Efficient management of humongous amount of data that a prospering organization can produce is of great importance to achieve greater profitability. The tools of master data management (MDM) provide for processes to fetch, aggregate, and compile the data to derive meaningful information that can help the organization to make fruitful decisions based on customers, sales, and financial records. On the back of the growing popularity of cloud computing and mushrooming of small and medium businesses (SMBs), this business intelligence study has projected the demand in the global master data management market to multiply at a phenomenal CAGR of 27.3% during the forecast period of 2017 to 2024. In terms of revenue, the master data management market is estimated to be worth 20,544.87 million, considering all global opportunities. As of 2017, the base year of this report, the market was evaluated for a valuation of 3,795.46 million.
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While SMBs are increasingly adopting cloud computing as the concept offers them cost benefits, fast deployment, and flexibility, the market for master data management is also gaining traction from the possibilities of amalgamation with big data and benefits of regulatory compliances. On the other hand, difficulties in maintaining consistency and completeness of the data is a restraint that is obstructing the MDM market from attaining a higher growth rate. This report foresees that state-of-the art MDM solutions will be able to eliminate data redundancy and provide for effective analysis of master data in the near future and entice adoption.
In 2017, the banking, financial services and insurance (BFSI) segment of the global master data management market was valued at US$779.13 million and it is expected to reach US$4,234.18 million by 2024, expanding at a CAGR of 27.4%. In the BFSI sector, MDM solutions are essential in meeting regulatory compliance challenges. Similarly, the healthcare industry presently is loaded with a database of patients, medicine suppliers, and laboratories.
MDM solutions for the healthcare industry are capable of being integrated with leading electronic health record (EHR) systems, health information systems (HIS), and other clinical systems. The healthcare end-use segment of the master data management market is estimated to be worth US$3,433.04 million by 2024. The report has also evaluated the potential of demand coming from the industries of IT and telecommunications, government, manufacturing, energy and utility, transportation and logistics, and retail.