USD 79.7 billion
Report ID: SQSG45B2012 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 87 | Figures: 76
Enterprise Data Management Market size was valued at USD 79.7 billion in 2021 and is poised to grow from USD 89.34 billion in 2022 to USD 249.76 billion by 2030, growing at a CAGR of 12.10% in the forecast period (2023-2030).
The Enterprise data management market is expected to experience significant growth in the coming years, driven by the increasing adoption of data management applications in organizations. The rise in demand for data management is a result of the need to handle large data sets, perform data integration, conduct data profiling, ensure data quality, and manage metadata effectively. These challenges have prompted organizations to invest in data management solutions to enable efficient sharing, consistency, reliability, and information management for critical decision-making processes. This is anticipated to be a major driver for market growth. However, data privacy concerns are expected to hinder the growth of the market during the projected period. Many businesses rely on open source software for data management, which involves various procedures and algorithms. If data is not adequately safeguarded, hackers can easily access the source code, as most procedures and algorithms are operated through open sources. Ensuring robust data security measures will be crucial to overcome this obstacle, as data breaches can have severe consequences.
Addressing data privacy concerns will be vital to fostering market growth in the predicted year. Moreover, there is increasing consumer demand for business data management solutions that enable the generation of valuable insights from unstructured or redundant data. These solutions facilitate effective data management across departments within an organization. As organizations place greater emphasis on ensuring timely and accurate information, the demand for enterprise data management solutions is expected to rise. These factors are projected to drive the growth of the global corporate enterprise data management market during the forecast period.
US Enterprise Data Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 79.7 billion
Largest Segment
Software
Fastest Growth
Software
Growth Rate
12.10% CAGR
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Global Enterprise Data Management Market is segmented on the basis of component, service, deployment, enterprise size, end user, and region. By component, the market is segmented into software and services. By service, the market is segmented into managed services and professional services. By deployment, the market is segmented into cloud and on-premise. By enterprise size, the market is segmented into small & medium enterprise (SME) and large enterprise. By end user, the market is segmented into it & telecom, BFSI, retail & consumer goods, healthcare, manufacturing, and others (government, transportation, education, real estate, and media & entertainment). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Component
In 2022, the software segment emerged as the largest contributor, accounting for over 76.10% of the total revenue in the enterprise data management market. This growth can be attributed to the increasing expenditure by end-use enterprises to enhance their digital infrastructure and the advancements made in cloud analytical tools. The rapid progress in technologies like Artificial Intelligence (AI), Machine Learning (ML), cybersecurity, blockchain, cloud computing, and Robotic Process Automation (RPA) has created significant opportunities for enterprise software. Integrating these technologies into enterprise software enhances its efficiency and adaptability, fostering a positive industry outlook.
On the other hand, the service segment is expected to experience a steady compound annual growth rate (CAGR) during the forecast period. Enterprise Data Management (EDM) services encompass a comprehensive range of offerings designed to address the complexities associated with managing business data. These services enable organizations to gain quick, contextual, and empowered insights, allowing them to tackle complex business challenges effectively. EDM services also assist businesses in reducing operational costs, improving efficiency, and focusing on their core competencies. Concerns regarding data security and privacy protection are key drivers behind the adoption of EDM services across various industries and verticals.
Analysis By End User
In 2022, the IT & telecom segment dominated the enterprise data management market, accounting for a significant share of 26.8%. The increasing need to enhance organizational effectiveness and streamline documentation processes for reviewing operations and IT services are driving the demand for enterprise data management (EDM) solutions among IT & telecom industry players. Telecom operators, in particular, are focusing on developing cost-effective NextGen products within tight timelines due to ongoing convergence and access to advanced technologies. EDM solutions and services offer valuable support in managing complex databases that undergo frequent changes in the dynamic business environment of the IT & telecom industry. This is expected to further fuel the demand for EDM solutions from IT & telecom operators.
On the other hand, the BFSI (Banking, Financial Services, and Insurance) segment is projected to witness significant growth with a substantial compound annual growth rate (CAGR) during the forecast period. Implementing EDM solutions can help BFSI incumbents in effectively managing enterprise-wide risks, improving sales and marketing operations, tracking and monitoring finance and accounting procedures, and ensuring compliance with various regulations. Banking institutions worldwide have adopted advanced agile methods to secure their data and ensure data quality accuracy. These technological advancements are driving the adoption of EDM solutions across the BFSI industry.
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In 2022, the North America region emerged as the dominant market in the enterprise data management industry, accounting for the largest share of 36.5% in terms of overall revenue. The region's market growth can be attributed to the increasing demand for risk management solutions and the growing need for timely and accurate information. Several prominent companies in North America, including Amazon Web Services, Oracle, and IBM, are placing strong emphasis on digital transformation and are often at the forefront of adopting next-generation technologies such as Internet of Things (IoT), big data analytics, Artificial Intelligence (AI), and machine learning. For example, in May 2021, IBM Corp. acquired Catalogic Software, a leading provider of data protection and copy data management solutions across industries. This acquisition enables Catalogic Software to focus on developing data security and enterprise and cloud data protection solutions. The continued adoption of these advanced technologies by enterprises in the region contributes to the positive market growth outlook.
On the other hand, the Asia Pacific region is projected to exhibit the fastest compound annual growth rate (CAGR) during the forecast period. This growth is driven by the expansion of industry verticals in the region and the increasing adoption of big data solutions. The rising popularity of cloud computing and the resulting emphasis on improving operational efficiency in large enterprises and Small and Medium-sized Enterprises (SMEs) are expected to drive the demand for enterprise data management (EDM) solutions. Various governments in the region are encouraging software companies to develop free and open-source software for remote data management and access, which further contributes to the demand for EDM solutions. Overall, the Asia Pacific region presents significant growth opportunities in the EDM market due to its expanding industry landscape and the need to harness the power of data effectively.
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Drivers
Increasing Focus on Data-driven Decision Making
Restraints
Integration Complexity and Legacy Systems
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The global enterprise data management market is highly competitive and characterized by the presence of several key players. Companies operating in this market focus on developing innovative solutions to meet the evolving data management needs of organizations across various industries. Some of the major players in the market engage in strategies such as mergers and acquisitions, partnerships, collaborations, and product launches to strengthen their market position and expand their customer base. Additionally, technological advancements, particularly in areas like AI, ML, cloud computing, and cybersecurity, are key areas of focus for these players as they seek to provide robust and comprehensive enterprise data management solutions to their clients.
Enterprise Data Management Market Top Players Company Profiles
Enterprise Data Management Market Recent Developments
In November 2022, IBM Corp. unveiled Business Analytics Enterprise, a comprehensive suite of tools designed to enhance business intelligence capabilities. This suite includes features such as planning, forecasting, budgeting, and dashboard functionalities, aimed at empowering enterprises to dismantle data and analytics silos. By breaking down these barriers, organizations can make informed decisions based on data insights more efficiently and effectively. This suite enables enterprises to navigate through unpredictable disruptions and respond promptly with data-driven strategies.
Artificial Intelligence and Machine Learning: AI and machine learning technologies are transforming enterprise data management. These technologies can automate data profiling, data cleansing, and data integration tasks, reducing manual effort and enhancing data quality. AI-powered analytics also enable organizations to uncover valuable insights from their data, driving business growth and innovation. For instance, a financial services firm may utilize AI algorithms in an enterprise data management solution to automate fraud detection and risk assessment processes.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Enterprise Data Management Market analyses, the global enterprise data management market is experiencing substantial growth and is expected to continue expanding in the coming years. The market is being driven by the increasing adoption of data management solutions by organizations to handle large data sets, improve data integration, ensure data quality, and manage metadata effectively. The demand for enterprise data management is also fueled by the growing need for sharing, consistency, and reliability of information for critical decision-making processes. Additionally, advancements in technologies like AI, ML, cybersecurity, blockchain, cloud computing, and RPA are creating significant opportunities for enterprise software and enhancing the efficiency and adaptability of data management solutions. However, data privacy concerns remain a key challenge for the market, emphasizing the need for robust security measures.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 79.7 billion |
Market size value in 2030 | USD 89.34 billion |
Growth Rate | 12.10% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Enterprise Data Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Enterprise Data Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Enterprise Data Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWThe key element of enterprise data management (EDM) is data governance. Data governance is the set of policies, processes, and structures that ensure that data is managed effectively within an organization. It includes activities such as data quality management, data security, and data compliance.
Enterprise data management (EDM) and Infrastructure as a Service (IaaS) are two different approaches to managing data. EDM is a holistic approach that encompasses the entire data lifecycle, from collection to storage to analysis. IaaS is a more focused approach that provides the underlying infrastructure for storing and managing data.
Achieving enterprise data management can be challenging due to various factors. Some of the main challenges include ensuring data quality, integrating data from different sources, protecting data security, establishing data governance policies, designing a scalable data architecture, developing data analytics capabilities, and ensuring compliance with data privacy regulations.
Enterprise data management initiatives typically focus on key activities such as data governance, data quality management, data integration, and master data management. Data governance involves establishing policies and procedures for managing data. Data quality management ensures that data is accurate, complete, and consistent. Data integration involves integrating data from different sources into a single view. Master data management creates a single source of truth for key data elements. These activities are critical for effective enterprise data management.
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Product ID: SQSG45B2012