Latest News - Enterprise Data Management Market For BFSI Sector in US: On-premises is expected to lead the Deployment segment during 2024-2028

The Enterprise Data Management Market For BFSI Sector in US is being driven by Growing demand for data integration and visual analytics

The Enterprise Data Management Market For BFSI Sector in US is expected to grow at a CAGR of 13.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5594.5 million. In today's business landscape, the accumulation of vast amounts of data from numerous enterprise operations has led to complexities in data analysis. To address this challenge, companies across various end-user sectors, including the Banking, Financial Services, and Insurance (BFSI) sector, are adopting data management solutions. These solutions offer data integration and advanced analytics capabilities, enabling real-time data processing and synthesis. By integrating business processes and technical data from multiple sources, AI-powered data management systems provide BFSI companies with valuable business insights, facilitating informed decision-making and bridging the IT-business divide. Additionally, vendors are introducing AI-enhanced analytics tools to enhance the capabilities of data management systems, further empowering businesses to gain actionable insights from their data.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premises
  • Cloud
• Ownership
  • Large enterprise
  • Small and medium enterprise
• End-user
  • Commercial banks
  • Savings institutions
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for data integration and visual analytics
• Rising demand for digitalization
• Process optimization and operational efficiency

However, the market also witnesses some limitations, which are as follows:

• High price of EDM solution
• Integration challenges related to unscalable applications
• Lack of training and skilled manpower

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Market Scope in Enterprise Data Management Market For BFSI Sector in US Research Report

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Research Analysis Overview

In the BFSI sector, Enterprise Data Management (EDM) plays a crucial role due to strict regulations, industry expansion, and intense competition. EDM enables IT organizations to handle massive datasets for internal applications and external communication, ensuring data synchronization for seamless business operations. Leveraging analytics provides a competitive edge, while addressing data conflicts and silos is essential. Big Data and single-source reporting offer multiuser functionality for various business verticals, including banks and manufacturing, enhancing risk control and ensuring information accuracy.

Market Research Overview

In the Business Financial Services Industry (BFSI), the Enterprise Data Management (EDM) sector plays a crucial role in ensuring compliance with stringent regulations while optimizing business operations. The global IT software market, encompassing application and systems software development and production, includes key players offering EDM solutions. These solutions facilitate internal applications, data synchronization, and external communication, enhancing business efficiency and competitiveness. EDM solutions are integral to the BFSI sector's expansion, enabling seamless data management and secure information exchange. The market for systems software in the BFSI sector is vast, with significant revenue generated from applications such as cloud computing, IT management, networking, security, and storage solutions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/