Worldwide master data management (MDM) software revenue will reach $1.5 billion in 2010, a 14 per cent increase on last year, research by Gartner has found.
According to the IT analyst, MDM is being adopted to support numerous business and IT efforts that deliver revenue, service, agility and risk management improvement, cost reduction and integration simplification.
John Radcliffe, research vice-president at Gartner, noted that most of today's organizations are required to juggle multiple sets of business and data applications across corporate, regional and local systems.
"At the same time, customers are demanding faster and more complex responses from organizations, leading to an inconsistency that hinders the organization's ability to measure and move within the market," he said.
"With MDM, CIOs can create a unified view of existing data, leading to greater enterprise agility, simplified integration and, ultimately, improved profitability."
As part of its Predicts 2011 body of research, Gartner has also compiled a number of key MDM predictions which included the statement that from 2009 through 2014, MDM software markets will grow at a compound annual growth rate of 18 per cent, from $1.3 billion to $2.9 billion.
Posted by Richard Jones