Global Enterprise Data Management Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Global Enterprise Data Management Market Outlook

The global enterprise data management market size stood at a value of more than USD 93.01 billion in 2023. The market is projected to grow at a CAGR of 12.8% in the forecast period of 2024-2032 to attain over USD 275.02 billion by 2032.

Key Takeaways

• Reportedly, CEOs and senior executives of multiple companies stated that the adoption of AI was their top priority in 2022.

• In 2023, cloud computing adoption increased by 4.2 percent owing to 45% of EU enterprises purchasing related services.

• It is estimated that enterprises around the world, in 2020, created and stored 6.4 zettabytes of new data.

Enterprise data management is defined as a set of processes, practices, and activities aimed towards bolstering the management of data in an organisation or enterprise. Enterprise data management focuses on data accuracy, quality, security, availability, and good governance.

The global enterprise data management market is being driven by the rising application of enterprise data management services in the banking, financial services, and insurance sector. The BFSI sector generates a hefty amount of data daily, augmenting the need for proper data analytics. This elevates the chances of fraud and mismanagement of data, which can cost a company a considerable loss. Hence, data management services are gaining traction in this sector.

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Key Trends and Developments

Rising popularity of cloud-based services; integration of AI and machine learning; stringent data security regulations, and the rising adoption of multi-cloud and hybrid deployment are positively impacting the enterprise data management market growth

Global Enterprise Data Management Market Trends

Over the forecast period, the market is anticipated to be aided by the growing emphasis on data-driven decision-making in companies. As businesses seek to leverage data for competitive advantage, the demand for effective EDM solutions that can consolidate, manage, and analyse data is increasing.

Additionally, the rising concerns over data privacy and cybersecurity have propelled organisations to increasingly invest in the adoption of EDMs as they provide enhanced security by providing a one-point controlled and authorised access to data. Furthermore, it allows companies to have a consistent data architecture, allowing people to quickly identify and access the data.

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Market Segmentation

“Global Enterprise Data Management Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Services is further bifurcated based on type into professional services and managed services.

The rising adoption of cloud-based services is expected to propel the growth of the market in the forecast period

The cloud segment dominates the enterprise data management market share and is anticipated to witness considerable growth in the forecast period. The growing adoption of cloud-based software in small, medium, and large enterprises is driving the growth of this segment.

Cloud-based data management provides safety by reducing the risk of data loss due to device damage or hardware failure. An integrated and well-governed cloud data management solution helps the enterprise improve upon the data quality. Over the forecast period, scalability and efficiency achieved by deploying cloud-based software are likely to enhance its adoption among organisations.

On the other hand, on-premises deployment is likely to be preferred by corporations looking for a greater level of control. This mode of deployment provides a higher level of data security as the system is not accessible to any third party.

The rising focus on data privacy has propelled the integration of EDM systems

Enterprise data management (EDM) plays a crucial role in the healthcare and life sciences sector as it allows the integration of data from multiple sources, such as EHRs, labs, imaging, and genomics, among others, to create a unified view that supports patient care, research, and population health management. The growing focus on collecting data and ensuring its integrity is also aiding the enterprise data management market expansion.

Meanwhile, EDM systems help financial institutions integrate and analyse data across the enterprise to identify, assess, and mitigate risks, including credit, market, and operational risks. They are also extensively utilised by telecom and IT companies to manage and analyse large volumes of data from network operations, helping optimise network performance and enhancing service quality.

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Competitive Landscape

Major players in the enterprise data management market are focused on the integration of advanced technologies such as AI with EDM

Other key players in the global enterprise data management market are Cloudera, Inc. and others.

Several key players in the enterprise data management market are evolving enterprise data management automation and focusing on cloud-based offerings. Companies are emphasising the integration of AI, machine learning, and advanced analytics in EDM solutions to identify data anomalies and for automated policy enforcement.

Global Enterprise Data Management Market Analysis by Region

The market in North America is being driven by the rapid expansion of small, medium, and large enterprises in the region. The establishment of various enterprises that generate large volumes of data has compelled organisations to take significant steps towards efficient data management in order to prevent data loss. Over the forecast period, the rising demand for risk management solutions from large enterprises is likely to augment the enterprise data management market growth in North America in the forecast period.

Meanwhile, the Asia Pacific is expected to register substantial growth during the forecast period owing to the rapid adoption of machine learning technologies and data governance. Reports suggest that generative AI can bring economic benefits of USD 4.4 trillion  annually. Following the shift towards intelligence-decision making, countries such as Singapore, Japan, and China are increasingly leveraging artificial intelligence to streamline processes.

Key Highlights of the Report