Master Data Management is nothing but the proper handling of organizational data to store and provide from a single point of access. The master data may include the set of permissible values and analytical information to improve the decision-making capabilities. Master Data Management will help in eliminating the duplicates, standardize data, and add rules to reduce incorrect entries into the computing system while creating a source for master data.
The global master data management is expected to cross USD26 billion by 2020, with a compound annual growth rate (CAGR) higher than 23%. The need for a single repository to store the humungous amount of data and maintain proper consistency, master data management software and services are widely used across the world. By offering a single point of reference to the view, process, track, and control the master record, the consolidated master data has tremendously helped the users in improving the decisions related to their businesses.
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The master data management on the cloud with the availability of various applications, processes, and services, will provide several commercial benefits like rapid deployment, protected environment, scalability and low operational expenses. Steadily the market data management is switching to cloud as it has proven to offer increased productivity and improved customer experience. The cloud-based master data management is expected to cross USD9 billion by 2024 with an annual growth rate of over 34% from 2017.
Massive amounts of data collected by the organizations must require a proper data analysis and storage mechanisms. Big data will help in solving that issue in master data management. The integration of big data with master data management helps the enterprises to convert big data to secured data by authentication, where information will be transferred to master data management systems from big data technology and from there to master data descriptions.
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Several growth factors like demand for centralized data management, increase in the need for authorization and verification, and the requirement to improve the business processes and quality of data are fuelling the growth of global master data management market. On the contrary, the lack of awareness about data security, governance, and management among the users is primarily limiting the exponential growth of the market.
As of now, leading companies are investing in research and development to improve their master data management systems and increase the customer base. Joint ventures, mergers, and acquisitions in contemporary times has benefitted the companies in increasing their range of products and increase market revenue.
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