Master data management (MDM) engulfs processes, tools, standards, policies and governance, which consistently manage and define critical data generated by an organization for providing single point of reference. An MDM BPO provides services for collecting, aggregating, matching, quality-assuring, and consolidating this data for ensuring consistency & control in ongoing maintenance and application.
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Demand for MDM Increasing with Growing IoT Proliferation
Over the past few years, master data management has witnessed substantial advancement, with the emergence of internet of things (IoT) accelerating penetration of information technology into a wide range of industries. Organizations are ramping up their investment in the IoT technology, as it offers various advantages in the sectors of global networks, big data analytics, and cloud computing. Number of startups across the globe have been surging, along with significant growth in businesses being conducted over the web. Considering direct proportionality of IoT proliferation to the requirement for data management, demand for master data management will witness an upsurge in the near future. Master data management enables organizations in deriving actionable insights from IoT data generated.
The need to invest in master data management has therefore become imperative for an organization’s success. Businesses today find it crucial for making effective business decisions in a short period of time. Organizations are continuously striving to acquire better productivity on the back of unstructured information and poor data quality, which in turn leads toward poor decision making and impacts business processes.
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In a bid to over these challenges, organizations rely on BPOs for management of their data. MDM BPOs accomplish customer expectations through provision of comprehensive solutions, which combine power data, technology and analytics. MDM BPOs help enterprises in making informed business decisions, and improving their ROI by excellently connecting right people with the right products.
According to Fact.MR’s recently published report, the global MDM BPO market will register a spectacular rise over the forecast period (2017-2026). Revenues from the market are estimated to surpass US$ 10,000 Mn by 2026-end.
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North America and Europe to Remain Most Profitable Regions for the Market Growth
With rapid growth in technological advancements and high adoption of IoT across various organizations in developed regions such as North America and Europe, huge amount of data is generated. This further calls for effective MDM creating demand for MDM BPOs in these regions. North America and Europe are expected to remain the most profitable regions for growth of the MDM BPO market. Asia-Pacific excluding Japan (APEJ) has become a key region for outsourcing various processes and operations. APEJ will also account for a major portion of the market revenue share by 2026-end.