A recent business intelligence study by Transparency Market Research (TMR) has notified that the master data management (MDM) BPO market is primed for a prosperous future. And while the global shares are moderately consolidated among a small pool of players, regional players are mushrooming too, which in turn is upholding collaborations and acquisitions as some of the key strategies for the major players to maintain their stronghold. Some of the prominent players in the global MDM BPO market are Accenture, Reltio, Riversand, Capgemini SE, Informatica Corporation, Tibco Software, Stibo Sysytem, Inc, Spacepage, Almaviva, Atos SE, Almaviva, and Tata Communication Services, Ltd. In addition to geographical expansion via partnerships, a number of major players of this market are also focused on growing organically, developing new products that can lure a greater chunk of customers.
As per the projections of the TMR report, the demand in the global master data management BPO market will expand at a robust CAGR of 13.4% during the forecast period of 2017 to 2025. The analysts have evaluated that the opportunities in the MDM BPO market translated into a revenue of US$5,030.9 mn in 2017, and estimated the valuation to swell up to US$13,717.0 mn by 2025.
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Based on component, the report segments the master data management BPO market into software including on-premise and cloud and services, which has been further bifurcated into system integration, consulting, master data management services, and operation and maintenance. On the basis of solutions, the market has been categorized into product data solution, multi-domain MDM solution, and customer data solution. The report also takes stock of the potential of demand for MDM BPO that can be expected from the end use industries of banking, financial services, and insurance (BFSI), automotive, manufacturing, IT and telecom, retail, and others. Geographically, North America has been highlighted as the most profitable region, followed by Europe. However, the region of Asia Pacific is projected to experience expanding demand at a much stronger CAGR during the forecast period of the report.
Need to Efficiently Manage Volumes of Data Driving Demand
Quite a few factors are behind the impressive growth of the global master data management BPO market, but none bigger than the indispensable need to have a process of centrally managing data. With growing adoption of new and technologically advanced automation methods across various enterprises to improve efficiency, the need to manage huge data is also continuously increasing. Consequently, a tool or software is the required that can be customized with the changes seamlessly. Furthermore, increase in need for compliance and verification and escalating demands for data quality and operational excellences is driving the master data management BPO market. Data breach is an important consideration for organizations due to the increasing number of cyber-attacks in recent years.
Security Concerns Obstructing Market’s Prosperity
On the other hand, MDM BPO services encounter security threats and are vulnerable to cyber-attacks. Additionally, lack of awareness is another restraint reflecting negatively over the market. However, in the past few years, master data management has witnessed substantial advancement with the emergence of the Internet of Things (IoT), which is revolutionizing many information technology and being used by a wide range of industries. Organizations are ramping up their investment in the IoT technology, as it offers various advantages in the sectors of global networks, big data analytics, and cloud computing. A numbers of startups have also been mushrooming across the globe too, which would further boost the market during the forecast period.
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