Master data management (or MDM) in business consists of different solutions, services, and standards which help enterprises manage their master data. Master data comprises confidential and critical business data regarding customers, products, financial transactions, suppliers, and others. Emergence of MDM has enabled enterprises to collate and manage master data and utilize it for data analytics and effective decision making.
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MDM enhances operational efficiency of organizations along with improved decision making capabilities. MDM makes it convenient to use data for different business operations as to boost operational as well as business performance and offer enhanced customer services.
The master data management market is segmented in terms of applications, end users, deployment models, industries, and geography. In terms of application, the market is segmented into product data, supplier data, customer data, and others. The deployment models favoured by enterprises consists of on premise and cloudbased model.
Small and medium business enterprises and large enterprises are considered to be a major end users of the market. Industries served by the master data management market include BFSI, IT and telecom, media and entertainment, healthcare, retail, manufacturing, and others. Regions expected to observe tremendous growth in the MDM market are North America, Europe, Asia-Pacific and LAMEA.
In recent times, major master data management market players are seen investing generously in research and development. Likewise, these brands are also exploring new markets to make their presence felt and increase their customer database.
Business strategies such as joint venture, and acquisitions and mergers have further helped the prominent vendors to expand their product portfolio. Some of the many prominent leaders include of IBM Corporation, Tibco Software, SAP AG, SAS Institute Inc., Riversand Technologies, Teradata Corporation and others.
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