Enterprise data management (EDM) is the process of organizing, analyzing, and storing a company's created and acquired data. Implementing the IT systems that run business applications and offer analytical data to aid corporate executives, business managers, and other end-users in operational decision-making and strategic planning requires proper data management. The enterprise data management market value chain includes IT vendors, platform providers, system and network integrators, enterprise data management software providers, distributors, end-users, and aftermarket services.
Due to the rising demand for real-time information, a structured process for data delivery from developers, and the efficient management of hierarchical master data produced across various verticals, it is anticipated that the global enterprise data management market will experience significant growth during the forecast period. In addition, the increasing need to guarantee regulatory compliances and the growing usage of IoT devices are anticipated to boost market growth over the forecast period.
Increasing Requirement for Risk Management Systems and Growing Emphasis on Ensuring Regulatory Compliance to Drive the Enterprise Data Management Market
As a result of the continuation of globalization, numerous organizations have opened offices across the globe. However, the fluctuating data based on the location of the offices makes data procurement difficult. Data management services can facilitate single-source reporting and multi-user access in such situations, thereby providing clients with consistent data in all locations.
EDM solutions can aid incumbents of various industries and industry verticals, including BFSI and manufacturing, gain valuable insights from historical and current data, and predict market changes that may affect client requirements. Reorganizing the workflows at this time can have a substantial impact on the organization’s baseline. By ensuring the accuracy of the data and implementing effective risk management, EDM solutions can be advantageous for these organizations.
EDM solutions can ensure adaptability, industry standards, robust quality controls, and straightforward distribution while providing multiple deployment modes. EDM solutions can help generate a stable version of the data in an environment where it can be viewed and analyzed. They can benefit both small and medium businesses and large businesses by providing unified integration with consumer applications, data control, enhanced transparency, and support for regulatory compliance.
Moreover, they assist organizations with data governance and data quality rules, which can be especially advantageous for data confidence, risk management, and strategic decision-making, promoting the enterprise implementation of data management solutions for risk management. Furthermore, organizations must adhere to particular rules and regulations based on the region and the industry or industry vertical they belong to. Laws and regulations typically vary from region to region and country to country, making it difficult for businesses to ensure regulatory compliance.
As a result, the increasing need to ensure full compliance with regulations such as the General Data Protection Regulation (GDPR) and the Act on the Protection of Personal Information (APPI) is anticipated to boost the usage of enterprise data management solutions. Protocols for enterprise data protection and security are crucial to the success of any modern business. Compliance with an organization’s data security practices and standards is the primary function of enterprise data management. Hence, pushing the enterprises to adopt data management services.
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Due to the spread of coronavirus, the gross domestic product and operations of significant economies decreased. Lockdowns imposed by government and regulatory authorities around the world disrupted the operations and activities of market participants. It proffered a grave threat to humanity and society and destabilized global economies. In contrast, the demand for data management solutions increased due to the rapid adoption of security tools and answers due to businesses' widespread deployment of remote work access in some countries.
A report commissioned by IDG from NTT Ltd. predicted that the normalization of the work-from-home model in local and global quarantine would increase the demand for value-added services to mitigate security risks. Organizations worldwide have turned to enterprise data management providers for various services and solutions, which has had a substantial impact on the market for data management.
In addition, the demand for application platforms, collaborative applications, service management software, security software, and content workflow and management applications increased. During a crisis period, enterprise data management solutions provided businesses with agility and continuity, which were incredibly valuable.
Asia-Pacific is expected to account for USD 84 billion at a CAGR of 16.6% by 2030. Various governments in Asia-Pacific are encouraging software companies to design and develop free and open-source services for managing and gaining access to vast quantities of data, which will likely increase management demand. It is anticipated that the region's market share will increase due to the rising popularity of cloud-based deployment to boost operational efficiency.
North America is anticipated to account for USD 58 billion at a CAGR of 11% by 2030. This region dominates the Enterprise Data Management market due to its abundance of data management solution providers, high-level expertise, and growing investments in data management. IBM Corporation, Oracle Corporation, Amazon Web Services, Cloudera, Inc., Teradata, and SAP SE are the region's most effective enterprise data management solutions and services providers. As these companies are actively engaged in data management service provision.
Companies in the United States place a substantial emphasis on digital transformation and are frequently considered early adopters of next-generation technologies like IoT, big data analytics, AI, and ML. The continued adoption of cutting-edge technologies by American businesses bodes well for expanding the market for enterprise data management.
IBM Corporation, Oracle Corporation, SAP SE, Cloudera, Inc., Amazon Web Services, Inc., Enterworks (Winshuttle, LLC), Micro Focus, and Broadcom (Symantec).
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