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Master Data Management Market Size to Hit USD 24.2 Billion, at 16.85 % CAGR by 2030 – Report by Market Research Future (MRFR)

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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:

Report Metric Details
Revenue forecast in 2030 USD 24.2 Billion
Growth Rate CAGR of 16.85% from 2022 to 2030
Base Year 2021
Study Period 2022-2030
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.

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Artificial Intelligence

First Comprehensive Report on Public Web Data Released by Bright Data

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Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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Artificial Intelligence

OSIA becomes an official International Telecoms Union (ITU) standard

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ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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SciBase will present at the Redeye Medtech Event on April 24th

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STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

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