The Latest Master Data Management Industry Statistics Explained
The global master data management market size was valued at USD 1.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 27.3% from 2020 to 2027.
The statistic provided indicates that the global master data management market had a total value of USD 1.5 billion in 2019 and is projected to experience significant growth at a compound annual growth rate (CAGR) of 27.3% between 2020 and 2027. This implies that the market is expected to expand rapidly over the forecast period. The CAGR is a measure used to understand the consistent rate at which the market is anticipated to grow on an annual basis. The high CAGR of 27.3% suggests a strong market demand for master data management solutions, indicating increased adoption by businesses to manage critical data assets effectively. This growth trajectory points to a promising future for the master data management market, with potential opportunities for companies operating within this sector to capitalize on the expanding market landscape.
North America accounted for the highest revenue share in the Master Data Management market in 2020, due to the high level of IT maturity in this region.
The statistic indicates that in 2020, North America had the highest revenue share in the Master Data Management market, primarily attributed to the region’s high level of IT maturity. This suggests that North America’s advanced technological infrastructure and expertise in managing information assets have enabled organizations to effectively implement and benefit from Master Data Management solutions. The market dominance of North America in this sector could also reflect the region’s strong demand for data governance and quality management, driving increased investment and adoption of MDM solutions. Overall, the statistic highlights the significance of IT maturity in influencing market leadership and revenue distribution within the Master Data Management industry.
It is expected that the cloud-based segment will witness the highest CAGR of 29.5% during the period 2020-2027 in the MDM Market.
This statistic indicates that the cloud-based segment within the Master Data Management (MDM) market is projected to experience the highest Compound Annual Growth Rate (CAGR) of 29.5% between the years 2020 and 2027. This suggests that the adoption of cloud-based MDM solutions is expected to significantly outpace other segments within the MDM market, reflecting a growing preference for cloud technology and the benefits it offers in terms of scalability, flexibility, and cost-efficiency. This trend highlights the increasing importance of leveraging cloud-based solutions in managing and consolidating organization’s critical data assets for improved decision-making and operational efficiency.
The Master Data Management market in the retail sector was estimated to be around USD 300 million in 2019.
This statistic indicates that the Master Data Management (MDM) market within the retail sector had an estimated value of USD 300 million in 2019. MDM refers to the processes and technologies used by organizations to ensure the consistency and accuracy of their critical data assets, such as customer information, product data, and supplier records. The market size figure suggests the total investment or spending on MDM solutions within the retail industry during the specified year. This information could be useful for industry stakeholders, policymakers, and researchers to understand the importance and growth of MDM initiatives within the retail sector, highlighting the increasing focus on data quality and integration for competitive advantage and operational efficiency.
Hardware segment contributed more than 60% of the total market revenue in 2017 in the MDM market.
The statistic suggests that the hardware segment played a significant role in the MDM (Mobile Device Management) market in 2017 by contributing over 60% of the total market revenue. This indicates that the sales and revenue generated from hardware devices such as smartphones, tablets, and other mobile devices were the primary driving force behind the market’s overall financial performance for that year. The dominance of the hardware segment highlights the importance of mobile devices in the MDM market, showcasing how crucial these devices are for businesses and organizations in managing and securing their mobile assets effectively.
As per Forrester, approximately 92% of the companies aspire to be data-driven but only less than 30% are successful.
This statistic from Forrester highlights the discrepancy between the desire for companies to become data-driven and their actual success in achieving this goal. According to their research, around 92% of companies express a strong aspiration to leverage data in their decision-making processes and operations. However, the statistic also reveals that only a minority of these companies, less than 30%, have been able to effectively implement and sustain a data-driven approach. This indicates that while organizations recognize the importance and potential benefits of data-driven strategies, many struggle to overcome the challenges and barriers that hinder their successful adoption and integration of data into their business practices.
By 2027, the MDM market is expected to reach $11,299.7 million with a CAGR of 20.8%, according to an Allied Market Research report.
The statistic states that the Master Data Management (MDM) market is projected to grow to $11,299.7 million by 2027, with a compound annual growth rate (CAGR) of 20.8%. This prediction comes from an Allied Market Research report, suggesting a strong and rapid expansion of the MDM market in the upcoming years. The CAGR of 20.8% indicates the average annual growth rate of the market from the present year to 2027, highlighting the potential opportunities and demand for MDM solutions and services in various industries. This growth forecast emphasizes the increasing importance of MDM in managing and leveraging critical business data effectively.
The BFSI sector held the largest share of over 25% in the MDM market in 2019.
The statistic indicates that in 2019, the Banking, Financial Services, and Insurance (BFSI) sector had the largest market share in the Master Data Management (MDM) market, accounting for over a quarter (25%) of the total market. This means that a significant proportion of MDM solutions and services were purchased and utilized by organizations in the BFSI sector compared to other industries. The strong presence of the BFSI sector in the MDM market suggests that these organizations prioritize managing and utilizing high-quality, accurate, and consistent master data to enhance operational efficiency, regulatory compliance, risk management, and customer experience within their industry.
Forrester estimates that poor data quality costs the average company at least 30% of revenue.
The statistic states that according to Forrester, inadequate data quality leads to a significant financial impact on businesses, with the average company losing at least 30% of its revenue as a result. Poor data quality can encompass various issues such as inaccuracies, inconsistencies, outdated information, and incomplete data, which can ultimately lead to costly errors in decision-making, customer relationships, and operational efficiency. By highlighting the substantial financial ramifications of poor data quality, this statistic underscores the critical importance of maintaining high-quality data practices to mitigate risks and drive sustainable business growth.
25% of the average B2B database contains critical errors according to SiriusDecisions.
This statistic from SiriusDecisions highlights that on average, 25% of the data within business-to-business (B2B) databases is compromised by critical errors. These errors can range from inaccuracies in contact information to outdated or incorrect company details. This emphasizes the importance of data quality management in B2B marketing and sales efforts, as relying on flawed data can lead to wasted resources, missed opportunities, and ineffective decision-making. Organizations must prioritize regular data cleansing, validation, and maintenance procedures to ensure the integrity and reliability of their databases for more successful B2B engagements.
MDM solutions in the healthcare and life science industry are expected to grow at the highest CAGR during the forecast period.
This statistic indicates that Master Data Management (MDM) solutions within the healthcare and life science industry are projected to experience the highest compound annual growth rate (CAGR) compared to other sectors over the forecast period. MDM solutions play a crucial role in managing and organizing vast amounts of data within these industries, which are highly data-driven and require precision and accuracy in their information handling processes. The expected high CAGR suggests a rising demand for MDM solutions in healthcare and life sciences as organizations seek to enhance data quality, streamline data management processes, improve decision-making capabilities, and comply with regulatory requirements. This growth trend highlights the increasing recognition of the importance of effective data management in delivering efficient and quality healthcare services and driving innovations in life science research and development.
The Asia Pacific region will grow at an exceptional pace with a CAGR of 30.1% in the MDM market from 2020 to 2027.
The statistic indicates that the Asia Pacific region is expected to experience rapid growth in the Master Data Management (MDM) market, with a Compound Annual Growth Rate (CAGR) of 30.1% from the year 2020 to 2027. This implies that the market size for MDM solutions in the Asia Pacific region is projected to more than double every two years during this period. Such a high CAGR suggests strong demand for MDM solutions in the region, likely driven by factors such as digital transformation initiatives, increasing data volumes, and a growing need to manage and leverage data effectively. This growth rate signifies significant opportunities for businesses operating in the MDM space in the Asia Pacific region over the specified time frame.
Conclusion
Master Data Management industry statistics provide valuable insights into the current trends and challenges in data management. By analyzing these statistics, businesses can make informed decisions to improve their data quality, reduce operational costs, and enhance overall performance. It is crucial for organizations to stay updated with the latest industry statistics to stay ahead in the competitive landscape of data management.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.forrester.com
2. – https://www.www.marketsandmarkets.com
3. – https://www.www.siriusdecisions.com
4. – https://www.www.alliedmarketresearch.com
5. – https://www.www.fortunebusinessinsights.com
