As a result of the growing adoption of the Internet of Things (IoT) devices, global enterprise data management is expected to flourish and secure USD 208.9 Billion, while recording a CAGR of 8.4% during the timeframe of 2022 to 2032. The market is likely to garner USD 93.5 Billion in 2022, which is a 1.1x expansion against the revenue of 2021, USD 85.4 Billion.
The growing popularity of IoT and the growing need for on-time data delivery are expected to develop the market in the coming time. Also, rising demand for data integration and usage of visual analytics have been recognized as lucrative opportunities for the industry in the forecast period.
| Attribute | Details |
|---|---|
| Anticipated Base Year Value (2021) | USD 85.4 Billion |
| Expected Market Value (2022) | USD 93.5 Billion |
| Projected Forecast Value (2032) | USD 208.9 Billion |
| Global Growth Rate (2022 to 2032) | 8.4% |
| Anticipated Market Size of the USA | USD 72.8 Billion |
| Estimated CAGR of China (2022 to 2032) | 7.7% |
| Expected Market Size of the UK | USD 9 Billion |
| Key Players in the Global Enterprise Data Management Market | IBM Corporation; SAS Institute Inc.; Teradata Corporation; Oracle Corporation; SAP SE |
The increasing need to manage the massive data generated in various enterprises across the globe is expected to as a significant catalyst in augmenting the market size. Also, the rising need for on-time data delivery and increasing demand for data management among enterprises are expected to boost the expansion of the market.
The proliferation of big data technology and data analytics is predicted to grow the market size in the forecast period. Increasing demand for data integration and visual analytics is expected to benefit the market.
The application of AI in cognitive media solutions enables the real-time synthesizing of data for better decision-making by allowing real-time analysis. In addition, players are taking various initiatives to expand their reach. In May 2022, SAS, BC Platforms partnered with analytics giant SAS on the analysis of genomic. Such initiatives are expected to benefit the industry in assessment tenure.
By industry vertical, the banking, financial services, and insurance segment is expected to witness tremendous growth during the stint of 2022 to 2032. With the sector being volatile, it handles massive data such as customer information, financial transaction, and product and service purchase history among others. This has resulted in a notable demand for an efficient enterprise data management system in the BFSI sector. It is expected to propel the market size from 2022 to 2032.
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The increasing inclination of organizations toward data integration is expected to play a salient role in driving the market in the forecast period. Enterprises adopt various data integration tools across several applications that boost digital transformation.
Therefore, enterprises are focusing to develop better tools to manage and store data. In May 2022, Google Cloud developed cloud and edge systems focused to assist manufacturers to enhance operation efficiency by collecting soiled assets, process, and standardized data.
The tool is assisted by manufacturing analytics and insights, machine-level anomaly, and predictive maintenance. Such initiatives are expected to benefit the enterprise data management market in the forthcoming period.
In addition, the advent of the Industrial Internet of Things (IIoT) is expected to drive the market during the time span of 2022 to 2032. As per a report published by Analytics Insight 2020, with the rise of IIoT, the demand for data integration has increased considerably. The IIoT and data integration platforms work together to produce a digital supply chain that enables players to regulate players to offer raw materials to the plant and finished goods to consumers.
Furthermore, other benefits such as; access to high-data quality for appropriate analysis, assuring the security of data, consolidation of data across various sources for enhanced efficiency, and consistency of data architecture that scales with the organization, among others, are likely to augment the market size in the forecast period. Owing to such factors, the market is set to flourish in the coming period.
The incorporation of the cloud with data integration is expected to offer remunerative opportunities for expansion to the global enterprise data management market. As per an article published by NetApp in January 2020, a USA-based hybrid cloud data services and data management company, there has been an increased demand to incorporate heterogeneous cloud systems.
The incorporation of software is based on analytical models that regulate the massive amount of data. The demand for data regulation can be monitored by cloud technology in a secure environment at a low cost. The benefits offered have motivated players to collaborate with each other, which has augmented the market size. For instance, in April 2022, Crux, a renowned player in external data integration solutions, announced that it had extended its partnership with Google Cloud. Google Cloud also announced the launch of Analytics Hub, which is a data exchange platform that enables one to securely exchange data assets across organizations to acknowledge challenges of data reliability and cost.
Evolved technologies such as; AWS or an OpenStack data center are focused on data integration and integrity software within public cloud platforms. Owing to such positive factors, the market is likely to witness significant remunerative opportunities for expansion in the assessment tenure.
Growing concerns about data security are likely to limit the market growth in the forecast period. The platform is vulnerable and can be encroached on by hackers.
As per a report published by Empeek OU in February 2021, among the most significant obstacles to data integration in the healthcare sector, about 94% reported data security.
Also, the growing accessibility and presence of open-source solutions are expected to hinder market expansion in the forecast period. In addition, efficient handling of large data, compliance, and privacy requirements are other causes that can hinder industry growth.
However, with increasing demand for risk management and software among enterprises, the market is expected to witness significant opportunities, which will also act as a counter to the impeding cause and propel the market growth in the forecast period.
Based on components, the global enterprise data management market can be segregated into software and services. As per the analysis, the global enterprise data management market is dominated by software. The segment is estimated to record a CAGR of 7.6% in the forecast period.
This software helps organizations in augmenting their revenue by monitoring production, thereby, attracting clients. Also, there has been a significant rise in the number of startups and small and medium-sized businesses.
These enterprises opt for data management software to expand their reach and augment their revenue. Owing to such factors, the segment is likely to expand significantly.
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What Growth Prospects will unravel across the USA market?
According to FMI, the global enterprise data management market is expected to be dominated by North America. Among all, the USA is projected to lead the regional market during the timeframe of 2022 to 2032. The country is likely to garner USD 72.8 Billion while expanding at a CAGR of 8.1% in the forecast period.
Growth of the region can be attributed to the increasing focus of established companies such as; Amazon Web Services, IBM, and Oracle, among others, towards the adoption of next-generation technologies big data analytics, IoT, AI, and machine learning.
Besides, increasing investment of end-users in cloud services is likely to propel the industry in the forecast period. In addition, with increasing partnerships and acquisitions, the market is likely to flourish notably in the assessment period. For instance, in May 2021, a USA-based data integrity company, Precisely, completed the acquisition of Infogix, a data quality vendor. Such initiatives are likely to benefit the market in the region, thereby, expanding the market reach in the assessment period.
How will Asia Pacific countries fare in the Enterprise Data Management Market?
Asia Pacific is anticipated to be the most lucrative market in the forecast period. As per the analysis, China is projected to dominate the industry in the assessment period. The country is estimated at a market value of USD 14.6 Billion while recording a CAGR of 7.7% from 2022 to 2032. The development of the regional market can be attributed to the presence of various small players.
Also, there has been a significant influx of demand for the end-user sectors such as; healthcare, BFSI, and others. Moreover, there has been a rise in investment among players in the market, which is likely to strengthen the market in the forecast period. In addition, the contribution of developing countries such as; Japan, India, and South Korea is of significance. According to FMI, Japan and South Korea have been estimated at a market value of USD 11.8 Billion and USD 7.3 Billion while recording a CAGR of 7% and 6% during the stint of 2022 to 2032.
| Country | Estimated CAGR |
|---|---|
| USA | 8.1% |
| UK | 7.4% |
| China | 7.7% |
| Japan | 7% |
| South Korea | 6% |
Key players in the global enterprise data management market include SAS Institute Inc., IBM Corporation, Oracle Corporation, Teradata Corporation, and SAP SE, among others. Recent developments in the industry are:
The global enterprise data management market is expected to secure a market value of USD 208.9 Billion by 2032
The global enterprise data management market is expected to hold a value of USD 93.5 billion in 2022
The USA market is expected to value USD 72.8 million by 2032.
Japan is projected to garner a market value of USD 11.8 billion by 2032
Software segment is anticipated to expand at a CAGR of 7.6% from 2022 to 2032
China is predicted to exhibit a CAGR of 7.7% during the forecast period
UK is expected to hold a market value of USD 9 billion by 2032
The cloud segment, by deployment mode, is predicted to exhibit a growth rate of 7.7% in the forecast period.
| Expected Market Value (2023) | USD 2,626.9 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 10,474.3 million |
| Projected Growth Rate (2023 to 2033) | 14.8% CAGR |
| Market Value (2022) | USD 3,371.0 Million |
|---|---|
| Market Value (2029) | USD 12,102.0 Million |
| CAGR% (2022 to 2029) | 20.0% |
| Estimated Year Market Value (2022) | USD 8,091.1 Million |
|---|---|
| Projected Year Market Value (2032) | USD 13,791.4 Million |
| CAGR (2022 to 2032) | 5.5% |
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