Master Data Management (MDM) Solutions Market to record USD 17.27 Bn incremental growth; Driven by increasing volume and complexity of data — Technavio – QNT Press Release

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NEW YORK, Oct. 14, 2022 /PRNewswire/ — The “Master Data Management Solutions Market by End-user and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the master data management (MDM) solutions market between 2021 and 2026 is USD 17.27 billion. Technavio has considered various factors including the number of major IT consulting deals signed worldwide, the impact of the COVID-19 outbreak, IT consulting revenues generated by services providers offering MDM solutions, and IT budgets allocated by central and state governments across major markets to estimate the size of the market. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy Full Report Here

Key Market Dynamics:

• Market Driver
• Market Challenges

The increasing volume and complexity of data is one of the key factors driving the growth of the market. The increasing volume of data and the rapid growth in data complexity in organizations have increased the demand for various intelligence-based data analysis techniques. Technologies such as ML and AI can help companies retrieve a huge amount of complex data in a useful manner and use them to enhance their services and business processes. In addition, the need to process unstructured data into valuable information is driving businesses increasingly adopt MDM solutions, which is driving the growth of the market in focus.

However, data privacy and security concerns remain a challenge in driving the growth of the market. The rising adoption of connected technologies has increased the risk of cybersecurity issues and data breaches. Earlier, cybersecurity was concentrated on a limited number of connected devices. However, with the IoT revolution, there will be a large-scale combination of both physical and virtual worlds in the future. Potential economic loss from cyber-attacks in industries is significant compared with privacy breaches of personal data. Therefore, cyber-attacks can hamper the sensor and device data in an industrial setup, as these devices are connected over the Internet and can be easily hacked. Such challenges are expected to reduce the growth potential in the market.

Learn about additional key drivers, trends, and challenges available with Technavio. Read Our Sample PDF Report Now

The master data management (MDM) solutions market report is segmented by end-user (BFSI, healthcare, retail, and others) and geography (North America, EuropeAPAC, South Americaand the Middle East and Africa).

The BFSI sector is the major end-user in the market. The segment is driven by the need for MDM solutions to increase revenue, meet regulatory compliance, achieve customer-centricity, and reduce operating costs. In addition, the complete digitalization of all core banking and insurance processes and the increasing volume of data generated by the BFSI industry are increasing the adoption of MDM solutions.

North America will be leading the market growth during the forecast period. The enterprises in the region have been increasing their IT budget for cloud-based solutions for the past few years. In addition, the increased demand for content and digital media and the adoption of advanced technologies, such as artificial intelligence (AI), in sectors such as healthcare are expected to drive the demand for MDM in North America.

View Our Sample Report for additional insights into the contribution of all the segments and regional opportunities in the report.

Key Vendors in Master Data Management Solutions Market:

• Ataccama Corp.
• Contentserv Group AG
• Informatica LLC
• International Business Machines Corp.
• Magnitude Software Inc.
• Micro Focus International Plc
• Mindtree Ltd.
• Oracle Corp.
• Profinee Group Inc.
• Reltio Inc.
• SAP SE
• SAS Institute Inc.
• Semarchy
• Stibo Systems
• Syndigo LLC
• Talend SA
• Teradata Corp.
• TIBCO Software Inc.
• Veeva Systems Inc.
• Winshuttle LLC

Related Reports:

• IoT Data Management Market by Deployment and Geography – Forecast and Analysis 2022-2026
• Enterprise Data Management Market by End-user and Geography – Forecast and Analysis 2021-2025

Full story available on Benzinga.com

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