Enterprise Data Management (Edm) Market Size to grow by USD 126.2 billion between 2024-2028
According to a research report “ Enterprise Data Management (Edm) Market” by End-user (BFSI, Healthcare, Manufacturing, Retail, Others) Deployment (On-premises, Cloud-based) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 126.2 billion, at a CAGR of 16.83% during the forecast period. In today's business landscape, the volume of data generated from diverse operational activities has grown exponentially, leading to complexities in data analysis. To address this challenge, enterprises across various industries are embracing data integration solutions. Cognitive media solutions, equipped with artificial intelligence (AI), play a pivotal role in real-time data synthesis for informed decision-making. These solutions facilitate seamless data transformation, monitoring, and delivery; enhance business process comprehension; and bridge the IT-business divide. Furthermore, vendors are introducing AI-infused analytics products to amplify the analytical capabilities of their offerings, thereby empowering businesses to gain valuable insights from their data..
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By End-user, the BFSI segment is projected to dominate the market size in 2024
The BFSI sector holds a significant market share in the Enterprise Data Management (EDM) industry and is anticipated to continue its dominance throughout the forecast period. The sector's growth is driven by the complete digitization of core processes, the adoption of customer-centric approaches, and the escalating volume of data. Financial institutions are embracing new business models like cashless banking, mobile banking, and e-wallets to cater to evolving customer needs, resulting in an increase in generated data. EDM software solutions enable these institutions to manage data from various systems and processes, including loan processing, claims management, customer data management, and financial transactions, electronically.
By Deployment, On-premises segment is expected to hold the largest market size for the year 2024
The Enterprise Data Management (EDM) market's on-premises segment is projected to experience consistent growth during the forecast period. With the shift from manual to automated processes, there is an increasing demand for on-premises software. Organizations value the enhanced security features, customizability, and absence of internet dependency that come with on-premises deployments. Major industries, such as commercial banks, insurance companies, and non-banking financial institutions, dominate the market due to their focus on functionality over cost-effectiveness. These organizations handle critical data, making security a top priority. The on-premises model's end-to-end quality control and freedom from third-party interference make it an attractive choice for managing their data.
North America is forecasted to hold the largest market size by region in 2024
Enterprise Data Management (EDM) is a critical business function that enables organizations to effectively collect, store, manage, and derive insights from their data. The EDM market is experiencing significant growth due to the increasing volume, velocity, and complexity of data. Companies are investing in EDM solutions to improve data quality, enhance data security, and gain a competitive edge through data-driven decision making. EDM solutions provide a unified view of data across the enterprise, enabling better data governance and compliance with regulatory requirements.
The Enterprise Data Management (Edm) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Enterprise Data Management (EDM) market is experiencing significant growth as businesses seek to overcome data silos and optimize their digital investments. According to a Gartner study, the global EDM market is projected to reach USD121.3 billion by 2025, with a CAGR of 11.2%. The market is being driven by the increasing adoption of cloud-based solutions, with On-premise systems gradually being phased out. The Media & Entertainment, Manufacturing, IT and Telecom, Military, and other industries are investing heavily in EDM to enhance data protection, security protocols, risk management, and data integration. The CloudTweaks Organization's Digital Investment Index reveals that 63% of companies plan to increase their investment in EDM this year. Cloud Computing, Blockchain, Cybersecurity, Machine Learning, Artificial Intelligence, Big Data Analytics, and Internet of Things are some of the key technologies driving the EDM market. Cloud-based EDM solutions offer benefits such as automated systems, parallel processing architecture, and Robotic Process Automation. However, they also come with challenges such as data security and compliance. The Mercer Pulse Survey reveals that 73% of organizations are concerned about data security and privacy, and 69% are worried about data breaches. As a result, EDM solutions must prioritize data protection and offer advanced security features, including encryption, access controls, and multi-factor authentication. Additionally, EDM solutions must be able to handle large volumes of data and provide real-time insights through visual analytics and advanced analytics techniques. Overall, the EDM market is poised for significant growth as businesses seek to leverage their data to gain a competitive edge.
Market Research Overview
Enterprise Data Management (EDM) is a critical aspect of digital transformation for businesses across various industries, including Media & Entertainment, Manufacturing, IT and Telecom, Military, Healthcare, Transportation and Logistics, and more. EDM involves managing and protecting data using various technologies and solutions such as APPI for application programming interfaces, GDPR compliance for data privacy, Encryption for security, Multi-Factor Authentication for access control, and Data Tracking Technology for monitoring. EDM encompasses both On-Premises and Cloud Storage solutions, with Business Intelligence and Data Warehousing playing essential roles in deriving insights from data. Data Migration and Data Integration Solutions enable seamless data flow between systems, while Cognitive Media Solutions and Risk Management Solutions ensure data accuracy and security. Gartner Studies and Mercer Pulse Surveys indicate that Digital Investment Index in EDM is on the rise, with Cloud Computing, Blockchain, Cybersecurity, Machine Learning, Artificial Intelligence, Big Data Analytics, and Internet of Things being key areas of focus. Security protocols such as Parallel Processing Architecture, Robotic Process Automation, and Data Protection are also crucial components of EDM. The use of Visual analytics, Automated systems, and Data integration facilitates efficient data management, while Master Data Management and Data Security solutions ensure data accuracy and confidentiality. Overall, EDM is a vital investment for businesses seeking to leverage their data for competitive advantage while adhering to data privacy regulations like GDPR.
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Jesse Maida
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Email: media@technavio.com
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