The global enterprise data management market is anticipated to increase and reach US$ 208.9 billion by 2032, with a CAGR of 8.4%, as a result of the increasing adoption of Internet of Things (IoT) devices. The market is predicted to generate US$ 93.5 billion in 2022, a 1.1x increase from US$ 85.4 billion in revenue in 2021.
In today's digital era, the sheer volume of data generated by businesses and organizations is unprecedented. Managing this data effectively is critical for ensuring operational efficiency, strategic decision-making, and competitive advantage. The Enterprise Data Management (EDM) market addresses this need, providing comprehensive solutions to streamline data processes and enhance data quality across enterprises. This article delves into the significance, trends, and future prospects of the EDM market, highlighting its pivotal role in contemporary business landscapes.
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According to Analytics Insight Report 2020, with the rising popularity of IIoT, the demand for data integration has increased considerably. On the contrary, increasing concerns about data security are likely to hamper the market growth in the forecast period. However, rising demand for risk management and software among organizations is expected to act as a significant counter to the impeding cause and expand the market reach.
Key Takeaways from the Enterprise Data Management Market Report:
The Enterprise Data Management Market is projected to see significant growth over the next decade, with the U.S. market expected to reach a value of USD 72.8 billion by 2032, reflecting a CAGR of 8.1%. The cloud deployment segment in the U.S. will grow at a CAGR of 7.7% during this period. Internationally, Japan's market is set to reach USD 11.8 billion by 2032, while South Korea's market will expand at a CAGR of 6%. The UK industry is also anticipated to grow robustly, with a projected growth rate of 7.4% from 2022 to 2032.
Competitive Analysis:
Key players in the global enterprise data management market include SAS Institute Inc., IBM Corporation, Oracle Corporation, Teradata Corporation, and SAP SE, among others. Recent developments in the industry are:
In July 2021, Informatica, a data integrity software solution provider, launched Intelligent Data Management Cloud on Azure for APAC. The system is an end-to-end AI-powered cloud platform providing accessibility on Microsoft Azure for APAC and SE Asia.
In December 2021, IQGeo, a renowned developer of geospatial productivity and collaboration software, launched Network Manager Electric and Network Manager Gas software solutions. The software aims to offer efficient workflow solutions to electric and gas network operators.
Future Trends and Outlook:
Looking ahead, the Enterprise Data Management market is poised for continued growth and innovation. As organizations continue to recognize the strategic importance of data as a competitive differentiator, investment in EDM solutions is expected to escalate. Additionally, emerging technologies such as blockchain and edge computing are likely to disrupt the EDM landscape, offering new opportunities for data management and monetization.
Moreover, the growing emphasis on data democratization and self-service analytics is driving demand for user-friendly EDM tools that empower business users to access and analyze data independently. This trend towards data democratization is reshaping traditional approaches to data management, ushering in an era of greater agility and innovation.
