Master Data Management Market worth $26,799.6 Million by 2020
The global master data management market which comprises software and services is expected to grow from $9,440.4 million in 2015 to $26,799.6 million by 2020
The propagation of data among the organizations supplemented with the incorporation of diverse technologies has extensively redefined the wforkflow patterns of the people. Further, the need to have this diversely placed voluminous data in a single repository so as to facilitate data consistency has led to the increase in adoption of master data management software and services. Master data management solutions have provided the users with a unified and precise view of their entire master data. Likewise, the consolidated master data sheet has leveraged the users with a single point of reference to centrally analyse, monitor, track, and manage their master data record. This has invariably helped them to conveniently make timely better business decisions.
Over the years, the master data management-based content accessibility techniques and solution portfolios have evolved and have been swiftly progressing. With the increasing accessibility to ubiquitously access one’s organizational master data, the users which comprise Small Medium Businesses (SMBs) and large enterprises are adopting master data management solutions to harmonize, prioritize, synchronize, standardize their business processes, and augment collaboration. Further, the presence of an efficient master data management solution within the organization facilitates them to streamline their business processes. This is accomplished through competent master data management applications which provide channelization of their product portrayal data, fortify their customer interactions, accurately manage vendor accounts, customized view of their site data, and accountancy for their asset data. Likewise, the master data management services which include consulting, implementation, and training and support are largely provided by the master data management service vendors to help users maintain their deployed master data management software applications. Currently, multi-domain master data applications enabled with cross-data domain features are widely being considered for facilitating transactional and non-transactional data flow across organizations. This has in turn also revolutionized the businesses and market outreach for the chief stakeholders in the master data management ecosystem which include master data management software providers, master data management platform providers, and cloud-based master data management services vendors as it has provided them with increase in revenue potentials. Further, besides providing users with an enhanced experience, master data management has also leveraged the stakeholders to retain their privileged customers, allure new clients, and enhance business value for its users.