USD 64.08 Billion Growth In Enterprise Data Management Market | 40% Growth To Originate From North America | Technavio
The enterprise data management market size will witness a growth of USD 64.08 billion from 2020 to 2025, as per the latest market analysis report by Technavio. The report also identifies the market growth momentum to accelerate at 12.89% during the forecast period. The report offers an outlook on various factors influencing the current market scenario, latest trends, drivers, and challenges impacting the overall market environment.
Enterprise Data Management Market 2020-2025: Vendor Landscape
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors are focusing on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Vendors are partnering with colocation service providers to build data centers that are targeted at SMEs. An increase in M&A will create opportunities for vendors to expand their reach, both geographically and in terms of products offered during the forecast period. Market players are increasing their spending on data center construction while looking forward to co-locating space for data center operations.
Some of the prominent vendors in the market include ABBYY Solutions Ltd., Adobe Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Informatica LLC, International Business Machines Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., and Teradata Corp. among others. These companies are highly engaged in new product launches and M&As. For instance, In July 2021, Cognizant Technology Solutions Corp. acquired TQS Integration to help clients transition to Industry 4.0 and expedite the production of life-changing medicines. Also, In October 2021, Teradata Corp. partnered with H2O.ai to accelerate the enterprise’s AI adoption.
Enterprise Data Management Market 2020-2025: Drivers and Challenges
Growing demand for data integration and visual analytics has been instrumental in driving the growth of the market. Enterprises in various end-user sectors are adopting data integration solutions. The use of AI in cognitive media solutions allows real-time synthesizing of data for effective decision-making by facilitating real-time analysis. In addition, vendors are also introducing AI-powered products to increase the AI capabilities of analytics. With the exponential increase in data volume, the need for analyzing, monitoring, transforming, and interpreting data has become a major priority for business operations. As a result, enterprises are also integrating business analytics software with their businesses for the dynamic representation of data. In addition, other factors such as rising demand for digitalization and surging data explosion across industries will further influence the market growth positively during the forecast period
However, high price of application software might hamper the market growth. Enterprise application software solutions are generally expensive due to the high costs associated with the development and licensing. The high price of application software restricts organizations from purchasing such solutions. In some cases, organizations delay their purchase decisions. In both ways, high prices limit market growth. In addition, other factors such as integration challenges related to unscalable applications and data privacy concerns are also expected to limit the market growth.
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Enterprise Data Management Market 2020-2025: Segmentation Analysis.
- By End-user, the market is segmented by
The BFSI segment dominated the global EDM market and will continue to hold a major share of the market during the forecast period. Factors such as the complete digitization of core processes, rising volume of data, and the surging adoption of customer-centric approaches will fuel this segment’s growth during the forecast period. The deployment of EDM software solutions allows financial institutions to manage data generated from diverse systems and processes such as loan processing, claims management, customer data management, and financial transactions electronically, in turn, improving customer-centricity.
- North America
- South America
North America held the largest enterprise data management market share in 2020 owing to the presence of many key vendors and technological maturity of several industries, particularly, in the US and Canada. Several companies from the Manufacturing, telecommunications, infrastructure development, BFSI, and retail sector are adopting EDM solutions to analyze the increasing volume of data generated. The US is the leading market for EDM solutions in North America. The increase in volume and development of the industrial sector, regulatory standards, and penetration of key vendors have driven the expansion of the EDM market in the country. In addition, innovative advances, the early adoption of technologies, development in the industrial and private sectors, and penetration by key vendors in Canada are also likely to boost the market growth during the forecast period.
Enterprise Data Management Market 2020-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The enterprise data management market report covers the following areas:
- Enterprise Data Management Market Size
- Enterprise Data Management Market Trends
- Enterprise Data Management Market Industry Analysis
Enterprise Data Management Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist enterprise data management market growth during the next five years
- Estimation of the enterprise data management market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the enterprise data management market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of enterprise data management market, vendors
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