Modern MDM and Analytics Market: Expert Analysis & Key Insights

The Master Data Management and Analytics ecosystem caters to a diverse array of stakeholders, all of whom are in pursuit of organizational data adaptability and

October 16, 2023

The Master Data Management and Analytics ecosystem caters to a diverse array of stakeholders, all of whom are in pursuit of organizational data adaptability and competitive edge that stem from a unified, reliable, consistent, and enterprise-wide master data perspective. Small and medium-sized organizations can leverage this research piece to shape their MDM initiatives.

Overview

The field of data management and analytics has undergone significant transformation in recent years, driven by advancement in technology, the proliferation of data sources, and ever evolving business needs. We present to you an in-depth analysis of the Master Data Management and Analytics Market based on regions, applications, and types. Find expert insights and key findings tailored specifically for small and medium-sized enterprises. As data continues to grow exponentially, SMEs are finding themselves at the crossroads of an information revolution, with the potential to harness actionable insights from their company operations, customer interactions, and market trends. With a focus on this critical aspect of the business landscape, our analysis will shed light on the unique challenges and opportunities that SMEs encounter in their data journeys.

 

This analysis piece will explore intriguing findings and uncover trends that are reshaping the data management and analytics landscape. We will go over some of the top tools and technologies that can propel enterprises forward and help them achieve data excellence. You will gain a forward-looking perspective, anticipating how the MDM and analytics market is poised to evolve. This is an essential reading for consultants, business strategists, investors, and all those who are planning to foray into the market in any manner.

Interesting Findings: About MDM & Analytics Market

      • The global master data management market size is predicted to generate a revenue of around USD 34.5 million by 2027.
      • The MDM market size value worldwide will reach USD 30.67 billion by 2028 at a CAGR of 18.93%.
      • Gartner predicted a market shift towards the adoption of multidomain MDM requirements in its 2018 Magic Quadrant for Master Data Management Solutions.
      • 33% of business marketers agree that the right technologies for data collection and analysis are critical for understanding customer needs and expectations
      • The worldwide expenditure on data management technologies is projected to reach $315 billion by 2024.
      • The big data analytics market was greater than 35% last year.
      • In 2022, the global data analytics market size was USD 30 billion. It is predicted to reach over USD 393.35 billion by 2030.
      • Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, and Customer Analytics come the Data Analytics Market Segmentation.

MDM & Analytics Market Segmentation

Market Description

  • As per Gartner, Master Data Management is a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets. Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.

  • G2 defines Master Data Management as both a discipline and an infrastructure. It uses data governance models to create a trusted view of data as a discipline. As an infrastructure, MDM focuses on automating how organizations share, govern, and manage critical data across business lines. The end goal is to support business decisions with an authoritative data source.

  • Master data management is a comprehensive process and set of technologies that ensure the consistency, accuracy, and reliability of company’s critical data, often referred to as “master data.” The master data includes information such as product data, customer data, and employee data. All this information is shared across the organization. MDM enables effective data governance, data integration, facilitating better decision-making, reducing errors, and enhancing operational efficiency within the organization.

Significant Market Drivers

There is a growing demand for organizations to leverage data for precision targeting, enabling businesses to reach customers at their specific locations and deliver tailor-made customer satisfaction. The datadriven approach is geared towards optimizing consumer spending and enhancing brand recognition. Nonetheless, small and medium-sized companies frequently face a range of data obstacles that impede their capacity to fully capitalize on their data sources. SMEs often lack the financial means and manpower that large enterprises have to invest in advanced data infrastructure, analytics tools, and data expertise. With limited resources, it becomes difficult to invest in data quality measures, data security and compliance.

 

Moreover, the absence of a centralized data platform prevents businesses from obtaining a holistic understanding of both customer behavior and operational processes, leading to less-informed decisionmaking. Imagine a government agency collecting data on citizen interactions from numerous service points and online portals. Lack of a unified data platform can result in a fragmented understanding of citizen needs and preferences. Such fragmentation hinders the government’s capacity to efficiently allocate resources and address citizen concerns, ultimately affecting its ability to develop and implement data-driven policies that benefit the broader community.

 

The evolution of Master Data Management and Analytics, especially when integrated with cloud-based solutions, offers a comprehensive approach to overcoming the above-mentioned data challenges.

      • One of the primary benefits of cloud-native Master Data Management and Analytics is costeffectiveness. This eliminates the need for upfront hardware investments. Cloud solutions are scalable, allowing SMEs to expand their data management and analytics capabilities as they grow, without incurring substantial infrastructure costs.

      • Cloud-based MDM tools enhance data accessibility and collaboration as well. Users can manage their data from anywhere with an internet connection. Teams can collaborate in real-time, contributing to better data-driven decisions.

      • Modern MDM and Analytics solution providers invest heavily in data security measures, often surpassing what many SMEs can afford on their own. These platforms come with in-built compliance with regulations such as HIPAA, GDPR, and more. This reduces data breach and penalty risks, providing peace of mind while handling sensitive customer information. • Plus, the platforms incorporate AI/ML capabilities, enabling SMEs to discover latest patterns trends, and actionable insights within their data.

Concluding Notes

LumenData stands as a trusted partner in the realm of data management and analytics solutions, having forged strong alliances with some of the industry’s foremost cloud-based MDM and analytics providers including Informatica, Reltio, Snowflake, and Databricks. We are uniquely positioned to help organizations implement the core capabilities of these modern solutions.

Initiate a conversation today to navigate your data landscape with confidence.

About LumenData:

LumenData is a leading provider of Enterprise Data Management, Cloud & Analytics solutions. We help businesses navigate their data visualization and analytics anxieties and enable them to accelerate their innovation journeys. Founded in 2008, with locations in multiple countries, LumenData is privileged to serve over 100 leading companies, including KwikTrip, Versant Health, US Food & Drug Administration, US Department of Labor, Cummins Engine, BCG, and others. LumenData is SOC2 certified and has instituted extensive controls to protect client data, including adherence to GDPR and CCPA regulations.

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Authors

Authors:

Shalu Santvana

Content Crafter

Mohd Imran

Senior Consultant

Mohd Imran

Senior Consultant

Shalu Santvana

Content Crafter

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