Albany, NY -- (SBWire) -- 08/06/2018 --Efficient management of data is of great essence for enterprises. With master data management (MDM) tools, enterprises are able to avoid and remove duplication, incorporate new rules, and maintain a standard throughout the organization. MDM tools provide a control over the processes, policies, and governance, which in turn defines and manages critical data that is generated by an organization, acting as a single point of reference.
MDM BPO provides services for collecting, aggregating, matching, quality-assuring, and consolidating this data for ensuring consistency and control in ongoing maintenance and application. Master data management solutions helps companies in various aspects such as data consolidation, harmonization, central MDM, rich product content management, customer data integration, and global data synchronization.
According to this business intelligence study, the demand in the global master data management BPO will increment at an impressive CAGR of 13.4% during the forecast period of 2017 to 2025.
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The indispensable need for a centrally managed mode of data processing is the primary driver of the global master data management BPO market. Organizations are frequently adopting new automation methods to achieve greater efficiency and hence, a tool or software is required that can be customized accordingly. The demand for MDM BPO is also gaining traction from increasing incidences of data breach and cyber-attacks.
Emergence of the Internet of Things (IoT) is also expected to open new revenue avenues in the master data management BPO market. On the other and, strong lack of awareness regarding the advantages offered by MDM BPO is obstructing the market from flourishing.
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Multi-Domain MDM Solutions Providing Substantial Demand
Based on component, the master data management market has been segmented into software and services. While the software component segment has been sub-segmented into cloud and on-premise, the services component include consulting, system integration, operation and maintenance and master data management services BPO. Among these, the software segment is anticipated to see decent growth during the forecast period.
This is primarily due to rising demand of on-premise and cloud solutions in developing countries on the back of spuring growth of multiple end-use industries, especially manufacturing, healthcare, and IT & telecommunication. On the basis of solution, MDM BPO market has been bifurcated into product data solution, customer data solution and multi-domain MDM solution. Among these multi-domain MDM solution is expect to hold decent share during the forecast period.
End-use industry is classified into automotive, Banking, Financial Services, and Insurance (BFSI), IT & telecom, manufacturing and retail. IT and Telecom industry currently holds the largest share amongst them.
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Strong Demand Anticipated to Bloom out of Asia Pacific in Near Future
Master data management BPO has been gaining strong adoption among enterprises in North America region. North America dominated the Master data management BPO services market in 2017, providing for opportunities that translated into a revenue of US$2,059.4 mn in 2017.
Among North American countries, the U.S. was the major contributor, considering the established network infrastructure and presence of MDM service providers. High concentration of IT and telecom organizations and network developments in the U.S. is further aiding the adoption of BPO MDM services in the region.
Europe is likely to experience healthy growth in terms of the demand for MDM BPO services too in the near future, driven by countries such as the U.K., Germany, and France. This is mainly due to the presence of large number of vendors and resellers in the Europe master data management (MDM) BPO market, particularly for cloud based software services.
Asia Pacific is anticipated to be a high potential market for master data management BPO during the forecast period (2017 – 2025). Technologically advanced countries such as Japan and China are the major contributors to the adoption of MDM as a data management process in the region. Moreover, global master data management service vendors are emphasizing on expanding their presence in Asia Pacific by targeting potential markets in countries such as India, Japan, and China.
Accenture, Capgemini SE, Riversand, Reltio, Informatica Corporation, Stibo Sysytem, Inc, Spacepage, Tibco Software, Almaviva, Atos SE, Tata Communication Services, Ltd. and Almaviva are some of the notable vendors in the global master data management BPO market.
Master Data Management Market to Expand at a Robust CAGR of 13.4% by 2025