Worldwide master data management (MDM) software revenue will reach US$1.9bn this year, a 21pc increase from 2011, according to Gartner, Inc. The market is forecast to reach US$3.2bn by 2015.
“This is the biggest annual growth we’ve seen for this market since 2008,” said Colleen Graham, research director at Gartner.
“Pressures to optimise costs and efficiencies in a heterogeneous IT environment are driving organisations to turn to MDM as a more efficient way to manage and maintain data across multiple sources. In addition, the increasing governance, risk and compliance regulations are forcing organisations to focus on MDM to support these initiatives.”
Graham added that MDM has become critical when it comes to dealing with challenges associated with social data, ‘big data’ and data in the cloud.
From a regional perspective, Europe and North America will drive the demand for MDM, and both regions will grow at a steady pace to reach the billion-dollar mark, in 2013 for North America and in 2015 for Europe, Gartner said.
Next year, MDM software revenue will see faster growth in Asia/Pacific, where revenue is projected to increase by 30pc from 2012 to reach US$209m.
Within the overall MDM market, more than half the revenue is driven by products from small and best-of-breed vendors, as the market continues to favour specialised solutions over "generic" offerings, said Gartner.