Enterprise data management solutions also help in managing the data internally across departments in an efficient manner.
According to Grand View Research, the global enterprise data management market size was valued at US$72.79 billion in 2020 and is expected to expand US$136.4 billion by 2026, at a compound annual growth rate (CAGR) of 13.8% from 2021 to 2028. The outbreak of the COVID-19 pandemic is expected to have a positive impact on the market due to an estimated increase in the software demand, as ‘work-from-home’ norms rise into prominence across the world.
The global enterprise data management market covers five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market size during the forecast period. The increasing demand for risk management solutions and the rise in the requirement of on-time authentic information is boosting the demand for enterprise data management solutions in the APAC region. The government’s focus on adopting big data strategies to predict or identify potential threats is also expected to fuel the growth of data management across the region.
The major growth drivers of the enterprise data management market are the need to minimize the overall cost of data ownership, and the growing need for data management in enterprises as an essential need for business continuity. Many organizations are actively framing data management approaches across various verticals, and initiatives to ensure data security that in turn has a positive impact on the implementation of data management solutions.
Enterprise data management solutions help in creating a process for delivering actionable insights from raw data, which may be unorganized or full of duplicates. Data management solutions also help in managing the data internally across departments in an efficient manner. The increasingly strong emphasis enterprises are putting on ensuring on-time qualified information is expected to drive the demand for data management solutions.
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