Are you looking to add Master Data Management (MDM) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Master Data Management (MDM) statistics of 2024.
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Best Master Data Management (MDM) Statistics
â° Use “CTRL+F” to quickly find statistics. There are total 54 Master Data Management (MDM) Statistics on this page đMaster Data Management (MDM) Market Statistics
- Gartner projected the market will evolve toward multidomain MDM requirements in its 2018 Magic Quadrant for Master Data Management Solutions â where it noted 58% of reference customers indicated some level of multi. [0]
- 54% of businesses cite data quality and completeness as their largest marketing data management challenge. [1]
- 57% of marketers are getting diminished results as a result of misinterpreting data. [1]
- 33% of elite marketers say having the right technologies for data collection and analysis is the most useful in understanding customers. [1]
- 87% of marketers think data is an under utilized asset at their company. [1]
- Approximately 20% of the average US marketing budget is spent on data. [1]
- Just 7% of B2B marketers have fully automated personalization. [1]
- 55% of US marketers say privacy rules hurt programmatic targeting. [1]
- Master Data Management Market Share and Size 2021 with a CAGR of 18.2% , international Growth, New Updates, Trends, business Expansion, With Impact of the domestic and global market. [2]
- market revenue was 1183 Million USD in 2019, and will reach 3227 Million USD in 2025, with a CAGR of 18.2% during 2020. [2]
- What are the major regional markets of Master Data Management in Global, according to the 360 market updates report?. [2]
Master Data Management (MDM) Adoption Statistics
- Among Fortune 1000 executives, 95% cited cultural factors as blocking big data adoption, compared with just 5% citing technology. [1]
Master Data Management (MDM) Latest Statistics
- According to Gartner, by 2020, 75% of organizations that allow deployment of cloud based business applications to occur outside the auspices of an information governance practice will erode the business value of their information assets by at least 50%. [0]
- âThrough 2016, only 33 percent of organizations that initiate an MDM program will succeed in demonstrating the value of information governance.â. [3]
- 80% of fortune 2000 companies rely on our research to identify new revenue sources. [4]
- About MarketsandMarkets⢠MarketsandMarkets⢠provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. [4]
- Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. [4]
- Big data 56.7% Master data management 53.6% Data cleansing tools 52.1% Monitoring 43.8%. [5]
- Data exception handling 41.2% ETL 34.5% Data stewardship 32.5% Metadata 28.9% Profiling 26.3% Matching and consolidation 25.3%. [5]
- Internationalization / Localization 24.7% Verification 24.2%. [5]
- Matching on name and address data 24.2%. [5]
- Business spend on firstparty data management, processes and integration grew to $5.5 billion in 2019, an increase of 9.8%, while investments in third party data management reached $11.9 billion, an increase of only 6.1% during the same period. [1]
- Data quality issues costs the US economy an estimated $3.1 trillion per year. [1]
- Internal data management using a mix of commercial and homegrown tools is set to increase by 40% within two years. [1]
- Fully outsourced data management will fall by 48% within two years. [1]
- 62% of US retailers have over 50 systems housing customer data. [1]
- On average 20% of database records contain contact data with data quality issues. [1]
- Employee turnover causes approximately 3% of business records to become outdated every month. [1]
- On average, 65% of contact data generated from online web forms is invalid. [1]
- By 2025 the amount of data created, collected, or copied in China will increase from 7.8 zettabytes to 48.6 zettabytes, accounting for 27.8% of the data generated globally. [1]
- During this same period the US share will only account for 17.5% of data generated globally. [1]
- The amount of data created by consumers doubles every two years, but 99% of new data is never used, analyzed or transformed. [1]
- In terms of how business leaders interact with data, 70% of time is spent finding data with only 30% analyzing it. [1]
- Approximately 47% of new data collected by businesses has one or more critical errors. [1]
- Only 3% of business leaders think their department has an acceptable level of data quality. [1]
- Companies with a Data Governance program in place increase data analysis time by 2% and register a 31% improvement in data quality confidence. [1]
- Businesses with a designated Data Governance or Data Management leader show 42% greater confidence in data quality than those without. [1]
- 70% of US advertisers say confident media spending requires a more transparent and addressable supply chain. [1]
- 92.3% of businesses maintain databases to host information on customers and prospects. [1]
- Network security (57.2%), web security and data security (both 55.7%), and fraud prevention (55.2%). [1]
- Only 21% of CMOs own 90% or more of their tech budget. [1]
- Nearly one third of high performers (31%). [1]
- In 2017, a total of 83% of companies said they perform data compliance audits each year. [1]
- Across the 600 largest companies in the US, 40% have operational CCPA rights portals. [1]
- Of the 600 largest public companies and 100 largest private companies, only 16% have a âDoNot Sellâ website link in response to CCPA. [1]
- One in three Publishers have no cookie free ID solution in place and 77% authenticate less than 50% of their visitor traffic. [1]
- Third party cookies found on European news sites have decreased by 22% since GDPR went into effect. [1]
- 59% of brands and 40% of agencies either have already appointed or plan on appointing a Data Protection Officer. [1]
- The cost of a data breach to business has increased by 10% in recent years. [1]
- For consumers who had experienced an online security incident, such as an account hack, data breach or a stolen password, 27% estimated that the incident ended up costing them $100 to $10,000 or more. [1]
- In 2018 46% of businesses suffered a data breach. [1]
- That number was only 24% in 2017. [1]
- 77% of global consumers would stop doing business with a brand that lost their data or used it irresponsibly and 32% opted out of personalized advertising in the past year. [1]
- The aim of this study was to measure MDM implemented in case organization with Master Data Management Maturity Model , and showed that almost 50% of the capabilities in had been implemented. [6]
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Reference
- cmswire – https://www.cmswire.com/digital-experience/5-master-data-management-trends-to-watch/.
- dataservicesinc – https://www.dataservicesinc.com/newsletter/marketing-data-management-statistics/.
- newschannelnebraska – https://southeast.newschannelnebraska.com/story/44932979/master-data-management-mdm-market-share-and-size-2021-with-a-cagr-of-182-international-growth-new-updates-trends-business-expansion-with-impact-of.
- precisely – https://www.precisely.com/blog/datagovernance/why-your-master-data-management-needs-data-governance.
- marketsandmarkets – https://www.marketsandmarkets.com/PressReleases/master-data-management.asp.
- statista – https://www.statista.com/statistics/520447/north-america-survey-enterprise-data-quality-tools/.
- semanticscholar – https://www.semanticscholar.org/paper/Master-Data-Management-Maturity-Model%3A-A-Case-Study-Krismawati-Ruldeviyani/7b2c283e4e4359a7e8fcf5e62b79f76506f7d1c5.
How Useful is Master Data Management
One could argue that MDM is immensely valuable when it comes to streamlining operational processes and improving decision-making capabilities across the enterprise. By creating a single, unified view of master data â such as customer information, product data, and financial records â organizations can ensure data accuracy, reliability, and consistency. This, in turn, can lead to improved business efficiency, reduced errors, and enhanced collaboration between departments.
Furthermore, MDM can help companies comply with regulatory requirements and data privacy laws by establishing data governance policies and maintaining a comprehensive audit trail. With the growing emphasis on data security and privacy, having a robust MDM system in place can mitigate risks and protect sensitive information from unauthorized access or misuse.
Additionally, MDM can drive customer satisfaction and loyalty by providing a 360-degree view of customer interactions, preferences, and behavior. With accurate and up-to-date customer data at their fingertips, organizations can personalize marketing campaigns, deliver targeted offers, and improve customer service strategies. This, in turn, can lead to increased customer retention, higher conversion rates, and ultimately, improved revenue generation.
MDM can also foster innovation and drive digital transformation initiatives within an organization. By breaking down data silos and integrating disparate systems, MDM creates a solid foundation for advanced analytics, artificial intelligence, and machine learning applications. This enables organizations to uncover valuable insights, identify trends, and make data-driven decisions that can propel them ahead of the competition.
On the other hand, critics might argue that implementing and managing an MDM system can be complex, time-consuming, and costly. Organizations often struggle with data quality issues, reconciling conflicting information, and ensuring data governance practices are adhered to consistently. Moreover, MDM projects can face resistance from stakeholders who are wary of change or reluctant to share ownership of data assets.
Despite these challenges, the benefits of MDM far outweigh the costs and complexities associated with its implementation. In today’s data-driven, digital economy, organizations need to invest in MDM to stay competitive, agile, and relevant in a rapidly-evolving market landscape.
In conclusion, Master Data Management is not just a nice-to-have tool; it is a strategic imperative for organizations looking to unlock the full potential of their data assets and drive sustainable business growth. By harnessing the power of MDM, companies can achieve operational excellence, regulatory compliance, customer satisfaction, and innovation, setting the stage for future success and expansion.
In Conclusion
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