Master Data Management Market Gains Sizable Business Prospects with Increase in Data Generation across Varied Industries, States TMR Study
The global master data management market is projected to cross US$ 20.4 Bn by 2027
Rising government cloud spending in Europe is driving the master data management market in the region
ALBANY, N.Y., April 8, 2022 /PRNewswire/ — The global master data management market is estimated to register growth at a CAGR of 16.5% during the forecast period from 2019 to 2027, states a study by Transparency Market Research (TMR).
Master data management is gaining impetus as one of the important sections of data management in organizations from various industries. The use of correct master data management solutions can assist users in accessing precise data pertaining to customers and products. Moreover, these solutions facilitate companies to perform their business operations with ease. Rise in adoption of Internet of Things (IoT) is boosting the expansion of the global master data management market, highlights a report by TMR.
In the recent years, many enterprises across the globe have increased their budgets on IT as well as IT infrastructure so as to prevent costs pertaining to raw master data processing. Moreover, the need for precise data management across different industry verticals has been on rise, owing to many factors such as increase in the penetration of social media and the introduction of the IoT technology. These factors are projected to help the global master data management market to cross the valuation of 20.4 Bn by 2027, state analysts at TMR.
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Master Data Management Market: Key Findings
With surge in use of the Internet around the world, many companies from different industry verticals are increasing their focus on taking their business online. This factor has resulted into rise in the use of master data management solutions globally.
The eCommerce industry has been expanding at rapid pace in the recent few years. As the industry immensely depends on precise master data management, the expansion of the eCommerce industry is prognosticated to help in the growth of the global master data management market in the upcoming years.
Companies operating in the global master data management market are focusing on the development of tools that are intended for specific applications. Moreover, several master data management service providers are using different strategies such as partnerships, mergers, and acquisitions for their regional expansion. Besides, players in the global master data management market are investing heavily in the new product development activities. These efforts are likely to help in the overall growth of the global market during the forecast period.
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Master Data Management Market: Growth Boosters
Rise in integration of ML and AI across varied master data management solutions is favoring the growth of the global market
Increase in need for precise data management among companies from different industries is propelling the global master data management market
Master Data Management Market: Regional Analysis
The Europe master data management market is projected to maintain its leading position during the forecast period, owing to increase in cloud spending by government authorities of many nations, including Germany, France, and the U.K.
The master data management market in North America is prognosticated to gain prominent position due to rising spending on IT solution in the U.S.
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Master Data Management Market: Key Players
Some of the key players profiled in the report are:
Arad Metering Technologies
Schneider Electric SA
Evoqua Water Technologies (Siemens)
Emerson Electric Corporation
Honeywell International, Inc
ET Water Systems, LLC
General Electric Company
Sensus USA Inc.
i2O Water Ltd
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Master Data Management Market Segmentation
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SOURCE Transparency Market Research