May 2024
The global enterprise data management market size surpassed USD 99.40 billion in 2023 and is estimated to increase from USD 111.44 billion in 2024 to approximately USD 349.52 billion by 2034. It is projected to grow at a CAGR of 12.11% from 2024 to 2034.
The global enterprise data management market size is projected to be worth around USD 349.52 billion by 2034 from USD 111.44 billion in 2024, at a CAGR of 12.11% from 2024 to 2034. The enterprise data management market growth is attributed to the increasing demand for scalable and efficient data management solutions.
The U.S. enterprise data management market size was exhibited at USD 25.74 billion in 2023 and is projected to be worth around USD 92.40 billion by 2034, poised to grow at a CAGR of 12.32% from 2024 to 2034.
North America dominated the global enterprise data management market in 2023 due to a well-developed technology foundation along with a strong tendency towards new technology adoption. The region-developed IT infrastructure and a high level of IT spending especially facilitate the demand for sophisticated data management solutions. Furthermore, the growing investments in data infrastructure and the continuously rising demands for data-driven decision-making further create a higher adoption rate for advanced enterprise data management solutions.
Asia Pacific is projected to host the fastest-growing enterprise data management market in the coming years, owing to the increasing investment in IT facilities. Several nations, including China and India, have registered immense industrialization and are in the process of embracing the digital economy, which will lead to increased production of data and calls for efficient data management structures. The enhanced utilization of cloud service along with big data analytics solutions in enterprises across Asia Pacific contributes to the market growth. Furthermore, the government’s focus is on encouraging development and increasing the number of startups that require a way to manage data.
Embrace cloud solutions by various enterprises are boosting the demand for enterprise data management solutions. These technologies provide capabilities for dealing with large amounts of data and cost less to implement for an organization. The enterprise data management market solutions are very important in enabling real-time data access and integration to enable organization efficiency in an advanced business environment. Furthermore, as the growing organizations insist on cloud solutions, the market is expected to grow exponentially, owing to an increasing demand for flexible, secure, and easily accessible data storage services.
Impact of Artificial Intelligence on the Enterprise Data Management Market
AI helps businesses in the enterprise data management market capture and process huge volumes of data faster, which helps them make decisions. The application of artificial intelligence improves the stewardship of data by maintaining the quality of data to be used in the formulation of strategies. Furthermore, AI contributes to the analytical forecast, which helps the companies adapt in advance to alterations in the market or industry. They bring into play increased flexibility and adaptability, thus enabling organizations to cope with the rising tide of data-related competition.
Report Coverage | Details |
Market Size by 2034 | USD 349.52 Billion |
Market Size in 2023 | USD 99.40 Billion |
Market Size in 2024 | USD 111.44 Billion |
Market Growth Rate from 2024 to 2034 | CAGR of 12.11% |
Largest Market | North America |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Component, Industry Vertical, Deployment Mode, Organization Size, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Rising importance of data security
The rising importance of data security is estimated to drive the adoption of advanced enterprise data management market solutions. With the growing complexity of cyber threats, business have shifted their focus toward data protection to ensure that sensitive information is protected from hackers. Measures that are placed to safeguard data consist of strong encryption of the flows, enforcement of strict access rights in data management platforms, and surveillance mechanisms. Companies are seeking to implement effective solutions for data management in order to protect the data.
Cybersecurity Ventures, in its latest report, estimated that cybercrime is predicted to account for USD 5 trillion annually by 2025. The World Economic Forum’s Global Risks Report also listed a cyberattack on critical infrastructure as a major risk, creating important to strengthen data management systems.
High implementation costs
High implementation costs are anticipated to hamper the enterprise data management market in the coming years. The implementation of complex systems for data management entails heavy capital expenditure in terms of hardware infrastructure, software, and human resources. The costs involved in customization, integration with existing systems and structure, and maintenance cut down organizational budgets, making it difficult for organizations to fully incorporate data management solutions.
These sources of finance are expected to restrain the expansion of the enterprise data management market within the developed countries, as these expenses are severe. Furthermore, the capital-intensive nature of both the initial installation and thereafter maintenance is poised to hinder market penetration, especially in developed nations where economic capital is still low.
Growing use of big data analytics
The growing use of big data analytics is projected to create immense opportunities for the players competing in the enterprise data management market. Businesses and companies gather large volumes of data, and the proper analysis and generation of necessary insights are creating demand for advanced enterprise data management solutions. This analytics makes it possible to discover patterns and tendencies in the market, improve the functioning of the enterprise, and adjust its offers to individual customers. The need to utilize information assets to gain a competitive edge is expected to boost money spent on data management platforms for better analytics. Moreover, the increased use of big data across the economy is expected to fuel the demand for enterprise data management solutions.
The services segment is expected to grow at the fastest rate in the enterprise data management market during the forecast period of 2024 to 2034. A high number of firms are engaged in procuring software products to deal with the increasing amount and sophistication of data. Sophisticated data management tools come with core capabilities within data management ranging from data integration, data warehousing, and business intelligence that are essential for organizations that seek to harness their data resources. Furthermore, the increasing importance of digitalization and data analysis has also increased the requirements for complicated software products, thus boosting the market in the coming years.
The software segment held a dominant presence in the enterprise data management market in 2023. Deployment and integration, consulting, support, and maintenance services are critical in ensuring that organizations implement and manage data management effectively. The growing sophistication of data management environments and the desire for specific solutions have led to the request for certain consulting and integration services. Organizations need to integrate them with existing systems and achieve optimum performance with the safety of the data. Moreover, the increase in big data analytics and cloud also tends to increase the demand for professional service, as organizations require professionals to assist in deploying and implementing these technologies, thus fuelling the market.
The BFSI segment accounted for a considerable share of the enterprise data management market in 2023 due to the sectors’ high usage and the great requirement related to the storage and processing of a significant quantity of high confidential data, such as financial information, client records, and compliance documentation. The complexity of financial regulations is rising, and the threat of cybercrimes has forced banking and financial firms to integrate the best methods of managing data. Furthermore, the consistent developments in financial technologies and growing demands for secure, more efficient storage of data to support burgeoning transactions and tight standards propels the market.
The healthcare & life science segment is anticipated to grow at the highest CAGR in the enterprise data management market during the studied years, owing to the growing size of the patient data set that needs to be processed. This creates demand for precision medicine, requiring sophisticated analytic tools, as well as the demand for research in the field of healthcare. There has been increased adaptation of the usage of EHRs, telemedicine, and genomic data, hence demanding better data management solutions. Additionally, the increases in the use of data for enhancing patient care, research, and operational efficiency further boosts the demand for strong data management solutions.
The cloud segment held the largest share in the enterprise data management market in 2023, owing to the increasing use of cloud technologies for their cost reduction, the ability to scale up, and the flexibility of the technology. Solutions that operate through cloud computing enable organizations to grow the utilization of data at a much faster rate than having to start from scratch to procure the proper hardware and infrastructure. Furthermore, its adaptability to other progressive technologies, including artificial intelligence and big data analytics, further boosts the cloud and enables enterprise data management solutions in the coming years.
The on-premises segment is observed to grow at a steady rate in the global enterprise data management market in 2023, as they offer total control over their data and information technology infrastructure. Many organizations opt for on-premise solutions since they offer better security measures, flexibility, and compliance with different rules or regulations. Furthermore, many large establishments use old IT frameworks and those performing in heavily controlled domains, including health and finance. This deployment mode offers customized solutions, thus boosting demand.
The large enterprise segment dominated the global enterprise data management market in 2023. Large organizations consistently produce and process vast amounts of data, which requires sophisticated, effective data-handling solutions. These enterprises have a sizeable budget in place to fund comprehensive data management solutions. This allows them to get into complex systems with extensive tools that fit into their current IT system. Furthermore, large enterprises are seeking better ways of managing the data, especially through the use of AI and ML technologies to support the analysis of the data, thus fuelling the market.
The SME’s segment is projected to grow at the fastest rate in the enterprise data management market in the future years. Small and medium enterprises are adopting advanced enterprise management of data solutions. Cloud-based solutions present low-cost possibilities for establishing efficient data management for SMEs without possessing high initial investments. The increasing trend of digitalization among SMEs due to the requirement of competitiveness spurs the demand for data management solutions among them. Furthermore, the increased access to effective yet simpler-to-use and easily scalable data management tools for small organizations further boosts the market in the coming years.
Segments Covered in the Report
By Component
By Industry Vertical
By Deployment Mode
By Organization Size
By Geography
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