The global master data management marketwas valued at US$ 4,677.6 Mn in 2017 and is expected to expand at a CAGR of 15.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Master Data Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 10%. The global master data management market is mainly driven by rising strict regulatory compliances within enterprises.
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Master data management is an essential part of data management in organizations. Appropriate master data management helps users access accurate data related to products and customers, which further facilitates organizations to carry out business operations. The Internet of Things (IoT) revolution has been vital in supporting the growth of the master data management market since governing master data has become a critical and essential part of data management. Rapid growth in businesses being conducted online has fuelled the demand for master data management solutions globally. The rapidly growing e-commerce industry relies largely on accurate management of master data. E-commerce industry revenues have grown exuberantly during the past five years. This has led organizations operating in this sector to ramp up investments in upgrading their IT infrastructure.