Over the past few years, master data management has witnessed substantial advancement, with the emergence of internet of things (IoT) accelerating penetration of information technology into a wide range of industries.
[USPRwire, Tue Sep 25 2018] According to Fact.MR, a splendid expansion at a CAGR of over 15% has been projected for the global MDM BPO market through the forecast period, 2017 to 2026. Revenues from MDM BPO services offered across the globe are estimated to exceed US$ 10,000 Mn by 2026-end.
Stereotypical Organizing & Process Huge Data Volume Creating Demand for MDM BPOs
Management of data has gained extreme importance for efficient running of businesses, with back office data management being need of the hour. Companies require to exert control over daily data volumes, which aggregate in electronic and paper format. Organizing and processing huge data quantity has become stereotypical. Without effective master data management systems, organizations tend to end up with faulty and inaccurate data, misplaced data, and missing data in their databases, which can lead toward colossal errors during critical business decision making. Companies therefore outsource processes related to management of their data, in order to dedicate their valuable time for more mission-critical tasks, creating demand for MDM BPOs. With master data management being the easiest back office operation to outsource, organizations are greatly benefitting from the services offered by the MDM BPOs. Various BPOs across the globe are providing professional best-in-class, time-sensitive and cost-effective data master data management services in a bid to lure more customers and expand their market reach.
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Managing multiple MDM domains is a key trend being witnessed in the market. Multidomain MDM capabilities of several BPOs have been steadily improving. However, the picture is complex, and there is high possibility of customers ending up with a single product unable to cater their requirements, or poorly integrated multiple products.
6 Key Projections on Future of MDM BPO Market for Forecast Period 2017-2026
1- North America and Europe are anticipated to remain the most lucrative regions for expansion of the MDM BPO market. Revenues from the markets in these two regions are projected to account for roughly equal shares of the market by 2026-end. The market in Asia-pacific excluding Japan is projected to exhibit the fastest expansion through 2026. In contrast, the market in Middle East & Africa is projected to reflect the slowest expansion through 2026.
2- On the basis of data type, customer centric MDM will continue to be the leading revenue contributor to the global MDM BPO market. Revenues from enterprise centric MDM will also remain high, and are projected to account for roughly one-third market share by 2026-end. Supply centric MDM will remain the least lucrative data type segment in the market.
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3- HR is expected to retain its position of being the leading function of MDM BPO, followed by finance and accounting. Revenues from these two MDM BPO functions will hold more than half share of the market by 2026-end. Although the market revenue share of procurements will remain relatively lower, this function segment is projected to register the highest CAGR in the market through 2026.
4- On the basis of industry, the largest revenue share of the market will continue to be accounted by manufacturing, followed by BFSI. Revenues from the provision of MDM BPO services to these two industries are collectively forecast to surpass US$ 4,500 Mn by 2026-end. Aerospace & defense and IT & telecommunication are projected to remain the least profitable industries in the global MDM BPO market.
5- In 2017, large enterprise spearheaded the global MDM BPO market. However, small & medium enterprises are expected to outgrow large enterprises in the market by 2026-end.
6- Key market players identified by the report include Informatica, Oracle Corporation, IBM Corporation, TIBCO Software, SAP, Genpact, Cap Gemini, Infosys Limited, Magnitude Software, Riversand Technologies, Inc., Talend, Orchestra Networks, and TCS.
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