The global Master Data Management (MDM) Market size is expected to grow from USD 11.3 billion in 2020 to USD 27.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. The major driving factors in the MDM industry are increase in the use of data quality tools for data management and rising need for compliance.
Rising need for remote and real-time insights from unstructured clinical data resulting healthcare vertical to account for the highest market share during the forecast period
The healthcare industry is undergoing extensive development due to advancements in technologies which are enhancing the overall industry. It is a comprehensive sector which has to deal with diverse clinical, administrative, and financial data on a daily basis. The industry is highly regulated and needs channelized data insights, improved data quality, and accurate clinical information which is consolidated through the deployment of MDM solutions. The data consists of comprehensive details about patients, physicians, employees, doctors, administrative staff, procedures, and inventory, among others.
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Increasing the need to have a 360-degree view of enterprise data to enhance agility between business processes resulting in the solution segment to hold a larger market size
The MDM market, based on components, covers solutions and services. MDM solutions are increasingly being adopted by organizations to efficiently manage the growing volume of data to enhance productivity and maintain business continuity. The proliferation of data has led vendors, such as IBM, SAP, Oracle, and Informatica, to develop and design MDM solutions as well as help the IT team simplify and manage master data. Vendors in the market are offering MDM solutions, thereby facilitating automated management of master data without human intervention. These solutions provide the users with in-depth insights into product lifecycle, vendor listing, multi-domain customer requirements, and inventory data. This consolidated master data also provides the users with information that helps them improve their customer experiences, accelerate their analytical and transactional operations, and make faster business decisions.
The major MDM vendors include IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), TIBCO Software (US), Informatica (US), Talend (US), Cloudera (US), Riversand (US), SynForce (US), Stibo Systems (Denmark), Profisee Group (US), Reltio (US), Semarchy (US), EnterWorks (US), Symantec (US), Ataccama (Canada), AWS (US), Teradata (US), Mindtree (US), Magnitude Software (US), Contentserv Switzerland Vitria (US), Veeva (US), Qlik (US), MapR (US), GoldenSource (US), AWS (US), MuleSoft (US), Micro Focus (UK), Zaloni (US), and Actian (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global MDM market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2020, which has helped them innovate on their offerings and broaden their customer base.
Informatica is an enterprise cloud data management solution provider, founded in 1993, and headquartered in California, US. The company offers data integration products and services worldwide. It offers intelligent platformand products to help organizations unleash the power and value of data stored at differentplaces. The privately held company has 100 patents, 8 R&D centers, and more than 9000 customers in around 82 countries. Informatica caters to industries such as banking and capitalmarkets, healthcare, insurance, public sector, retail, life sciences, and utilities. The company was listed on NASDAQ under the symbol INFA, and now it is operating as a private company after it was acquired in 2015 by The Permira Funds Partner. The company is extremely amenable toward variations in global market trends pertaining to the cloud, MDM, big data, and data quality maintenance to integrate these changes within its business portfolio. It mainly strategizes on increasing its data initiatives and advancing its technology innovations. In September 2018, the company launched its new hybrid Big Data Management Solution for Apache Spark- Based Big Data Clouds. This solution will help organizations overcome the challenges of managing and governing large data volumes flowing into and through data lake environments on-premises and in the cloud.It has a presence across the globe in regions such as the Americas, EMEA, and APAC.
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IBM was founded in 1911 and is headquartered in New York, US. The company operates through 5 business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, global financing, and others. It offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the MDM market, owing to the strong portfolio of solutions and services that the company offers in the market. The IBM Cloud has emerged as a platform of choice for all business applications, as it is AI compatible and safe to use. It is a unifying platform, which integrates the capabilities of IBM in a single architecture and spans over public and private clouds. Using this powerful cloud platform, the company can cater to the requirements of different businesses across the globe, along with a continuous stream of innovative capabilities, such as computation and storage, data and Watson services, IoT and blockchain services, and IBM Q Experience. Moreover, in April 2020, IBM Research Team has made multiple novel, free resources from across IBM to help healthcare researchers, doctors and scientists around the world accelerate COVID-19 drug discovery: from gathering insights to applying the latest virus genomic information and identifying potential targets for treatments, to creating new drug molecule candidates.
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