Metadata Management Tools Market size projected to grow from USD 6.3 billion in 2021 to 15.1 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 19.0%.
Northbrook, IL -- (SBWIRE) -- 10/12/2021 -- According to a new market research report "Metadata Management Tools Market with COVID-19 Impact Analysis, by Component (Tools, Services), Metadata Type, Application (Data Governance, Risk & Compliance Management), Business Function, Deployment Mode, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the metadata management tools market size projected to grow from USD 6.3 billion in 2021 to 15.1 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. The major factors driving the growth of the metadata management tools market are the growing importance of centralized data management, the rising importance of metadata management in data security, and the increasing need for higher data quality and trusted analytics.
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Based on the Component, the tools segment to account for a larger market size during the forecast period
The metadata management tools market has been segmented by two components: tools and services. The deployment of metadata management tools has witnessed an increase in adoption, as it serves a variety of purposes, such as resource discovery and stringent non-compliance penalties on the breach of any confidential data that might be internal or external to the company in the developed countries of North America and Europe. The growing adoption of metadata management tools across all major verticals, such as retail, manufacturing, telecom and IT, and BFSI, fuel the growth of the metadata management tools market.
Based on application, the risk and compliance management segment is expected to hold the highest market size during the forecast period
The metadata management tools market has been segmented by application into data governance, risk and compliance management, incident management, product and process management and others (operations management, and employee performance data management). Among applications, the risk and compliance management segment is estimated to account for the largest market during the forecast period. Organizations use risk management applications to enhance their risk intelligence capabilities and address risk exposures.
Based on vertical, the BFSI segment is expected to hold the highest market size during the forecast period
Metadata management tools are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting metadata management tools and services include BFSI, retail and consumer goods, government, telecom and IT, healthcare, manufacturing, energy and utilities, and transportation and logistics, and other verticals. BFSI, by vertical segment, to account for a larger market size during the forecast period The need for data governance solutions to centralize data and maintain it in compliance with rules and regulations to avoid any financial loss is expected to support the market growth across the BFSI vertical.
North America to hold the highest market size during the forecast period
North America is estimated to account for the largest market share during the forecast period. In North America, data management and data governance solutions are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is witnessing a substantial rise in the adoption of metadata management tools owing to the increasing digitalization and rising demand for centrally managed systems.
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Major metadata management tools vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), ASG Technologies (US), Adaptive (US), Cambridge Semantics (US), CentricMinds (Australia), Collibra (US), Data Advantage Group (US), Informatica (US), GlobalIDS (US), TopQuadrant (US), Atlan (Singapore), erwin (US), Infogix (US), Syniti (US), Smartlogic (US), Solidatus(UK), Alation (US), Alex Solutions(Australia), Magnitude Software(US), Immuta (US), Data.World (US), Zeenea (France). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
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