APAC Master Data Management Industry For Financial Services Overview
The APAC master data management market for financial services is expected to reach USD 3.49 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 13.4% from 2021 to 2028. The rising need for regulatory compliance in the banking and financial industry is the major driving factor of the overall market growth. The industry emphasizes regulatory compliance to enforce accountability and transparency in the financial system while ensuring consumer protection. Master data management (MDM) solutions provide financial institutes with a view of all the user data to ensure that customers follow government-imposed regulations such as Basel II/III, F OFAC, ATCA, HMDA, Dodd-Frank, and AML and facilitate data linking for easy access.
Enterprises are increasingly engaged in forming technology-based strategic advancements to provide private and public clients with financial service-focused solutions. Moreover, the rapidly changing regulatory requirements are generating a demand for master data management technologies that assimilate and understand the relations between entities. Continued technological partnerships and integrations have led to the advent of advanced customer platforms. In addition, the adoption of cloud solutions has proven beneficial for MDM solution providers and end-users.
With the increasing data management and maintenance solutions in banking and financial institutes, the demand for master data management solutions and services is growing as an optimal solution for maintaining, storing, structuring, analyzing data. However, the increasing concern around data security among customers is hindering market growth. Financial firms operate in data-driven business environments, which can lead to risks such as phishing attacks, cyberattacks, and advanced data breaches. The exposure of customer data to disparate systems makes it prone to many security threats. On the other hand, inaccessible data systems, where the dispersed data and threat of security breaches are high, also restrain the adoption of MDM among several businesses.
Many customers refrain from using master data management solutions due to misconceptions around losing their vital reference data and master data if errors occur during upgrades or compilation. Besides, customers also fear losing the authenticity of their data. Despite assurances and provision of data security solutions by financial institutions, many customers still remain hesitant. These factors are hampering the adoption of master data management solutions.
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APAC Master Data Management Market For Financial Services Segementation
Grand View Research has segmented the APAC master data management market for financial services based on countries:
APAC Master Data Management For Financial Services Regional Outlook
- Asia Pacific
- China
- Japan
- Australia
- New Zealand
- Singapore
- South-East Asia
Key Companies Profile Market Share Insights
The master data management industry is characterized by the presence of large, small, and independent MDM solution providers. The fragmentation in the industry increases with the entry of companies offering new and additional services.
Some prominent players in the APAC master data management for financial services market include
- GoldenSource
- Eagle Investment Systems LLC
- PolarLake
- Asset Control International BV (Alve)
Order a free sample PDF of the APAC Master Data Management Market For Financial Services Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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