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Master Data Management Industry to Reach $37 Billion by 2024

By   /  December 28, 2016  /  No Comments

moneyby Angela Guess

A new press release reports, “The master data management market has undergone tremendous advancement in the past few years. With the advent of the Internet of Things (IoT) the penetration of information technology across various industries has increased. Organizations have ramped up their investments in IoT technology. IoT offers a range of benefits to organizations in the sectors of cloud computing, big data analytics, and global networks. The global start up industry has grown hugely in the IoT sector. Also there has been a significant rise in the number of businesses conducted over the web over the past few years.”

The release continues, “Moreover, increase in the number of connected devices globally has also been one key factor in promoting the growth of IoT market. Economies across the world foresee the economic benefits of IoT. Considering the direct proportionality of growth in IoT to need for data management, the growth of IoT is expected to drive the demand for master data management in organizations. Master data management can enable organizations to derive actionable insights from the IoT data generated. Master data management offers actionable analytical and predictive data to organizations in order to carry out their business operations effectively related to product and customer data. For product and customer centric industries, availability of effective and accurate master data is critical. Discrepancy in customer as well as product related data can cost any organization hugely in terms of time and money.”

Read more at SBwire.

Photo credit: Flickr

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