Enterprise Data Management Market Size Projected to Generate Revenue of $ 224,520.1 Mn by 2031

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The Global Enterprise Data Management Market Share is predicted to be valued at $ 224,520.1 million by 2031, surging from $ 79,733.8 million in 2021, at a noteworthy CAGR of 10.8%.

Impact Analysis of COVID-19 on the Enterprise Data Management Market

The COVID-19 impact on the enterprise data management market is causing disruptions in numerous international industries. Currently, the market is experiencing certain challenges. The development of enterprise data management market is currently progressing more slowly. Deploying enterprise data management to meet market demand is now difficult as well. The deployment rate is being hampered by lockdowns and international restrictions. This sector's demand is impacted, just like in other industries. Nowadays, many businesses use remote labor. Due to the work-from-home culture, this technology is becoming less and less prevalent in enterprises. SME demand for corporate data management is declining in the market. Normally, there is a connection between the enterprise system and the main system. In the coming years, many marketplaces will still function remotely.

However, several initiatives launched by the Nippon Telegraph and Telephone Corporation company are helping society recover from the pandemic. For instance, in May 2021, NTT Communications developed a sustainability policy to replace its Fundamental CSR Policy. The new policy expresses the company’s commitment to achieving the Sustainable Development Goals and the Creating Shared Value model, which are universal goals that go beyond the idea of corporate social responsibility.

Global Enterprise Data Management Market Analysis

Numerous corporations have opened branches around the world as a result of ongoing globalization. The changeable data based on the locations of the offices makes it difficult to collect data. When this occurs, data management systems can provide single-source reporting and multi-user access, providing clients with consistent data everywhere. By getting crucial insights from historical and present data and projecting market events that can have an impact on customer requirements, incumbents in a variety of industry verticals and fields, including BFSI and manufacturing, can profit from EDM solutions. At this point, reorganizing the workflows may have a substantial impact on the organization's baseline. By ensuring the correctness of the data and executing effective risk management, EDM solutions can be beneficial for these businesses.

However, the most common source of route optimization issues is a lack of address information. Issues with addressing structures and varied validation requirements across nations are significant impediments. Address validation is a method used in address data management. Even though EDM solutions can help with data management, data quality and address validation are significant impediments to increasing the corporate data management industry. Assume that major corporations with departments that handle large amounts of data continuously fail to implement or pick appropriate data management systems. In that circumstance, congested data components may stymie market growth.

The industrial IoT devices are anticipated to benefit the sector during the assessment period. The expanding need for risk management tools is one of the major market forces. Efficient data management is becoming a greater concern to the organization. The corporate solution, a potent risk management tool, helps prevent data breaches. As a result of poor data management, many organizations are experiencing privacy issues. The handling of data must be secure. Secure data delivery and storage are made possible by this program. Data management has a fantastic flow when using EDM. This data management software can have a favorable effect on the decision-making and productivity of the company.

Global Enterprise Data Management Market, Segmentation

The global enterprise data management market is segmented based on component type, development type, product type, organization size, end-use industry, and region.

Component Type:

The component type segment is further classified into software and services. Among these, the software sub-segment holds a dominant market share Enterprise data management software has been embraced by many small and medium-sized businesses, as well as startups, to track and manage their business operations. By tracking production from beginning to end and assisting in inventory management, enterprise data management market has assisted companies in increasing their revenue. As a result, it is anticipated that during the forecast period, the software deployment segment in the enterprise data management market will grow.

Product Type:

The product type segment is further classified into data security, master data management (MDM), data integration, data migration, data warehousing & business, and others. Among these, the data security sub-segment generated highest revenue in 2021.The main function of enterprise data management and security in an organization is to monitor and implement data security procedures and standards. Data standards and procedures might change based on how they are used and how important information is. For instance, you can protect highly sensitive data by implementing encryption, limited access, and multi-factor authentication techniques.

Development Type:

The development type segment is further classified into on-premises and cloud. Among these, the on-premises sub-segment had a highest market share in 2021. One of the advantages of on-premises data is speed. Although certain data sources may be off-site and only available over the internet, having all gear and tools on-site alleviates worries about network latency. However, other variables may have a greater influence on performance than network latency. This is particularly true if you are on-premises system is not correctly sized.

Organization Size:

The organization size segment is further classified into large enterprise and small & medium-sized enterprises. Among these, the large enterprise sub-segment holds a dominant position in 2021. Small and medium-sized businesses assist large businesses in several operational areas that they are better equipped to supply. Due to the sudden dissolution of SMEs, large corporations will be obliged to take on more tasks that may not be productive for them. SMEs are more effective at developing tasks like supplying raw materials and distributing the finished goods produced by large corporations.

End-use Industry:

The end-use industry segment is further classified into healthcare, BFSI, telecom & information technology, retail & consumer goods, media & entertainment, government & defense, and others. Among these, the BFSI sub-segment generated highest revenue in 2021. The banking, financial services, and insurance industries deal with an enormous amount of data on a daily basis. Daily information is logged to maintain a complete picture of the firm, including client information, financial transactions, and past purchases of goods and services.

Region:

The enterprise data management market analysis in Asia-Pacific is projected to show the fastest growth in the coming years. Presence of countries mainly China, Japan, India are proactively focusing on investing heavily in advanced software and solutions to streamline the businesses with efficient data management to ease the day-to-day operations. Additionally, massive investments by governmental and regulatory authorities to boost small and medium enterprises is likely to boost the market.

Key Players in the Global Enterprise Data Management Market

Some of the leading enterprise data management market players are

• NTT Communications Corporation
• IBM Corporation
• SAP SE
• SAS Institute Inc
• Cloudera Inc
• HP Development Company L.P
• Microsoft
• TierPoint LLC
• VMware Inc
• Amazon Web Services Inc.

In May 2022, NTT Communications Corporation and the NTT group companies (NTT Com, NTT DATA, and NTT) will supply security technologies, such as the Trusted Execution Environment (TEE)4 for hardware encryption, to guarantee the confidentiality of data and the programs used to analyze the data. Furthermore, they will collaborate with industry groups and businesses to meet their unique data-distribution requirements, such as promoting carbon neutrality, resource recycling, and a steady energy supply.