Healthcare Sector Eyes Significant Expansion with Enterprise Data Management Solutions Ensuring Enhanced Patient Care and Uninterrupted Energy Supplies
The "Enterprise Data Management Market Size, Share & Trends Analysis Report By End-use (BFSI, Healthcare), By Component (Software, Services), By Deployment, By Enterprise Size, By Services, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
DUBLIN, Sept. 18, 2023 /PRNewswire/ -- The global enterprise data management (EDM) market is set to achieve significant growth, with an expected market size of USD 221.58 billion by 2030, reflecting a robust CAGR of 12.1% from 2023 to 2030.
Several factors are driving this expansion, including the increased utilization of data quality tools for data management, a surge in cloud deployment for master data management, and a growing emphasis on compliance and data security.
The adoption of EDM solutions is on the rise due to the heightened awareness of data threats and data breaches. As companies face increased risks associated with data breaches, reputation damage, and financial losses, they are turning to EDM solutions to safeguard their valuable assets. These solutions enable organizations to organize and secure data effectively, ensuring it remains accessible for future use.
EDM solutions play a pivotal role in transforming unstructured or duplicated data into structured, actionable insights. They facilitate cross-departmental data management and offer reliable information. Moreover, master data management solutions consolidate data into a single master reference source, ensuring accuracy, consistency, and completeness of data across the enterprise.
Enterprises are placing a strong emphasis on obtaining timely and qualified information, which is expected to drive industry growth. Large enterprises, in particular, with multiple departments managing substantial volumes of data, require the appropriate data management solutions to avoid data chaos.
However, challenges related to address data, such as missing key elements and inconsistencies in validation rules from one country to another, are posing significant obstacles. Address validation is a crucial component of address data management. While EDM solutions can assist in data management, data quality, and address data validation, these challenges need to be addressed for the industry to thrive.
The Asia Pacific region is projected to experience substantial growth from 2023 to 2030, driven by the increasing adoption of cloud computing and the growing demand for operational efficiency in both large enterprises and small and medium-sized enterprises (SMEs).
The healthcare sector is poised for significant growth during the forecast period. EDM systems are integral for planning energy supply and ensuring uninterrupted energy provision to hospitals. Furthermore, they aid in integrating and analyzing medical data to enhance patient care, maintain data privacy, and bolster data security.
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Chapter 3 Enterprise Data Management Market: Industry Outlook
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