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Master Data Management: Growth Fueled by Need to Better Track Social Media Data
Customer Master Data Management (MDM) is a scrubbed and consolidated data view of data obtained from many sources on vendor customers for analysis, reporting, and data sharing. It provides consistency to sales, marketing and compliance groups within the vendor’s organization. Customer MDM is receiving increasing attention by companies, in particular, because of ever growing amounts of data being generated by social media and mobile devices.
A recent report from Gartner finds that there are four key vendors in the Customer Master Data Management tool space. The four vendors taking up the bulk of the market share for cusomter Master Data Management solutions are SAP, Oracle, Informatica and IBM. The Gartner report is available free from Oracle.
Garter estimated that total software revenues for MDM software increased 15 percent in 2010 to $1.4 billion, and about a third of that market is specific to customer Master Data Management solutions. The market for just customer MDM software sales is growing even more quickly, at a rate of 23 percent annual growth. The customer MDM market is expected to reach $644 million in 2012 and to surpass $1 billion by 2015.
Colleen Graham, research director at Gartner, said that “the increased demand for more effective decision-making and a focus on improving the timeliness and accuracy of business decisions makes MDM paramount for organizations. MDM supports these goals by ensuring the high quality of key data needed at the point of decision, removing uncertainty and increasing confidence.”
Much of the growth being measured in MDM can be traced back to three trends identified in another Gartner MDM report published in May, 2011. Those three trends are:
- MDM solutions are being increasingly deployed as cloud-based solutions
- MDM will increasingly need to account for data being collected from Social Media
- MDM solutions will increasingly manage multiple domains within an organization
John Radcliffe, research Vice President at Gartner and author of the report, said that “the trouble is that people tend to work in silos. They don’t talk to each other enough and sort of work out how this puzzle should all fit together.”
