A recently added report by Persistence Market Research (PMI), titled, “Global Market Study on Master Data Management: Public Cloud Deployment of MDM Solutions to Gain Traction during 2017–2022,” throws light on important aspects of the market. It discusses in-depth the different growth drivers and restraints molding the growth path of the market, its size, and prospects going forward. It unravels the competitive dynamics in the market by leveraging popular analytical tools.
The report uncovers that the global master data management market will likely expand at a robust pace in the next couple of years to surpass a value of US$8.6 bn by 2022-end.
Master data management (MDM) is often leveraged by an organization to build a single master reference source for all crucial business data, thereby bringing down the chances of errors and redundancy in business processes. MDM solutions entail wide-ranging data cleansing, transformation, and integration practices. As data sources are added to the system, MDM initiates processes to identify, collect, transform, and repair data.
Master data management (MDM) has myriad benefits. For starters, it is a source of accurate and up-to-date data. It eliminates supply chain inefficiencies and helps to save operation costs by thwarting redundancies resulting from various, conflicting sources of information. For large organizations that have multiple sources of information, the associated costs can be steep. MDM can go a long way in synchronizing business information for them and enabling them to navigate through unchartered markets in future. Both dominant multinationals as well as smaller regional players are expected to bank upon master data management to lessen database-related issues.
Surge in Public Cloud Deployment of Master Data Management
Creating a unique customer database is critical for managing the new application suites in an IT-oriented business. Other enterprises are also boosting the importance of non-barricaded, open-ended deployment of MDM solutions.
On the basis of deployment, the global market for master data management will continue to witness predominance of public-level data disposal through cloud networking. By the end of 2017, nearly three-fourth of global market for master data management value will be accounted by public cloud deployment. The adoption of MDM solutions through on-premise deployment will dwindle towards the end of 2022.
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