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24 August 2022

Douglas Insights Adds Master Data Management Market Research Reports to Its Comparison Engine

Douglas Insights has expanded its comparison engine with Master Data Management Market research reports, allowing market researchers, analysts, industry experts, and businesses to identify market trends and drivers of growth and limitations, obstacles, and predictions. Douglas Insights is the world's first comparison engine for market research reports. With access to the most comprehensive range of private and public market reports, the digital tool lets researchers compare various reports by Publisher Rating, Table of Contents, Date of Publication, and Price.

 

Master Data Management is a technology-enabled discipline that creates uniform and consistent master data sets across businesses. These solutions provide a single and trusted view of data across enterprises, enabling them to access better business insights via self-service analytics.

 

This 360-degree view of data provides instant access to confidential and critical business information regarding suppliers, customers, financial transactions, and much more. Master Data Management also enables businesses to conveniently access large data sets to boost personal and enhance customer service. The Master Data Management market is expected to grow at a CAGR of 15.7% between 2022 and 2027, owing to an increased demand for data management tools. 

 

The COVID-19 pandemic had a negative impact on the IT industry, due to which the supply of hardware and software components was drastically affected. Hence, the Master Data Management Market experienced a slowdown in growth during this period. However, the increased adoption rate of data management solutions has helped this market recover, thus allowing it to flourish in the upcoming years. 

 

A Master Data Management solution allows government and corporate enterprises to trace information flow and record data transformation. Moreover, it also enables the automatic updating of redundant data and records, allowing for efficient storage, maintenance, and retrieval of reliable data records. One of the key growth drivers in the Master Data Management market is the increasing demand among businesses for data consolidation, which is increasing the demand for Master Data Management solutions.

 

As companies expand globally, their customer base grows, and so does customer data. Hence, the need to store large volumes of data in a single location to improve operational excellence and business efficiency is also fueling the Master Data Management market. 

 

Furthermore, the incorporation of advanced technologies such as cloud computing, big data, machine learning, and artificial intelligence are also collectively propelling the demand for Master Data Management solutions. Additionally, as customers increasingly demand the integration of Master Data Management solutions with advanced technologies like big data and artificial intelligence, there will be an increase in new business opportunities in the upcoming years. Master Data Management solutions are used across several industries, including healthcare, media, retail, manufacturing, IT, BFSI, and others. 

 

Some of the key players in the Master Data Management market include Riversand Technologies, Teradata Corporation, IBM Corporation, Tibco Software, SAP, Broadcom, Ataccama, Stibo Systems, SAS Institute Inc., Oracle, Informatica, Talend, Cloudera, AG, Orchestra Networks and SyncForce.

 

North America is expected to dominate the Master Data Management market with the largest market share in the upcoming years. The significant factors contributing to this growth include the increasing adoption of IT solutions among SMEs and large enterprises. Moreover, the growing number of players in the Master Data Management market is also expected to drive future market growth. 

 

However, one of the major factors hindering the growth of this market includes growing data security concerns among users. Since organizations primarily operate in data-driven business environments, they are more vulnerable to cyber-attacks, data theft, breaches, and phishing attacks. Moreover, since large volumes of sensitive data are stored in disparate systems, there is an increase in security threats to the data. 

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