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New York, US, March 07, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Master Data Management Market Research Report, By Type, Professional Service, Industry, Deployment— Global Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 24.2 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.85 % during the assessment timeframe.
Master Data Management Market Overview:
MDM systems are developed by organisations to combine all crucial organisational data into a single master reference source, reducing errors and duplication throughout the organization’s business operations. Master data management (MDM), on the other hand, is a group of services, standards, and products that help enterprises manage their master data. This master data set includes, among other things, customer information, products, suppliers, and payments. By the use of master data management software, it is generally utilised to distinguish between organisational departments, job duties, and enterprise software.
The main factors driving the master data management market over the anticipated time period are the expanding demand for conformity and validation on a global scale, as well as the growing amount of centrally collected data management. However, worries about data security and the master data management market’s vulnerability to attacks could limit the market’s growth during the anticipated time frame. As a result, big firms use master data management systems more frequently than small and medium businesses. Businesses can divide their product lines using MDM to avoid having unpleasant customer experiences. As a result of MDM, businesses get improved decision-making abilities and operational efficiencies.
Businesses may gather and preserve master data and use it for effective database administration and decision-making thanks to master data management (MDM). MDM involves, among other things, the ability to optimise master data infrastructures, provide self-service access to reliable information, and coordinate and balance.
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Master Data Management Market Top Leaders:
- SAP SE (Germany)
- SAS Institute, Inc (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- Tibco Software, Inc (US)
- Informatica Corporation (US)
- Teradata Corporation (US)
- Orchestra Networks (US)
- Riversand Technologies, Inc. (US)
- Talend (US)
Master Data Management Market Report Scope:
|Revenue forecast in 2030||USD 24.2 Billion|
|Growth Rate||CAGR of 16.85% from 2022 to 2030|
|Key Market Opportunities||A varied range of needs from customers has resulted from improvements in the abilities of technological advances in managing multi-faceted and multi-domain data|
|Key Market Drivers||The growing need for precise predictions to enable quicker judgment|
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The COVID-19 pandemic is having an impact on businesses all across the world. Data management companies are seeking to maintain their assets online while also ensuring the security and privacy of information across connections in an effort to counteract this scourge. In fact, executives have requested the knowledge and expertise of key specialists, data analysis professionals, and experts with advanced analytics expertise like artificial intelligence and machine learning to help them make business decisions about how to respond to the new enterprise issues faced.
The demand for accurate predictions to facilitate quicker judgement and the growing adoption of data quality technologies for data management are expected to drive the growth of the master data management market.
The market for MDM solutions is anticipated to grow in the upcoming years as a result of new technologies including artificial intelligence, cloud computing, and machine learning (ML). Because it offers more technological options for data storage, this technology can be used to make large datasets accessible. Customers’ needs have changed as a result of advancements in technology’s capacity to manage data with several facets and domains.
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In today’s world of rising data management and maintenance solutions, MDM apps and services are emerging as the most ideal choice for structuring and managing data. MDM services and apps are growing in popularity. Contrarily, the growing concern among consumers about the security of their data hinders the growth of this industry. Contemporary firms operate in statistically driven environments, which increases the risk of sophisticated data theft, cyberattacks, and phishing efforts to compromise private data. Data accessibility across numerous systems causes a number of problems, including increased security risks to the data, which can be seen as a key constraint on the global market.
MDM solutions are becoming more popular across a broad range of regions and business sectors. This brings up a crucial problem for market growth, namely the existence of various laws and rules across national and international borders, which severely restricts market expansion.
Master Data Management Market Segmentation:
Type, professional service, deployment, industry, and location are used to segment the market.
By Application: The market is divided into implementation and deployment services, maintenance and support services, and consulting services based on the applications.
End-users: The market is divided into BFSI, IT & communications, medical, retail, media & entertainment, transportation and logistics, industrial, and others based on the propulsion types.
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According to market research, the master data management industry is anticipated to grow significantly between the years of 2021 and 2027. Regional analyses of the global market are carried out, among others, for North America, Europe, the Asia-Pacific region, and the rest of the world.
North America is estimated to dominate the global master data management market during the forecasted period. The presence of big businesses, the quick adoption of new technologies, the Internet of Things (IoT), and artificial intelligence all have an impact on the master data management market in North America (AI). The forecast period shows that the United States, Mexico, and Canada will continue to hold a dominant position in the North American market for worldwide MDM. The medical and industrial sectors dominate the master data management (MDM) market sales in North America.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
AUTOCANADA ANNOUNCES PROMOTIONS AND EXPANDS LEADERSHIP TEAM
AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multi-location North American automobile dealership group, announced key promotions and additions to its leadership team.
Jeff Thorpe, who joined the Company as President, Canadian Operations in April 2022, will have responsibility for all operations in North America as President, North American Operations. Brian Feldman, who joined as Senior Vice President, Canadian Operations and Disruptive Technologies in April 2022, has been appointed as Chief Operating Officer of the Company.
“Jeff and Brian have proven themselves over the last year and have been instrumental in driving our strong performance through their focus on operational initiatives in Canada. We are very pleased to provide Jeff with the increased responsibility of oversight over our U.S. operations, in addition to Canadian operations, and to appoint Brian as the Chief Operating Officer of the Company,” said Paul Antony, Executive Chairman of the Company.
In addition, Drew Forret will be appointed as Chief Administrative and Transformation Officer and Michael Fera will join as Vice President, Financial Planning and Analysis, each effective in the fourth quarter of 2023. These new roles will support the Company’s renewed focus on fiscal discipline.
“We are very excited to welcome Drew and Michael to the AutoCanada team. Drew and Michael’s significant and proven experience in driving high-performance business cultures with scalable best practices and fiscal discipline will be invaluable for AutoCanada as we continue on the next leg of our journey,” said Mr. Antony.
Drew has over 20 years of experience focusing on the leadership and scaling of growth-based organizations. He most recently held the position of Chief Operating Officer and Chief Financial Officer of Voices, a platform that connects businesses with professional voice talent. Prior to Voices, Drew was the Chief Operating Officer and Chief Financial Officer of CarProof, a provider of vehicle history reports, and President of Activplant, an originator of manufacturing intelligence software. Michael has over a decade of experience in financial planning and analysis. He joins us from Tim Hortons, Canada’s leading quick-service restaurant chain, where he served as Head of Finance for the Canadian business. In addition, Michael held several operational roles spanning development, franchising, non-traditional business and real estate during his tenure with Tim Hortons.
Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries
SHANGHAI, Sept. 25, 2023 /PRNewswire/ — In parallel with HUAWEI CONNECT 2023, Huawei’s Aviation & Rail BU held three global summits specifically oriented to the BU’s niche.
Using an upgraded digital and intelligent foundation, Huawei dives deep into a wide variety of industry scenarios and expedites the intelligent development of aviation and rail through multi-dimensional awareness, ubiquitous connectivity, and open platforms.
China West Airport Group (CWAG) chose Huawei to jointly develop a comprehensive intelligent transformation strategy.
According to Lin Bin, CWAG’s Deputy General Manager, his company has created 35 intelligent solutions for security, operations, services, and other scenarios using Huawei’s high-performance computing power and open intelligent platforms, as well as advanced algorithms for the industry.
For airport operations, digital and intelligent ground handling solutions forecast the real-time status of flights, passengers, and resources, as well as promptly generating warnings. They also intelligently dispatch ground handlers as needed. The solutions increase ground support efficiency by 20% and shorten the time support takes by 17%. In addition, smart airport operation solutions have introduced the optimal flight plan result model to achieve best supply-demand matching and AI-assisted operation command.
Ever-evolving technologies have brought both challenges and opportunities to enterprise digital transformation and intelligent upgrade. Li Junfeng, Vice President of Huawei and CEO of Huawei’s Aviation & Rail BU, delivered an opening speech at the global railway summit. He explained that as GSM-R gradually exits the market, the railway industry requires a next-generation mobile communications system to ensure efficiency and benefits, as well as maintain high-quality development. In response, Huawei is thinking about how it can leverage AI to better serve the railway industry, and have built practices and made remarkable achievements during its journey.
Huawei teamed up with Huitie Technology to develop the Smart Railway TFDS Solution, which uses the Pangu Railway Model with 3 billion parameters. The solution covers all TFDS scenarios and effectively identifies over 430 types of faults on 67 vehicle models with a comprehensive fault identification rate exceeding 99.3%. It ensures near-zero missed inspections for critical faults and triples the operational efficiency.”
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Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality
Selected innovators leading the charge in reshaping manufacturing for a sustainable future
COBHAM, England, Sept. 25, 2023 /PRNewswire/ — Today, Hexagon’s Manufacturing Intelligence division announced the nine manufacturing startups chosen for its third Sixth Sense cohort. The selected companies were chosen from a highly competitive pool of hundreds of applicants, distinguishing themselves with groundbreaking solutions addressing critical manufacturing challenges, with a focus on sustainability and digital reality.
The selected startups, which hail from seven countries, bring unique approaches to some of today’s most critical manufacturing challenges, such as improving product sustainability, eliminating waste, capturing real-time data, automating design, and incorporating cobots into production lines. As part of the Sixth Sense program, they will gain access to Hexagon’s invaluable market insights, accumulated over decades of collaboration with industry-leading technology giants, which will accelerate their journey to commercial success.
Hexagon, the industrial software leader that plays a pivotal role in manufacturing 90% of aircraft, 75% of smartphones, and 95% of all automobiles worldwide, launched Sixth Sense in January 2022. This initiative is designed to nurture startups within the manufacturing industry by supporting them with Hexagon’s extensive resources.
The nine startups are:
Acerta Analytics, Canada: Acerta Analytics provides advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights. The solution enables automakers and suppliers of complex vehicle parts to improve quality in manufacturing processes and supports early defect detection.Circularise, Netherlands: Circularise offers digital product passports for end-to-end traceability and secure data exchange in industrial supply chains. Its technology helps companies achieve transparency and sustainability by tracking the lifecycle of products and materials.Dessia, France: Dessia offers a platform featuring virtual “bots” that serve as companions to assist engineers in designing mechanical systems. These virtual assistants provide support and insights throughout the design process.Flexxbotics, Boston, US: Flexxbotics specialises in enabling high-mix automation-intensive manufacturers to create flexible next-generation machining environments. It utilises breakthrough FlexxCORE™ technology to seamlessly connect and coordinate collaborative robots with existing automation equipment, IT systems, and personnel to deliver autonomous process control.Launchpad, Los Angeles, US: Launchpad utilises AI and advanced simulation technologies to automate aspects of the design, procurement, and manufacturing process. Its focus is on concepts like mass customization, micro-factories, and software-defined robotics to create shorter supply chains, reduce waste, and deliver new features faster in the manufacturing industry.Rafinex, Luxembourg: Rafinex’s stochastic AI topology optimization for safe, lightweight designs. This technology actively manages uncertainty and risks of real-life variability to create uniquely robust designs that remain safe even in off-design load conditions for application in safety-critical performance sectors such as aerospace, automotive, and tooling.RV Magnetics, Slovakia: RV Magnetics has developed the world’s smallest passive sensor based on MicroWire technology. This sensor combines unique capabilities from electromechanics, electronics, chemistry, physics, applied magnetism, and industrial design, offering diverse applications.ToffeeAM, London, UK: ToffeeAM provides state-of-the-art multi-physics generative design software for engineering. Its mission is to empower engineers to optimise engineering components and systems efficiently, enabling them to go further and faster in design processes.Zaptic, Manchester, UK: Zaptic provides job instruction and collaboration tools for frontline teams, along with a no-code toolkit designed to accelerate the digital transformation of daily operations. The solutions help organizations streamline processes and improve communication among frontline workers.These startups will embark on an intensive 16-week journey as part of the Sixth Sense program, collaborating closely with Hexagon to refine their offerings. Ultimately, up to three winners will be selected from the cohort, granting them access to Hexagon’s extensive resources for global expansion, including potential funding, worldwide office space, and Hexagon’s comprehensive suite of products and services. Additionally, they will be showcased on Hexagon’s open digital reality platform for manufacturing, Nexus, providing them access to world-class companies.
“For this third cohort, we’ve been on the hunt for new innovations that enable manufacturing leaders to lead the net-zero transition – especially with sustainable product design – and we’re thrilled with the caliber of the startups we’ve found to participate,” said Josh Weiss, president of Hexagon’s Manufacturing Intelligence division. “Sixth Sense is designed to pinpoint emerging opportunities for greater innovation, and we’re thrilled to give these companies that are poised for high-growth access to resources and customers that they typically wouldn’t have at this stage in their lifecycle.”
“Hexagon’s commitment to nurturing innovation and driving sustainable manufacturing practices continues to shine through,” said Milan Kocić, head of Sixth Sense, Hexagon. “Each of these startups has demonstrated their capacity to address pressing manufacturing challenges with creativity and determination. Much like our previous cohorts have addressed critical industry challenges, we believe these innovators will play a crucial role in shaping a sustainable future for the manufacturing industry.”
About Sixth SenseHexagon technologies are used to manufacture 90% of aircraft, 75% of smartphones, and 95% of every automobile produced worldwide. It has the scale, the network, and the ambition to make a difference. As we enter the era of Industry 4.0, Sixth Sense was launched to discover smart and efficient solutions that will boost performance and benefit people and the planet. By inviting the next generation of innovators to the table, Hexagon aims to share its resources and make connections that accelerate progress – pushing the boundaries of design, manufacturing, and engineering and starting to imagine a better future for the benefit of everyone. To follow Sixth Sense, and learn about the ecosystem and opportunities for participation, visit https://sixthsense.hexagon.com/.
About HexagonHexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon’s Manufacturing Intelligence division provides solutions that use data from design and engineering, production and metrology to make manufacturing smarter. For more information, visit hexagon.com/mi.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,000 employees in 50 countries and net sales of approximately 5.2bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
View original content:https://www.prnewswire.co.uk/news-releases/hexagons-sixth-sense-announces-nine-startups-to-transform-manufacturing-sustainability-and-digital-reality-301936427.html
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