New York City, NY, 16 March 2020/24 Market Rports: It is estimated for the enterprise data management market to grow from USD 77.9 billion in 2020 and reach 123.4 billion by 2025, at a CAGR of 9.8% during the forecast period. Effectively managing the hierarchical master data generated across departments, adoption of Internet of Things (IoT) devices, and digitalization are the factors that are driving the growth of the market during the forecast period.
Software segment to hold a larger market size during the forecast period
Software and services are the segmentation for the market based on component. The software segment is estimated to lead the market during the forecast period. The growing solutions adoption among Small and Medium-sized Enterprises (SMEs) is driving the growth of the segment during the forecast period. To fulfil the regulatory compliance, including data privacy needs and financial reporting, the organizations are increasingly adopting effective enterprise data management solutions. The adoption of enterprise data management solutions is estimated to be driven by improving productivity across the organization by minimizing duplicate and inaccurate data.
Cloud deployment model to grow at a higher CAGR during the forecast period
The growing demand for low-cost storage resources and the on-demand scalability offered by the cloud is driving the growth of the cloud deployment model. If the enterprises want quick deployment of services, need to access the data at multiple locations, or expand their storage the cloud deployment model is the best alternative for enterprise data management. Minimum support and maintenance cost required for cloud deployment compared to on-premises are also the factors that are driving the growth of the segment during the forecast period.
Asia Pacific to hold the highest CAGR during the forecast period
North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America are the segmentation for the market based on geography. During the forecast period, it is estimated for North America to lead the market. Increasing demand for risk management solutions and rise in the requirement of on-time authentic information is boosting the demand for enterprise data management solutions are the factors driving the growth of the market in APAC region during the forecast period.
Notable Enterprise Data Management Market Development
