Master Data Management Market
Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Master Data Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Global Master Data Management Market is expected to reach a value of 26.71 billion by 2028 from $12.54 billion in 2022, growing at a CAGR of 13.5% during 2024-2028
Master data management (MDM) is a strategic approach that organizations use to ensure the consistency, accuracy, and reliability of their critical data, often referred to as master data. This data includes essential information about customers, products, employees, and other core aspects of the business. An effective MDM program encompasses people, processes, and systems, all working together to maintain the quality and coherence of master data.
The MDM solutions industry is poised for significant growth in the coming years, driven by advancements in technology like artificial intelligence, cloud computing, and machine learning. These technologies enhance data storage capabilities, enabling organizations to harness the power of extensive data sets. As technological innovations continue to evolve, the capacity to manage complex and cross-domain data increases, leading to a diverse set of customer requirements.
Modern organizations typically operate numerous systems, each housing valuable data related to customers, operations, or key performance indicators such as CRM and ERP systems. However, this often results in data silos, duplicated information, incomplete records, and an inconsistent view of the business. Managing data scattered across various systems and languages can make it challenging to answer even basic business queries, such as identifying the most frequently used services or the most profitable customers.
For instance, customer data like names, phone numbers, and addresses represent essential master data. While this data tends to be stable, occasional updates may be necessary, such as when a customer relocates or changes their name. Managing customer data becomes increasingly complex for organizations with a large customer base, and even minor errors can result in missed opportunities.
Customer data holds immense value as it facilitates communication with clients and provides critical insights for informed decision-making.
Use in BFSI Industry
BFSI verticals include businesses such as retail, corporate, investment banking service providers, NBFCs (non-bank financial companies), mutual funds, pension funds, insurance service providers, and other small financial companies.