Feb 17, 2023
English - UK
Pramod Pawar
Enterprise Data Management (EDM) Market is the ability to allow a company to efficiently integrate, describe, and retrieve data. This allows the creation of consistent, accurate, transparent and consistent content. This system reduces the time required for information synchronization and allows for more time for business operations. It is used to leverage analytics to improve business performance and efficiency in IT organizations.
“The global enterprise data management market was valued at USD 94.21 Billion in 2022. It is projected to grow at a CAGR of 14.7% between 2022 to 2032.”
EDM addresses the issue of sending different datasets to applications or processes that rely upon data set consumption for business transactions and processes. EDM addresses situations where users within an enterprise manage, store, source, and model data on their own. Inconsistencies and data conflicts can result in poor quality data and lower credibility for data used in reporting and other operations. EDM concerns how the material is integrated in programs and how it is moved between processes.
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Key Takeaways:
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Regional Snapshot
Market Report Scope
Report Attribute | Details |
The market size value in 2022 | USD 94.01 Bn |
Revenue forecast by 2032 | USD 351 Bn |
Growth Rate | CAGR Of 14.07% |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
Historical Years | 2017-2022 |
Base Year | 2022 |
Estimated Year | 2023 |
Short-Term Projection Year | 2028 |
Long-Term Projected Year | 2032 |
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Market Dynamics
1. Drivers
Many businesses have opened new locations due to globalization. Variable data based on offices can make it difficult to acquire data. Multi-user access and single source reporting are possible with data management systems, which can provide consistent data for clients in all situations. EDM solutions can be beneficial to incumbents across a variety of industries and verticals, such as manufacturing and BFSI. They provide essential insights and forecast market developments, and allow clients to make informed decisions. Restructuring the workflows can have a significant impact on an organization's baseline. These firms can benefit from EDM solutions by verifying accuracy of data and implementing effective risk management.
2. Restraints
A lack of address information is the leading reason for route optimization problems. Problems with addressing structures or inconsistent validation standards between countries are two of the major barriers. Address validation is an important part of address data management. EDM solutions are capable of managing data, but data quality and address validation remain significant barriers to the expansion of the enterprise data management market. Imagine large companies that process significant amounts of data failing to choose the right data management solution or adopting inconsistent data management solutions. If this happens, market growth could be hindered by overcrowded data elements.
3. Opportunities
The demand for data integration has seen an exponential increase, as well as the incorporation cloud and visual analytics. Artificial intelligence has greatly facilitated real-time data integration for decision-making and problem-solving by accelerating real-time analysis. The introduction of AI-powered products has further enhanced the AI capabilities of analytic tools. Cloud technology can also detect data regulation efficiently and at a lower cost. These are all factors that create huge opportunities for the global enterprise data management market to grow.
4. Challenges
Cyber-crimes have increased due to digitization around the world. If a platform is not adequately encrypted or vulnerable, hackers will increase the likelihood of it being encroached upon. These types of cases are increasing in number, making it more difficult to integrate data into the healthcare sector. The market's growth will be hindered by the availability of open-source solutions, which are likely to make it difficult.
Recent Developments
Market Segmentation
By Component
By Service
By Deployment
By Enterprise Size
By End-use
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Key questions:
Q1. What is Enterprise Data Management?
Enterprise Data Management (EDM) refers to the processes, policies, and tools used by organizations to manage their data assets across the enterprise. It involves collecting, storing, managing, and analyzing data to support business processes and decision-making.
Q2. What is the size of the global enterprise data management system market?
The size of the global enterprise data management market share was over USD 94.21 Billion in 2022 and It is projected to grow at a CAGR of 14.7% between 2022 to 2032.
Q3. What is driving the growth of the Enterprise Data Management market?
The growth of the Enterprise Data Management market is driven by factors such as the increasing volume of data generated by organizations, the need for data governance and compliance, the growing demand for analytics and business intelligence, and the increasing adoption of cloud-based solutions.
Q4. What are the benefits of Enterprise Data Management?
Enterprise Data Management offers several benefits to organizations, including improved data quality, increased efficiency and productivity, better decision-making, reduced risk and compliance issues, and improved customer satisfaction.
Q5. What are the key components of Enterprise Data Management?
The key components of Enterprise Data Management include data governance, data quality management, data integration, master data management, metadata management, data security and privacy, and data analytics.
Q6. What are the major trends in the Enterprise Data Management market?
The major trends in the Enterprise Data Management market include the increasing adoption of cloud-based solutions, the growing use of artificial intelligence and machine learning, the rising demand for data analytics and business intelligence, and the increasing focus on data privacy and security.
Q7. Which industries are adopting Enterprise Data Management solutions?
Enterprise Data Management solutions are being adopted by a wide range of industries, including banking and finance, healthcare, retail, manufacturing, telecommunications, and government.
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