Enterprise Data Management Market Expected to Reach USD 224.5 Billion by 2031|Top Players such as-TierPoint,VMware & AWS
The increased usage of data management applications in many organizations is expected to propel the market growth over the projected period.
PORTLAND, UNITED STATE, March 17, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Enterprise Data Management Market Expected to Reach USD 224.5 Billion by 2031 | Top Players such as – TierPoint, VMware & AWS.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global enterprise data management market size was valued at USD 79.7 billion in 2021 and is projected to reach USD 224.5 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.
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Rise in the amount of data collected from various corporate processes and implementation of Artificial Intelligence in cognitive media solutions drive the growth of the global enterprise data management market. However, the shortage of skilled workforce restricts the market growth. Moreover, the key industry players are investing heavily in the research and development of smart, unique solutions to sustain their growth, which is presenting new opportunities in the coming years.
The global enterprise data management market share is segmented based on component type, product type, deployment type, organization size, end-use industry, and region. By component type, it is classified into software and services, by product type, the market is classified into data security, master data management (MDM), data integration, data migration, data warehousing & business intelligence and others, by deployment type, it is classified into on-premises and cloud, by organization size, the market is classified into large enterprises and small and medium-sized enterprises, by end-use industry, the market is classified into banking, financial services, and insurance (BFSI), healthcare & life sciences, telecom & information technology, government & public sector, media & entertainment, retail and consumer goods and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on organization type, the large enterprise segment held the highest market share in 2021, accounting for around three-fifths of the global enterprise data management market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to massive investment from large scale businesses to integrate data management solutions.
Based on deployment type, the on-premises segment held the highest market share in 2021, accounting for more than half of the global enterprise data management market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its low upfront costs and maintenance costs. Also, there are high chances of accessing the data even if the internet fails.
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Based on region, the North American market registered the highest market share in 2021 and is projected to maintain the position during the forecast period. The Asia-Pacific region is expected to witness the fastest CAGR of 11.3% from 2022 to 2031.
The key players profiled in this report include NTT Communications Corporation, IBM Corporation, SAP SE, SAS Institute Inc., Cloudera, Inc., HP Development Company, L.P., Microsoft, TierPoint, LLC., VMware Inc., and Amazon Web Services, Inc.
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Covid-19 Scenario
● The outbreak of the Covid-19 pandemic had negatively impacted various industries that led to a drastic decline in information technology sales. As enterprise data management is widely used in technology industry, there was significant reduction in the enterprise data management demand globally.
● Sales of enterprise data management are directly proportional to the demand from end-use industries namely healthcare, banking, financial services, and insurance sector (BFSI), telecom & information technology, retail & consumer goods, media & entertainment, government & defense and others.
● Economic slowdown had affected the setup of new enterprise data management projects in the situation of financial uncertainty, many organizations were being compelled to contemplate more fast adoption of cloud services to meet their computing and storage requirements.
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