Enterprise Data Management Market in US Size to grow by USD 4.28 billion between 2023-2027
According to a research report “ Enterprise Data Management Market in US” by Deployment (On-premise, Cloud) End-user (Commercial banks, Savings institutions)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 4.28 billion, at a CAGR of 12% during the forecast period. 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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By Deployment, the On-premise segment is projected to dominate the market size in 2024
Commercial banks in the US, as profit-driven corporations, play a pivotal role in the financial sector by accepting deposits, managing various account types, extending short- and long-term credit through loans and other financial instruments, and facilitating fund transfers. These institutions specialize in providing company credit, although they also offer consumer loans and mortgages. The US, as a technological leader and early adopter of enterprise data management software, is the largest market in North America for this technology. This advanced software enables banks to effectively manage their vast amounts of data, streamline operations, and enhance decision-making capabilities.
By End-user, Commercial banks segment is expected to hold the largest market size for the year 2024
The US enterprise data management market for the BFSI sector is projected to exhibit a robust compounded annual growth rate (CAGR) during the forecast period. However, the on-premises segment is anticipated to grow at a slower pace compared to this CAGR. The adoption of on-premises enterprise application software necessitates significant upfront investments for product purchases, installation, maintenance, and upgrades. Additionally, organizations must allocate resources for in-house IT staff training and support. Despite these costs, the on-premises model remains popular among large financial institutions due to its enhanced security features. The market is primarily driven by commercial banks, insurance companies, and non-banking financial institutions, which prioritize functionality over cost-effectiveness.
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The Enterprise Data Management Market in US 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 in the US is experiencing significant growth as businesses across various industries seek to improve information accuracy and implement effective risk control measures. Manufacturing and banking sectors are major contributors to this market, with the need to handle massive data sets and ensure data set consumption for their internal applications and external communication. EDM solutions offer multiuser functionality, singlesource reporting, and data synchronization to help IT organizations address data silos and data conflicts. In today's competitive environment, businesses are leveraging analytics to gain a competitive edge, and EDM plays a crucial role in handling Big Data and ensuring data strategies align with industry expansion and strict regulations. Data address validation is essential to maintain information accuracy and reduce risks. EDM solutions provide IT organizations with the ability to manage data effectively, ensuring data sets are consumed efficiently and consistently across business verticals. With the increasing importance of data in business operations, EDM is becoming a critical component of IT strategies, enabling businesses to stay ahead of the curve in this data-driven world.
Market Research Overview
The Enterprise Data Management (EDM) market in the US is experiencing significant growth due to the increasing demand for authentic information and risk management solutions in various business verticals, including manufacturing and banks. Big Data methods, such as cloud deployment with on-demand scalability, are becoming essential for handling massive data sets and ensuring information accuracy. EDM solutions provide support and maintenance for data pipelines, ETL tools, data warehouses, and data visualization tools, enabling IT organizations to transform, store, and ingest data securely. Data security and privacy are critical concerns, with data mishandling and data conflicts posing risks to organizational productivity and competitive edge. EDM solutions offer data integration, data migration, and data warehousing capabilities, ensuring data synchronization and single-source reporting. Strict regulations require IT organizations to address erroneous data, redundant data, and data silos, making data address validation and data quality essential. Businesses leverage analytics to gain insights from their data, enabling better decision-making and competitive advantage. EDM solutions offer multiuser functionality, data consumer and producer support, and external communication capabilities, making them indispensable in today's competitive environment. The industry's expansion is driven by the need to manage and analyze structured data effectively, ensuring data set consumption and reporting in a timely and efficient manner.
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