Dublin, Feb. 27, 2019 (GLOBE NEWSWIRE) -- The "Master Data Management Market by Component, Data Type, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The master data management market is projected to grow from 9.5 billion in 2018 to USD 22.0 billion by 2023, at a CAGR of 18.3% from 2018 to 2023.

Businesses worldwide generate large volumes of data within the organizations. This data is spread across different departments, systems, and branches of organizations. To efficiently manage these mountains of data collected over the years, organizations require a channelized management solution, which is catered to through the adoption of master data management solutions and services.

Master data management solutions comprise a set of comprehensive tools that help end users channelize and securely maintain their critical master data. These solutions provide users with enhanced features such as data validation, data collection, data update on a real-time basis, synchronization, data harmonization, cleansing, de-duplication, and data matching.

Master data mainly comprises the prominent data types, such as customer data, product data, supplier data, location data, and asset data, of an organization. Master data management solutions and services provide in-depth insights into product lifecycle, vendor listing, multi-domain customer requirement, and inventory data. These insights provide users with information that helps them improve their customer experiences, accelerate their analytical and transactional operations, and make faster business decisions.

Presently, organizations use master data management solutions to enhance agility between their business functions. The solutions primarily help collaborate and consolidate an organization's diversely placed data into a central repository. These solutions provide employees with a simplified and unified view of the corporate master data, consolidated and displayed from a single point of reference. The deployment of master data management solutions, either on cloud or on-premises, helps organizations maintain consistency and authenticity across their data content.

Presently, organizations opt for integrated master data management solutions which follow regulation compliance through data governance models and abide by data quality maintenance norms. The multitude of advantages in master data management solutions and services have led to their widespread adoption.

The emergence of master data management solutions has also opened new business potentials for the chief stakeholders present in the ecosystem. These solutions have broadly expanded their product portfolios and have also been influential in boosting its revenue generation from different markets. From their inception in the year 2000, master data management solutions and services have extensively evolved in their functionalities, with technological enhancements still ongoing. By 2023, master data management is expected to become a trending market through the incorporation of Business Intelligence (BI) and big data within its solutions.

Market Dynamics

Drivers

• Increase in the Use of Data Quality Tools for Data Management
• Rising Need for Compliance

Restraints

• Data Security Concerns

Opportunities

• Incorporation of New Technologies With Master Data Management
• Trend Towards Multi-Domain Master Data Management

Challenges

• Diversified Data Regulations and Legislation Across Different Verticals and Regions

Industry Trends

• Evolution

Case Studies/Use Cases

• Case Study 1: London Borough of Camden: Infosphere Master Data Management Enables Increase in Operational Efficiency, Fraud Detection, and Improved Service Levels
• Case Study 2: Sungard Financial Systems: Tibco MDM Platform Provides Reliable Customer Information Due to Better Reporting and Decision Making
• Case Study 3: Partssource: Less Time Needed to Launch New Products, From 2 Hours to 2 Minutes With Informatica MDM
• Case Study 4: Shoppers Stop: Benefited From Omnichannel Potential With Riversand MDM
• Case Study 5: Carhartt: Talend Master Data Management and Data Quality Solution Delivers A Real-Time Integrated System and Consolidated Consumer Data

Companies Mentioned

• Enterworks
• IBM
• Informatica
• Oracle
• Profisee Group
• Reltio
• Riversand
• SAP
• SAS Institute
• Semarchy
• Stibo Systems
• Syncforce
• Talend
• Teradata
• Tibco Software

For more information about this report visit https://www.researchandmarkets.com/research/rscl2s/22_bn_master?w=12

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