A report by MarketsandMarkets (M&M) forecasts that the Master Data Management (MDM) market would grow from $11.3 billion to about $27.9 billion by 2025.
The healthcare sector is expected to account for the majority of the market shares during the forecast period. According to the report, the MDM market would increase by a 19% Compound Annual Growth Rate (CAGR) in the next five years.
Key players offering MDM software in the global market include IBM, Oracle, Cloudera, Cisco, and other tech giants.
As a sector, healthcare is expected to account for most of the market share during the forecast period. This is due to an increasing need for remote and real-time insights from unstructured clinical data.
According to M&M, the healthcare industry is changing, primarily because of technological advancement.
The sector also has to deal with several clinical, administrative, and financial data daily. Hence, the tremendous boost.
Further into the report, M&M attributed the boost in MDM market shares to the growing demand for compliance, pattern detection, and anomaly detection among businesses around the world.
There has also been an increasing need to manage accuracy, consistency, control, and visibility of customer data, leading to a wider demand for MDM solutions.
North America is expected to hold the highest market share during the forecast period. M&M attributed the success in North America to the level of technological advancement and penetration.
Moreover, the region is home to many Data Management companies.
It is no longer news that the outbreak of the deadly coronavirus in 2020 has changed business behaviour.
Over the last couple of months, societies and the global economy have felt a substantial impact of COVID-19. This is primarily as a result of the temporary hold on human activities.
Businesses, including MDM services, are still struggling to scale through the pandemic. However, as more people take their businesses online, MDM services have seen an increase in demand.
On the flip side, MDM companies are also faced with tough challenges related to data-breach. There has been an increase in cyberattacks.
Overall, MDM companies are now offering simple automated solutions to businesses and corporate organizations.
With the provision of new solutions, users of these services get in-depth insights into multi-domain customer requirements. Users also get to know about the product life cycle, vendor listing, and inventory data.