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Enterprise Data Management
The growth of the global enterprise data management market is driven by increasing data from corporate processes and AI adoption in cognitive media solutions.
PORTLAND, OR, UNITED STATES, October 3, 2024 /EINPresswire / -- According to the report, the global enterprise data management market size generated $79.7 billion in 2021, and is anticipated to generate $224.5 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031.
Rise in the amount of data collected from various corporate processes and implementation of Artificial Intelligence in cognitive media solutions drive the growth of the global enterprise data management market. However, the shortage of skilled workforce restricts the market growth. Moreover, the key industry players are investing heavily in the research and development of smart, unique solutions to sustain their growth, which is presenting new opportunities in the coming years.
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Covid-19 Scenario
* The outbreak of the Covid-19 pandemic had negatively impacted various industries that led to a drastic decline in information technology sales. As enterprise data management is widely used in technology industry, there was significant reduction in the enterprise data management demand globally.
* Sales of enterprise data management are directly proportional to the demand from end-use industries namely healthcare, banking, financial services, and insurance sector (BFSI), telecom & information technology, retail & consumer goods, media & entertainment, government & defense and others. However, the demand for enterprise data management in Telecom & Information Technology industry was greatly affected owing to import-export restrictions, closed borders, and supply chain disruptions during the lockdown.
* Economic slowdown had affected the setup of new enterprise data management projects in the situation of financial uncertainty, many organizations were being compelled to contemplate more fast adoption of cloud services to meet their computing and storage requirements.
Based on deployment type, the on-premises segment held the highest market share in 2021, accounting for more than half of the global enterprise data management market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its low upfront costs and maintenance costs. Also, there are high chances of accessing the data even if the internet fails. However, the cloud segment is projected to manifest the highest CAGR of 11.0% from 2022 to 2031, owing to rapid technological innovation to shift data on cloud model.
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Based on organization type, the large enterprise segment held the highest market share in 2021, accounting for around three-fifths of the global enterprise data management market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to massive investment from large scale businesses to integrate data management solutions. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 11.0% from 2022 to 2031, owing to massive funding from government and regulatory authorities to boost small scale businesses.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global enterprise data management market, and is likely to dominate the market during the forecast period. This is owing to the presence of major manufacturers operating in this market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.3% from 2022 to 2031. Increase in spending capabilities, owing to presence of countries mainly China, Japan, India which are investing heavily in data management and security solutions.
The key players profiled in the enterprise data management market analysis report include NTT Communications Corporation, IBM Corporation, SAP SE, SAS Institute Inc., Cloudera, Inc., HP Development Company, L.P., Microsoft, TierPoint, LLC., VMware Inc., and Amazon Web Services, Inc.
Challenges:
1. A significant challenge for market growth is the shortage of skilled workforce necessary for effective data management.
2. High costs associated with implementing enterprise data management solutions can limit adoption among small and medium-sized enterprises.
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Key Growth Drivers:
1. Increasing Data Volume: Organizations are facing an exponential increase in data generation, necessitating effective management solutions to handle large datasets efficiently. This demand for data management is crucial for ensuring data quality, integration, and accessibility for informed decision-making.
2. Adoption of Advanced Technologies: The integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and cloud computing has enhanced the capabilities of EDM solutions, making them more efficient and adaptable to organizational needs. These technologies facilitate better data processing and analysis, driving further adoption.
3. Regulatory Compliance and Data Privacy: Growing regulations regarding data protection and privacy are compelling organizations to implement robust EDM systems. This is critical for ensuring compliance with laws such as GDPR, which mandates stringent data management practices.
4. Shift to Automation: There is a significant trend towards automating business operations, moving from manual processes to automated systems. This shift is increasing the demand for EDM solutions that can streamline operations and improve efficiency.
5. Need for Real-Time Data Access: The demand for timely and accurate information is pushing organizations to adopt EDM solutions that provide real-time access to data across various departments. This capability is essential for enhancing operational effectiveness and responsiveness in a competitive environment.
6. Cybersecurity Concerns: With the rise in cyber threats and data breaches, organizations are prioritizing data security measures within their EDM frameworks. The need to protect sensitive information is driving investments in comprehensive data management solutions.
7. Digital Transformation Initiatives: As businesses increasingly focus on digital transformation, the need for effective data integration tools becomes paramount. Organizations are adopting EDM solutions to support their digital strategies and enhance overall operational efficiency.
These factors collectively contribute to a robust growth trajectory for the enterprise data management market, with projections indicating significant expansion in the coming years.
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