Master data management is a method through which critical data is managed and defined at one single point of reference. It is a connected, flexible and scalable platform that provides that efficient management of master data. It eliminates incorrect data, removing duplicates from entering the system in order to create an authoritative source of master data. It aims at providing processes for collecting, aggregating, quality – assuring and persisting and distributing such data throughout an organization in order to ensure common understanding. With consolidating all data at one place, it gives access of data to all the stakeholders.
Advantages – (1)All common master data would be stored and managed in a single place. (2)Data would be accurate, consistent and maintained in coherent manner. (3)It is reliable source of information. (4) Ability to evolve the master data and the management of the master data to accommodate changing business needs.
Master data management market Insights-
According to the current market scenario the Master Data Management is anticipated to be at the forefront in the market because the effective master data management in the organization help in ensuring the availability and accuracy of the data used to transact business transactions. The market provides an overview of the market during the forecast period of 6 years i.e. 2018-2023. For the purpose of evaluation 2018 is considered as current year, 2017 is considered as base year. The organization has increased their spending on IT and IT infrastructure in order to avoid the cost incurred on raw master data. Further, more expenditure on research and development has helped in the development of the various new technologies that overall develop the whole master data management system.
Market Segmentation analysis- The master data management is divided into application, deployments model, and end-user and by industry. On the basis of application it is divided into supplier data, product data, customer data and others. By deployment model it is divided into on premise, cloud based. On the basis of end- user it is divided into small and medium business enterprises and large enterprises. While on the basis of industry it is divided into BFSI, healthcare, IT and Telecom, Retail, Manufacturing, media and entertainment and others. This growth is mainly attributed to the growing adoption of multi-domain MDM solutions in large enterprises. Small and medium enterprises (SMEs) segment is expected to rise at the fastest during the forecast period. The market aims to analyze every segment properly in order to understand the financial information, revenue breakup by each segment, key product offerings, business strategy and new policies related to expansion, merger acquisition that ultimately help in the growth of the market.
Geographical distribution- The repost revolves around the various geographical areas in which market is functioning currently. It also helps in understanding the major contributions of different geographical areas and there revenue. The geography covered in the report is North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe) , Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific) Latin America (Brazil, Mexico, Argentina and Rest of Latin America) and Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa). The U.S. holds for the largest share compared to the Canada market due to greater spending on IT solutions in the region. Followed by Europe, U.K., Germany, and France in which data management services are adopted by public as well as private sectors in order to focus on the core matters of the company.
Competitive landscape – The research study includes profiles of leading companies operating in the global Master Data Management market. Some of the key players profiled include IBM Corporation, Oracle Corporation, SAP SE, Informatica LLC, Stibo Systems A/S, Riversand Technologies, Inc., Orchestra Networks, Talend Inc., EnterWorks Acquisition, Inc., TIBCO Software Inc and Other Major Key Players. These players are focusing on acquisitions and new strategic collaborations in order to increase their market share in the global master data management market. The US software company IBM is helping Indian companies to become 5G ready and build 5G strategies in order to address the growing demand of the market.
The master data management is a service which is widely used by enterprises helps these enterprises to handle large amount of data. Effective master data management in organizations ensures the availability of consistent data. The market provides opportunities to the potential investors to invest in the market in order to sustain in the market.
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Aditi Desai Joined: December 20th, 2018 Articles Posted: 171