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Report ID: SQMIG45B2084
Report ID:
SQMIG45B2084 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|
Tables:
87 |
Figures:
76
Enterprise Data Management Market size was valued at USD 79.7 billion in 2019 and is poised to grow from USD 89.34 billion in 2023 to USD 249.76 billion by 2031, growing at a CAGR of 12.10% in the forecast period (2024-2031).
The Enterprise data management market is expected to experience significant growth in the coming years, driven by the increasing adoption of data management applications in organizations. The rise in demand for data management is a result of the need to handle large data sets, perform data integration, conduct data profiling, ensure data quality, and manage metadata effectively. These challenges have prompted organizations to invest in data management solutions to enable efficient sharing, consistency, reliability, and information management for critical decision-making processes. This is anticipated to be a major driver for market growth. However, data privacy concerns are expected to hinder the growth of the market during the projected period. Many businesses rely on open source software for data management, which involves various procedures and algorithms. If data is not adequately safeguarded, hackers can easily access the source code, as most procedures and algorithms are operated through open sources. Ensuring robust data security measures will be crucial to overcome this obstacle, as data breaches can have severe consequences.
Addressing data privacy concerns will be vital to fostering market growth in the predicted year. Moreover, there is increasing consumer demand for business data management solutions that enable the generation of valuable insights from unstructured or redundant data. These solutions facilitate effective data management across departments within an organization. As organizations place greater emphasis on ensuring timely and accurate information, the demand for enterprise data management solutions is expected to rise. These factors are projected to drive the growth of the global corporate enterprise data management market during the forecast period.
US Enterprise Data Management Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONThe key element of enterprise data management (EDM) is data governance. Data governance is the set of policies, processes, and structures that ensure that data is managed effectively within an organization. It includes activities such as data quality management, data security, and data compliance.
Enterprise data management (EDM) and Infrastructure as a Service (IaaS) are two different approaches to managing data. EDM is a holistic approach that encompasses the entire data lifecycle, from collection to storage to analysis. IaaS is a more focused approach that provides the underlying infrastructure for storing and managing data.
Achieving enterprise data management can be challenging due to various factors. Some of the main challenges include ensuring data quality, integrating data from different sources, protecting data security, establishing data governance policies, designing a scalable data architecture, developing data analytics capabilities, and ensuring compliance with data privacy regulations.
Enterprise data management initiatives typically focus on key activities such as data governance, data quality management, data integration, and master data management. Data governance involves establishing policies and procedures for managing data. Data quality management ensures that data is accurate, complete, and consistent. Data integration involves integrating data from different sources into a single view. Master data management creates a single source of truth for key data elements. These activities are critical for effective enterprise data management.
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Report ID: SQMIG45B2084