The global master data management (MDM) market is predicted to reach USD 16.22 billion in 2024 and USD 40.03 billion by 2029, growing at a CAGR of 19.8% during the forecast period.
Master data management (MDM) in business includes different solutions, services, and standards that help companies manage their master data. Master data includes confidential and critical business data on customers, products, financial transactions, suppliers, and others. The emergence of MDM has enabled companies to collect and manage basic data and use it for data analysis and effective decision-making. It improves the operational efficiency of organizations as well as improves decision-making capacities. MDM facilitates the use of data for different business operations to increase business and operational performance and to provide better customer services. The master data management market is influenced by many factors, constraints, and opportunities.
The health sector will experience the highest growth rate over the forecast period as the industry is undergoing significant development due to advances in technologies that improve the industry as a whole. It is a complete sector that must process various clinical, administrative, and financial data on a daily basis. The industry is highly regulated and needs information on channeled data, better data quality, and precise clinical information, which is consolidated by the deployment of MDM solutions.
Data quality tools help reduce data duplication, reduce rework, and keep accurate data records. Data consolidation is becoming an important aspect for organizations that have begun to realize the importance of data quality. This factor leads to a strong demand for MDM solutions and, therefore, stimulates the market for basic data management.
Users are under the impression that the confidentiality of their data is threatened and that there will be no responsibility for data loss or theft or any mitigation that would help them if they adopted these solutions. This is actually a misconception that prevents the adoption of MDM solutions. In addition, users also fear losing the authenticity of their data. Therefore, despite the guarantees and provisions of the providers of data security solutions, apprehensions continue to prevail.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
19.8% |
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Segments Covered |
By Solution, Deployment, Organization Type, Industry, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
IBM (United States), Oracle (United States), SAP (Germany), SAS Institute (United States), TIBCO Software (United States), Informatica (United States), Talend (United States), Cloudera (United States), Riversand (United States), SynForce (United States), Stibo Systems (Denmark), Profisee Group (United States), Reltio (United States), Semarchy (United States), EnterWorks (United States), Symantec (United States), Ataccama (Canada), AWS (United States), Teradata (United States), Mindtree (United States), Magnitude Software (United States), Contentserv Switzerland Vitria (United States), Veeva (United States), Qlik (USA), MapR (USA), GoldenSource (USA), AWS (USA), MuleSoft (United States), Micro Focus (UK), Zaloni ( United States)) and Actian (United States) and Others. |
The master data management market was divided into product MDM, customer MDM, provider MDM, and multi-domain MDM solutions. The multi-domain MDM solution is foreseen to be a leader over the conjecture period. Due to the operational benefits these solutions bring to organizations, the deployment of multi-domain MDM solutions is significantly increasing. Multi-domain MDM solutions are affordable, easy to maintain, and limit platform breakdowns within enterprises.
Depending on the deployment, the global market for master data management is segmented as local and cloud. The cloud segment is expected to grow at the fastest rate due to its lower cost and greater flexibility to scale.
The global market is divided into SMEs and large enterprises.
The market is segmented into government, BFSI, IT and telecommunications, healthcare, energy and utilities, transportation and logistics, manufacturing, retail, and others.
Based on geography, the global market for master data management has been divided into North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. North America is expected to have a significant share of the world market, followed by Europe. The US master data management market accounted for the largest share compared to Canada due to increased spending on IT solutions in the area.
In Europe, the increase in cloud spending by the governments of countries such as the United Kingdom, Germany, and France is considered one of the main reasons for the massive adoption of the cloud in the public and private sectors. As part of the strategy, several vendors are investing in the development of specific tools for a particular application and are focusing on developing new products, partnerships, and mergers and acquisitions to increase the geographic reach of the global market in master data management.
The main providers of MDM solutions are IBM (United States), Oracle (United States), SAP (Germany), SAS Institute (United States), TIBCO Software (United States), Informatica (United States), Talend (United States), Cloudera (United States), Riversand (United States), SynForce (United States), Stibo Systems (Denmark), Profisee Group (United States), Reltio (United States), Semarchy (United States), EnterWorks (United States), Symantec (United States), Ataccama (Canada), AWS (United States), Teradata (United States), Mindtree (United States), Magnitude Software (United States), Contentserv Switzerland Vitria (United States), Veeva (United States), Qlik (USA), MapR (USA), GoldenSource (USA), AWS (USA), MuleSoft (United States), Micro Focus (UK), Zaloni ( United States)) and Actian (United States).
In April 2020, IBM launched new technologies based on artificial intelligence to help the health and research community accelerate the discovery of medical knowledge and treatments for COVID-19.
In April 2020, SAP created the COVID-19 Emergency Fund (USD 3.4 million) to meet the urgent needs of the World Health Organization (WHO), the Foundation of Centers for Control and Prevention Diseases (CDC), and small non-profit and social enterprises. These organizations work on the front line to serve local communities in crisis.
In April 2020, the SAS Institute created a public COVID-19 dashboard using SAS Viya to visualize the main measures and trends related to the COVID-19 pandemic.
By Solution
By Deployment Mode
By Organization Size
By Vertical
By Region
Frequently Asked Questions
The primary adopters include industries such as healthcare, banking and financial services, retail, manufacturing, IT and telecommunications, and government. These sectors rely heavily on accurate and consistent master data to enhance customer experiences, streamline operations, and meet regulatory requirements.
The rise of cloud computing is significantly impacting the MDM market by offering scalable, cost-effective, and flexible solutions. Cloud-based MDM solutions facilitate easier integration, improved data accessibility, and faster deployment times, making them attractive to organizations of all sizes.
AI plays a crucial role in the MDM market by enhancing data quality, automating data management processes, and enabling predictive analytics. AI-driven MDM solutions can identify data inconsistencies, duplicate records, and provide actionable insights, thereby improving overall data governance and operational efficiency.
Future trends in the MDM market include the integration of advanced technologies like AI and machine learning, increased adoption of cloud-based MDM solutions, emphasis on data governance, and the growing importance of customer experience management. Additionally, there will be a focus on real-time data processing and the convergence of MDM with other data management and analytics platforms.
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