The Enterprise Data Management (Edm) Market is being driven by Growing demand for data integration and visual analytics
The Enterprise Data Management (Edm) Market is expected to grow at a CAGR of 16.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 126.2 billion. In today's business landscape, the workforce is increasingly mobile and distributed, necessitating the need for effective data collaboration. Enterprise social networks (ESNs) with workflow capabilities across social media are gaining popularity and are anticipated to be integrated with Enterprise Data Management (EDM) software solutions. The proliferation of cloud and social collaboration, along with the adoption of advanced technologies such as Internet of Things (IoT) and Machine Learning (ML), are driving the demand for comprehensive and multifunctional EDM software solutions. These solutions are expected to include features such as file sharing and synchronization to meet the evolving requirements of businesses.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (BFSI, Healthcare, Manufacturing, Retail, Others) Deployment (On-premises, Cloud-based) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Enterprise Data Management (Edm) Market Research Report
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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.
The IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector comprises application software companies, which develop solutions for specific business or consumer needs, including enterprise and technical software, as well as cloud-based applications. Notably, it excludes entities producing interactive home entertainment software and those focused on systems or database management software. According to Technavio, the IT software market size is determined by the consolidated revenue generated by all software providers, encompassing cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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