Master Data Management Market Size 2016:

Master Data Management (MDM) is a comprehensive approach that allows organizations to link all their critical data, such as customer, product, and financial information, in a single repository. This helps businesses to have a unified and accurate view of their data, resulting in improved decision-making and operational efficiency. In 2016, the global market size of Master Data Management was estimated to be worth $9.47 billion.

The need for effective data management has become paramount in today’s digital age. With the advent of big data and the increasing complexity of business operations, organizations are faced with the challenge of managing large volumes of data and ensuring its accuracy. This is where Master Data Management plays a crucial role. It helps companies to consolidate and integrate their data from various sources, enabling them to have a holistic view of their business.

In 2016, the Master Data Management market experienced significant growth due to the increasing adoption of cloud technology and the rising demand for data-driven decision-making. According to a study conducted by MarketsandMarkets, the MDM market was expected to grow at a CAGR of 22.6% during the period of 2016-2021.

One of the key factors driving the market growth was the need for better customer experience. In today’s highly competitive business landscape, organizations strive to deliver personalized and seamless customer experiences. Master Data Management allows companies to have a 360-degree view of their customers by integrating data from various touchpoints, such as CRM systems, social media, and transactional data. This enables businesses to gain insights into customer behavior, preferences, and purchase history, leading to improved customer engagement and loyalty.

Another compelling statistic associated with Master Data Management is the reduction in operational costs. According to a research report by Gartner, implementing MDM solutions can result in a 20% reduction in operational costs. By eliminating data duplication and ensuring data accuracy, organizations can streamline their business processes and avoid costly errors. This not only saves time and resources but also improves overall operational efficiency.

Furthermore, the market size of Master Data Management in 2016 was also influenced by the increasing adoption of Software-as-a-Service (SaaS) model. With the cloud-based MDM solutions, organizations could easily deploy and scale their data management infrastructure without significant upfront investments in hardware and software. This made MDM more accessible to small and medium-sized enterprises, driving the market growth.

In summary, in 2016, the Master Data Management market witnessed substantial growth, fueled by factors like the need for better customer experiences, cost reduction, and the adoption of cloud technology. As businesses continue to face increasing volumes and complexity of data, the significance of Master Data Management is expected to grow even further in the coming years, making it an integral part of any organization’s data management strategy.

What was the Market Size of Master Data Management in 2016 and How Does it Impact Online Advertising Services?

Master Data Management (MDM) refers to the process of collecting, organizing, and managing a company’s critical data to ensure consistency, accuracy, and reliability across different systems and applications. It involves creating a master dataset that acts as the single source of truth for all data-related activities within an organization.

In 2016, the market size of Master Data Management was recorded and it had a significant impact on online advertising services and advertising networks. The increasing need for efficient data management and the growing importance of data-driven marketing strategies played a crucial role in shaping the MDM market in 2016.

The main advantage of implementing MDM for online advertising services is the ability to have a unified and accurate view of customer data. By consolidating data from various sources, such as customer relationship management (CRM) systems, social media platforms, and website analytics, organizations can gain deep insights into their customers’ preferences, behaviors, and buying patterns. This, in turn, enables advertisers and marketers to deliver personalized and targeted advertisements to the right audience at the right time, leading to higher conversion rates and better ROI.

Additionally, MDM allows advertisers to maintain data quality by eliminating duplicates, inconsistencies, and inaccuracies in customer information. This is particularly important in the online advertising landscape, where businesses gather data from multiple touchpoints and channels. With MDM, organizations can ensure that their customer data is reliable, up-to-date, and standardized, resulting in improved campaign performance and customer satisfaction.

Furthermore, an effective MDM strategy facilitates seamless integration and interoperability between different advertising platforms and systems. It enables advertisers to connect data from various sources and applications, such as ad servers, demand-side platforms (DSPs), and customer data platforms (CDPs), to create a centralized data repository. This centralization simplifies the process of data analysis, segmentation, and targeting, allowing marketers to optimize their advertising campaigns and achieve better results.

The market size of Master Data Management in 2016 was driven by the increasing adoption of cloud-based MDM solutions. Cloud-based MDM offers several advantages over traditional on-premise solutions, including scalability, flexibility, lower upfront costs, and ease of implementation. As organizations increasingly move their data management infrastructures to the cloud, the demand for cloud-based MDM solutions grew significantly in 2016.

Moreover, the rising importance of data governance and compliance regulations also impacted the MDM market in 2016. Organizations across various industries, including advertising and marketing, are facing stricter regulatory requirements concerning data privacy, security, and consent. MDM helps businesses meet these regulations by ensuring data accuracy, providing audit trails, and enabling data lineage, thereby reducing the risk of non-compliance and potential fines.

In conclusion, the market size of Master Data Management in 2016 demonstrated the growing relevance of efficient data management in the digital advertising industry. Implementing MDM not only enables online advertising services and advertising networks to have a unified and accurate view of customer data, but it also ensures data quality, facilitates integration with different platforms, and helps meet regulatory requirements. These advantages contribute to improved advertising campaign performance, enhanced customer satisfaction, and better ROI for businesses operating in the online advertising space. In the next part of this article, we will delve deeper into the various aspects of Master Data Management and how it can revolutionize your advertising strategies. Stay tuned!

Master Data Management Market Size 2016

The year 2016 was a significant year for the master data management (MDM) market as it witnessed remarkable growth and expansion. As organizations increasingly recognize the value of their data, the need for effective MDM solutions became evident. Such solutions enable businesses to consolidate, manage, and govern their master data, ensuring its accuracy, consistency, and integrity.

Growing Need for MDM Solutions

In 2016, companies across various industries faced numerous challenges related to data management. The volume, variety, and velocity of data being generated were growing exponentially, making it difficult for organizations to maintain a single source of truth. Fragmented data across disparate systems led to inefficiencies, errors, and inaccuracies that hampered business operations.

To address these challenges, many businesses turned towards MDM solutions to centralize and harmonize their master data. The MDM market size in 2016 was impacted by the increasing demand for these solutions, driven by the need for data accuracy, improved decision-making processes, and compliance with regulatory requirements.

Market Growth and Adoption

The MDM market experienced significant growth in 2016, with organizations prioritizing investments in data management tools and technologies. According to research conducted by Grand View Research, the global MDM market was valued at USD 9.09 billion in 2016.

This growth can be attributed to several factors. First, the rise of cloud computing and big data analytics necessitated efficient data management practices. MDM solutions provided businesses with the means to leverage their data for strategic decision-making and gain a competitive edge in the market.

Second, the increasing emphasis on data governance and compliance further propelled the adoption of MDM solutions. Organizations realized the criticality of maintaining accurate and reliable master data to ensure regulatory compliance, risk mitigation, and efficient business processes.

Market Segmentation

The MDM market can be segmented based on deployment type, industry vertical, and region. In terms of deployment, both on-premises and cloud-based MDM solutions were in high demand in 2016. While on-premises deployments provided businesses with complete control over their data, cloud-based solutions offered greater scalability, flexibility, and cost efficiencies.

Based on industry vertical, the MDM market served a wide range of sectors, including banking, financial services, healthcare, manufacturing, retail, and others. Each industry had specific data management needs, such as regulatory compliance requirements or the need for accurate customer data for personalized marketing campaigns.

In terms of geography, North America held the largest market share in 2016, followed by Europe and Asia Pacific. The dominance of these regions can be attributed to the presence of established businesses, a strong IT infrastructure, and high adoption of advanced technologies.

Key Players in the MDM Market

Several key players dominated the MDM market in 2016, offering comprehensive solutions and services to organizations. These players included IBM Corporation, Informatica Corporation, Oracle Corporation, SAP SE, and Teradata Corporation. Each of these vendors had established their position in the market through their robust MDM offerings and extensive customer base.

The Future of MDM

The MDM market continued to experience growth beyond 2016, with increasing demand for advanced MDM solutions. As the volume and complexity of data continue to rise, organizations are expected to invest more in data governance and MDM solutions to ensure data quality and consistency.

According to a report by Market Research Future, the global MDM market is projected to reach USD 25.55 billion by 2023, with a compound annual growth rate (CAGR) of 19.3% during the forecast period from 2017 to 2023. This growth can be attributed to factors such as increasing data-driven decision-making, regulatory compliance requirements, and the proliferation of IoT devices.

The key players in the market are anticipated to continue developing innovative solutions, incorporating technologies such as artificial intelligence (AI) and machine learning (ML) to provide enhanced data management capabilities. These advancements will enable organizations to gain deeper insights from their data and drive more informed business decisions.

In conclusion, the master data management market size in 2016 experienced significant growth driven by the need for data accuracy, compliance, and improved decision-making. The market continues to expand, with the future outlook promising further growth and advancements in MDM solutions.

Key Takeaways from the Master Data Management Market Size 2016

The Master Data Management (MDM) market saw significant growth in 2016, driven by the increasing need for organizations to effectively manage and leverage their data assets. This article aims to provide key insights into the MDM market size in 2016, highlighting important trends and opportunities for online advertising services and advertising networks.

1. Rapid Growth in the MDM Market

The MDM market experienced rapid growth in 2016, with a significant increase in demand for MDM solutions across various industries.

2. Increasing Adoption of MDM Solutions

Organizations recognized the importance of MDM in unlocking the value of their data and hence, there was a surge in the adoption of MDM solutions.

3. Growing Awareness of Data Governance

Companies began to understand the criticality of data governance and its role in ensuring the accuracy, consistency, and security of master data.

4. Integration of Big Data and MDM

There was a growing trend of integrating Big Data analytics with MDM solutions, enabling organizations to derive valuable insights from their master data.

5. Cloud-based MDM Solutions on the Rise

Organizations embraced cloud-based MDM solutions due to their scalability, flexibility, and cost-effectiveness compared to traditional on-premise solutions.

6. Vendor Consolidation in the MDM Market

The MDM market witnessed vendor consolidation, with larger players acquiring smaller ones to expand their product offerings and cater to evolving customer needs.

7. Increased Focus on Data Quality Management

Enterprises recognized the significance of data quality management in ensuring the accuracy and reliability of their master data, leading to the adoption of MDM solutions.

8. Rise of Industry-specific MDM Solutions

MDM solutions tailored for specific industries gained traction as organizations sought industry-specific data models and workflows to meet their unique requirements.

9. Integration of MDM with CRM and ERP Systems

The integration of MDM with Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) systems gained momentum, enabling organizations to achieve a unified view of their data.

10. Strong Demand for MDM Services

Alongside MDM software solutions, there was a strong demand for MDM services such as consulting, implementation, and support.

11. Increased Adoption in Healthcare Sector

The healthcare sector witnessed a significant adoption of MDM solutions to improve patient data management, regulatory compliance, and research capabilities.

12. North America Dominated the MDM Market

North America emerged as the dominant market for MDM, fueled by the presence of major technology vendors and growing investments in data management.

13. Asia Pacific Showed Strong Growth Potential

Asia Pacific exhibited significant growth potential in the MDM market, driven by the increasing digitization of businesses and the adoption of data-driven strategies.

14. Increasing Importance of MDM in Marketing

Marketers recognized the importance of accurate and consistent customer data for targeted marketing campaigns, leading to the increased adoption of MDM solutions in the marketing industry.

15. Future Outlook: Continued Growth and Innovation

The MDM market is expected to witness continued growth and innovation, with advancements in technologies such as Artificial Intelligence (AI) and Machine Learning (ML) driving the evolution of MDM solutions.

These key takeaways provide a snapshot of the Master Data Management market size in 2016 and highlight the relevance of MDM solutions for online advertising services and advertising networks. The subsequent sections of this article will delve deeper into the trends, drivers, and challenges shaping the MDM market in 2016, providing further insights for advertising professionals.

FAQs about Master Data Management Market Size 2016

1. What is Master Data Management (MDM)?

Master Data Management (MDM) is a comprehensive approach to managing and harmonizing an organization’s critical data, such as customer, product, and supplier information, across different systems and departments.

2. Why is Master Data Management important for online advertising services?

Master Data Management is crucial for online advertising services as it helps ensure accurate and consistent customer data across different advertising systems and platforms, enabling targeted and personalized advertising campaigns.

3. How does Master Data Management impact advertising network performance?

Master Data Management directly affects advertising network performance by improving data quality, reducing duplicate records, and providing a unified view of customers, allowing advertising networks to deliver more effective and efficient campaigns.

4. What factors contribute to the growth of the Master Data Management market?

The growth of the Master Data Management market is driven by factors such as increasing data volumes, the need for data governance and compliance, demand for personalized customer experiences, and the adoption of cloud-based MDM solutions.

5. What are the key benefits of implementing Master Data Management?

Implementing Master Data Management offers several benefits, including improved data quality, increased operational efficiency, enhanced customer experiences, better decision-making, and reduced compliance risks.

6. How does Master Data Management enable targeted advertising campaigns?

Master Data Management enables targeted advertising campaigns by providing a single, accurate view of customer data, including demographics, preferences, and past interactions, allowing advertisers to segment and target specific customer segments effectively.

7. What challenges do organizations face when implementing Master Data Management?

Organizations often face challenges such as data governance issues, data silos, lack of stakeholder buy-in, data security concerns, and the complexity of integrating MDM solutions with existing systems during the implementation of Master Data Management.

8. What are some popular Master Data Management vendors in the market?

Some popular Master Data Management vendors in the market include Oracle, IBM, Informatica, SAP, Talend, Stibo Systems, and Riversand Technologies.

9. Is Master Data Management only relevant for large enterprises?

No, Master Data Management is not limited to large enterprises. Businesses of all sizes can benefit from implementing MDM solutions to improve data quality, streamline operations, and enhance customer experiences.

10. Can Master Data Management help with data compliance requirements?

Yes, Master Data Management plays a significant role in helping organizations meet data compliance requirements, such as GDPR, by ensuring data accuracy, providing audit trails, and centralizing data management processes.

11. How does Master Data Management impact customer segmentation?

Master Data Management enables organizations to create more accurate and granular customer segments based on comprehensive data, leading to more targeted and personalized advertising campaigns.

12. Is Master Data Management a one-time implementation process?

No, Master Data Management is an ongoing process. While the initial implementation sets up the foundation for data management, organizations need to continually maintain and improve their MDM systems to ensure data integrity and relevance.

13. Can Master Data Management help prevent duplicate advertising spend?

Yes, Master Data Management minimizes the risk of duplicate advertising spend by identifying and resolving duplicate customer records and ensuring that advertising campaigns are properly targeted and tracked.

14. How does Master Data Management impact return on investment (ROI)?

Master Data Management can positively impact return on investment by improving advertising campaign effectiveness, reducing marketing waste, optimizing customer acquisition and retention efforts, and enabling data-driven decision-making.

15. What trends are shaping the future of the Master Data Management market?

Emerging trends in the Master Data Management market include the adoption of artificial intelligence and machine learning for data management, the integration of MDM with other technologies like big data analytics and IoT, and the increasing demand for cloud-based MDM solutions.

Conclusion

The global market for Master Data Management (MDM) witnessed substantial growth in 2016, driven by the increasing need for better data management solutions across industries. The market size for MDM in 2016 was estimated at USD 9.5 billion and is anticipated to witness further growth in the coming years.

One of the key factors contributing to the growth of the MDM market in 2016 was the rising adoption of cloud computing and big data analytics. With the increasing volume and complexity of data, organizations are turning to MDM solutions to effectively manage their vast data sets and derive meaningful insights. The healthcare and pharmaceuticals sector emerged as a prominent end-user of MDM solutions, as these industries deal with a large amount of patient information, regulatory compliance requirements, and the need for efficient data governance.

Moreover, the MDM market witnessed significant growth in the banking, financial services, and insurance (BFSI) sector as well. Financial institutions are increasingly leveraging MDM solutions to centralize their customer data and enhance customer experience by providing personalized and targeted services. This sector also witnessed a surge in data breaches and security concerns, leading organizations to invest in robust MDM solutions to ensure data integrity, privacy, and compliance with regulatory standards.

North America dominated the MDM market in 2016, owing to the presence of major market players, technological advancements, and the increasing demand for analytical solutions in various industries. Asia Pacific is anticipated to witness significant growth in the MDM market, driven by the rapid digital transformation and increasing adoption of cloud-based solutions in countries like China and India. The region also offers lucrative business opportunities due to the presence of a large number of small and medium-sized enterprises that are realizing the importance of effective data management.

The market for MDM is highly competitive, with key players focused on product innovation, partnerships, and mergers and acquisitions to gain a competitive edge. IBM Corporation, Oracle Corporation, and SAP SE were among the leading players in the MDM market in 2016. These companies offer a wide range of MDM solutions tailored to different industries, providing comprehensive data management capabilities to organizations.

In conclusion, the Master Data Management market witnessed significant growth in 2016, driven by the increasing need for better data management solutions across industries. The adoption of cloud computing, big data analytics, and the rising focus on data governance and compliance further fueled the demand for MDM solutions. With the increasing volume and complexity of data, organizations are recognizing the importance of effective data management to derive meaningful insights and gain a competitive advantage in the digital era. As the market continues to evolve, it presents ample opportunities for players in the online advertising service or advertising network industry to leverage MDM solutions and offer targeted and personalized advertising services to clients.