Pune, India -- (SBWIRE) -- 03/02/2019 -- The master data management market size is projected to grow from USD 9.5 billion in 2019 to USD 22.0 billion by 2026, at a CAGR of +19% from 2019 to 2026. The major growth drivers for the market include the increasing use of data quality tools for data management and the rising need for compliance.
Key players such as IBM (US), Oracle (US), SAS Institute (US), Teradata (US), Informatica (US), Talend (US), TIBCO Software (US), and Riversand (US), along with several start-ups in the region are offering enhanced master data management solutions & services to cater the needs of customers.

The major vendors covered in the master data management market include IBM (US), SAP (Germany), Oracle (US), SAS Institute (US), Teradata (US), Informatica (US), Talend (US), TIBCO Software (US), Riversand (US), SyncForce (Netherlands), Profisee Group (US), Reltio (US), Semarchy (US), Stibo Systems (Denmark), and EnterWorks (US).

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Market segment by Type, Master Data Management (MDM) can be split into
Customer Centric MDM
Enterprise Centric MDM
Supply Centric MDM

Market segment by Application, Master Data Management (MDM) can be split into
Banking,Finance and Insurance (BFSI)
IT & Telecommunications
Health Care
Energy and Utility
Transportation and Logistics
Manufacturing
Retail

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If bad data is processed and used by your organization, the system will detect incorrect data, which will increase the amount of time it takes to rework and modify data. With the advent of the Internet of Things (IoT) technology and the widespread adoption of social media, the need to effectively process data has become increasingly important across the industry.

North America expected to hold a substantial share in the overall market:
Depending on geographic location, the global master data management market is divided into North America, South America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to account for more than 50% of the global market in 2026, followed by Europe. The US master data management market accounted for the largest portion of the Canadian market due to increased spending on IT solutions in the region. In Europe, government spending growth in the UK, Germany, and France is one of the main reasons for large cloud adoption in European public and private sectors. As part of its strategy, some vendors are investing in the development of tools related to specific applications and focus on new product development, partnerships and mergers and acquisitions to broaden the geographic reach of the global master data management market.

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