The Global Master Data Management (MDM) Solutions market is set to experience significant growth between 2024 and 2028, with an estimated increase of USD 20.29 billion. According to Technavio, the market is projected to grow at a CAGR of 16.72% during this period. North America currently holds the largest share of the market and is expected to see a growth of 33%.
The market is segmented based on Type, Deployment (Cloud and On-premises), End-user (BFSI, Healthcare, Retail, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The BFSI segment’s growth is driven by revenue enhancement, regulatory compliance, customer-centricity, and cost reduction needs. The adoption of master data management solutions is on the rise, facilitating better risk management, decision-making, and compliance.
North America is projected to contribute significantly to the global market growth, with the US leading in market contribution, followed by Canada and Mexico. Despite sectoral maturity in the US and Canada, the region’s increased digitization and adoption of advanced AI technologies are expected to fuel substantial market growth.
Some key trends influencing the market include the increase in mobility solutions and the growing adoption of mobile devices, leading to higher usage of video management software. However, challenges such as a shortage of skilled analytics professionals and high attrition rates could hinder market growth.
Effective data governance is crucial for organizational success and regulatory compliance, encompassing policies, strategies, and controls for managing data assets. Data integration, quality, modeling, and stewardship play essential roles in maintaining data accuracy, reliability, and consistency.
Technavio is a leading global technology research and advisory company that provides actionable insights to help businesses identify market opportunities and develop effective strategies. With over 500 specialized analysts, Technavio’s comprehensive coverage spans across various technologies and countries, serving a diverse client base that includes Fortune 500 companies.
For more information on the Global Master Data Management Solutions market, visit Technavio’s website or contact their Media & Marketing Executive, Jesse Maida, at the provided contact details. Stay informed about market trends and opportunities to optimize your business strategies in the evolving data management landscape.
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