The numerous perceived benefits that master data management solutions can provide to businesses are almost countless. Chief among those are eliminating redundancies and cost inefficiencies due to unreadable/corrupt/out-of-date data. More and more companies are using such data for improved decision making and master data management solutions are helping them in this. However, the concern regarding data theft and data confidentiality, when most organizations today operate in such an environment are expected to hinder the market growth. The threat of cyber-attacks is also likely to hamper the growth of the market.

Component Segment

In terms of components, the global master data management market is split into solutions and services. The solutions segment is anticipated to showcase impressive growth throughout the forecast years. The primary reason behind this growth is the increasing demand for data migration & integration in a bid by organizations towards developing competitive advantage by streamlining their operations. The master data management solutions help businesses monitor and manage their master data and extract meaningful business insights from the data generated. The factors aforementioned are behind the growth of the solutions segment.

Deployment Type Segment

On the basis of deployment type, the global master data management market is bifurcated into cloud and on-premises. The cloud segment is anticipated to expand at a higher rate as it offers organizations around the world to decrease the total cost of ownership and increase data storage capabilities. With cloud deployment, organizations can operate without server infrastructure, thus allowing employees to work remotely. In addition to this, cloud-based deployment is easier to set up and offers much more agility, scalability and flexibility. Such factors are supporting the growth of the cloud segment.

Organization Size Segment

Based on the organization size, the global master data management market is segmented into small and medium-sized enterprises and large enterprises. The large enterprises are expected to hold the major share of the total market throughout the forecast years. Large enterprises such as corporate businesses and IT companies are adopting master data management solutions to organize, localize, and categorize their database, which in turn is helping them with improved operational and marketing strategies.

Vertical Segment

Based on vertical, the global master data management market is segmented into BFSI, government, retail, IT & telecom, manufacturing, energy & utilities, healthcare, and others (education, aerospace and defense, travel and hospitality, transportation and logistics, and media and entertainment). Amongst the said sub-segments, the healthcare vertical is likely to register the highest growth rate in the forecast years. The healthcare industry is undergoing a huge transformation. The vertical sees daily, a large amount of administrative, financial, and clinical data. Healthcare vertical is also governed by tight regulations and requires channelized data and impeccable data integrity.

The North American region is anticipated to hold the largest market size in the global master data management market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the North America region, the presence of key industry players is expected to result in greater product development which in turn is likely to aid the market growth while in the Asia Pacific region, the growth can be attributed to the increasing private sector investment in business productivity tools. In the region, there is a growing awareness about the business productivity supplemented with such tools including master data management solutions and services.

The major players of the global master data management market are IBM, Oracle, SAP, SAS Institute, TIBCO, Informatica, Talend, Cloudera, Riversand, SynForce, Stibo Systems, Reltio, EnterWorks, Symantec, AWS, Actian, Micro Focus, and Teradata. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.