New York - October 5, 2010 - The total market for customer and product hubs plus implementation services will reach $2 billion by 2012, according to research from the MDM Institute. The findings were made public at the MDM Summit conference sponsored by Information Management.
MDM Institute Chief Research Officer Aaron Zornes identified key MDM drivers in 2011 as provisioning “substantive amounts of master data governance;” partnering with faithful service providers; and betting on a most-proven or likely favorite MDM solution.
Master data governance challenges include breaking down functional and organizational stovepipes; integrating processes across LOBs, functional areas and regions; evolving stakeholders from data ownership to stewardship; and overcoming lace of process integration in data governance for MDM.
Based on areas of an improving economy and deadlines for increasing regulatory requirement, “businesses are now recognizing opportunity to take a more strategic view of enterprise data governance,” Zornes said.
The MDM Institute’s findings are comparable but slightly more conservative than results from Forrester Research, which estimates $2.2 billion software revenues this year; and Gartner, which finds PIM and customer master software revenues potentially exceeding $2 billion in 2012.