MDM market benefiting from rising use of data quality tools
An increase in the use of data quality tools for data management is driving the overall growth of the master data management market, according to a recent report from Research and Markets.
MDM is used to manage an organization’s critical business data and to provide, along with data integration, a single point of reference for information. Data that’s mastered might include reference data and the analytical data that supports business decision making.
Companies can use MDM tools to remove duplicate data, standardize data and incorporate rules to keep inaccurate data from entering the system.
The MDM market is projected to grow from $9.5 billion in 2018 to $22 billion by 2023, at a compound annual growth rate (CAGR) of 18 percent during the forecast period.
In addition to the rising use of data quality tools, market growth is being driven by regulatory compliance requirements and increased demand for data integration, migration, and governance within enterprises.
MDM offerings are increasingly being adopted by organizations to effectively manage the growing volume of data to enhance productivity and maintain business continuity, according to the report.
By deployment type, the cloud segment is expected to see a higher growth rate than the on-premises segment during the forecast period. Cloud-deployed MDM software reduces the costs associated with upgrading and updating software, in comparison to on-premises deployed software, the report noted.