Teradata Corporation, Informatica Corporation, and SAP SE among others. These companies are now focusing on product innovation and offering quality services to its clientele in order to stay on top of their game. Also, these players are engaging into strategic mergers and acquisitions to take advantage over others and enhance their market presence.
The global master data management market is expected to gain a positive traction over the coming years and that will be reflected by robust development in the near future. The global market for master data management is expected to reach an overall valuation of US$8.6 bn by the fall of 2022. This growth is projected to be achieved at a steady pace.
Which Factors are Positively Affecting Global Master Data Management Market?
Master data management can be looked upon as a blend of applications and technologies for augmenting, cleaning, incorporating and synchronizing of all corporate data collected through multiple business enterprises such as manufacturers, consumers, and suppliers.
Being an all-inclusive process of connecting all the important data onto one file, the master data management ensure that an enterprise is able to access a common reference point. Along with that, an MDM solution is also offered to streamline the operations of data sharing for multiple corporate departments and personnel within the company. This ease in connecting all data processes on one reference point and streamlining for data sharing operation have primarily driven the growth as well as the popularity of the global master data management market. Master data management (MDM) solutions are expected to be adopted increasingly over the coming years owing to growing need for analytical solutions and consolidated data. This also will be significant factor driving the growth of the global master data management market. MDM also helps in synchronizing business information which is viewed as an important tool to augment product applications and aid companies to navigate through undiscovered market conditions in the coming years.
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The increase in overall spending in the IT sector is certainly expected to spur the growth of the global master data management market. With the liabilities and risks associated with processing incorrect data having huge economic implications, overall future of the global master data management is projected to be on brighter side.
How will Asia Pacific Fare in Global Market in Coming Years?
The trend of adopting master data management and cloud systems is high in North America. A similar trend has been popular across Europe and thus, both Europe and North America have dominated the global master data management market in the last few years.
On the other hand, the Asia Pacific Market is on brink of experiencing an unprecedented growth in the MDM solutions market. This is growth will be the result of an increased spending on IT infrastructure by numerous companies operating in the region. Additionally, the advent of IoT will also help in boosting the overall IT sector and thus, propelling the global master data management market.