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(Hosting-NewsWire.com, January 11, 2018 ) Due to the fact that information produced by organizations is rapidly multiplying, organizations can no longer manage to ignore in making investments in master data management solutions. Due to industrialization and urbanization growing at a rapid pace in economies, the amount of data that is generated increases at a staggering pace. This necessitates the investments in product and customer data management and this factor is the main driving force behind the growth of the master data management market. The Asia Pacific region is leading the growth in the global master data management market. However, as far as revenue generation is concerned, developed economies of North America and Europe are set to remain important in the master data management market. Looking at these factors, the Market Research Reports Search Engine (MRRSE) has included a new report in its database titled ‘Master Data Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’.
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Global Market Forecast
As per the figures provided by Transparency Market Research, the global master data management market was valued at US$ 4.35 Bn in the year 2015. The global master data management market is expected to touch a value of US$ 37.97 Bn by the end of the year 2024, registering a CAGR of 27.25% during the assessment period of 2016 to 2024.
Market Taxonomy and Segmental Forecast
As per the analysis of Transparency Market Research, in the year 2015, the BFSI segment was valued at US$ 890.94 Mn. This segment is poised to register a robust CAGR of 27.3% during the assessment period of 2016 to 2024. In the year 2024, the BFSI and the healthcare segments will together constitute the largest share in the global master data management market since both of these segments are governed by strict regulatory compliance laws that have now been extended to data management.
The developing economies, especially in the segment of healthcare are presenting new opportunities that the companies in the master data management market cannot afford to ignore. In the healthcare segment, there are databases containing massive volumes of data about patients, clinical trials, laboratories, etc. that require implementation of master data management solutions.
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Big data management and cloud solutions are becoming important to industries all over the world, and this trend is particularly prominent in North America. Thus, companies in this region have been fast in introducing master data management solutions that will help their clients to leverage the advantages of big data and integrate master data management solutions smoothly with their all-encompassing cloud strategy. The same trend is dominant in Europe. Due to this, North America and Europe led the global master data management market in the year 2015.
As per the forecast presented by Transparency Market Research, the Asia Pacific market is on the path of massive growth due to a spike in the IT spending on infrastructure sector by the companies in the region. In addition, the IoT revolution is bound to have a positive effect on transforming the IT industry in the Asia Pacific, and this will consequently effect the master data management market as well. The Asia Pacific master data management market will register a CAGR of 29.4% from 2016 to 2024.
In this report, important companies operating in the master data management market have been profiled. Some of these are Oracle Corporation, EnterWorks Acquisition Inc., Informatica, Riversand Technologies, IBM Global Services, Agility Multichannel, SAP SE, Tibco Software and Stibo Systems.
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