According to a research report "Master Data Management Market by Component (Solutions & Services), Data Type, Deployment Type (Cloud & On-Premises), Organization Size (SMEs & Large Enterprises), Vertical (BFSI, Retail, Manufacturing, and Healthcare), and Region - Global Forecast to 2025" published by MarketsandMarkets, the global MDM market size is expected to grow from USD 11.3 billion in 2020 to USD 27.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. The major driving factors in the MDM market are an increase in the use of data quality tools for data management and the rising need for compliance.
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Rising need for remote and real-time insights from unstructured clinical data resulting healthcare vertical to account for the highest market share during the forecast period
The healthcare industry is undergoing extensive development due to advancements in technologies that are enhancing the overall industry. It is a comprehensive sector that has to deal with diverse clinical, administrative, and financial data on a daily basis. The industry is highly regulated and needs channelized data insights, improved data quality, and accurate clinical information which is consolidated through the deployment of MDM solutions. The data consists of comprehensive details about patients, physicians, employees, doctors, administrative staff, procedures, and inventory, among others.
Increasing the need to have a 360-degree view of enterprise data to enhance agility between business processes resulting in the solution segment to hold a larger market size
The MDM market, based on components, covers solutions, and services. MDM solutions are increasingly being adopted by organizations to efficiently manage the growing volume of data to enhance productivity and maintain business continuity. The proliferation of data has led vendors, such as IBM, SAP, Oracle, and Informatica, to develop and design MDM solutions as well as help the IT team simplify and manage master data. Vendors in the market are offering MDM solutions, thereby facilitating automated management of master data without human intervention. These solutions provide the users with in-depth insights into product lifecycle, vendor listing, multi-domain customer requirements, and inventory data. This consolidated master data also provides the users with information that helps them improve their customer experiences, accelerate their analytical and transactional operations, and make faster business decisions.
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