The global enterprise data management market generated a revenue of nearly $62.3 billion in 2018 and is predicted to generate a revenue of $136.4 billion by 2026 supported by a CAGR of 10.5%.
The market has witnessed a significant growth previously, and due to the unexpected COVID-19 outbreak, the market will observe additional growth in 2020. Enterprise data is the digital information that flows through an organization. Management of accuracy, safety or security, and governance of this data is known as enterprise data management (EDM). Our analysts have estimated the condition of the global enterprise data management market during the COVID-19 outbreak, and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|9.3%||10.5%||115||USD 74.1 Billion||USD 76.0 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Enterprise data management (EDM) provides advantages such as strategic management of administration information, multi-user capabilities, improved customer relationship management (CRM), and enhanced gauging abilities. For instance, EDM empowers different organizations to sort or compose information or data that can be recovered effectively and can be utilized in case of need. In addition, EDM offers a unified database system that gives controlled access to users and permits simple management of data. These factors are anticipated to fuel the market growth in the projected time frame.
However increased cost, requirement of additional work during implementation of the EDM system, loss of data and downtime risks are the factors restraining the market growth in the projected period. For instance, a company needs to train the employees about the new system of data management which is a time-consuming process. In addition, cost is also a barrier to the utilization of EDM systems in a small scale business sector.
The COVID-19 pandemic has an optimistic impact on the global enterprise data management market. EDM system has the capability to combine age and inhabitants estimates through confined tax information, school conscription and nation documentation to trace individuals and families in a community that are vulnerable to the pandemic. In addition, this system has benefited service organizations and local government bodies to prevent over-counting of vulnerable people by using de-duplication automated records so that they can reach to out the people for assistance. These factors are fueling the market growth in the forecast period of time.
Moreover, enterprise data management system combines cell phone data and geo-location information to trace the travel history of infected persons. For instance, EDM systems have helped government official to identify, quarantine, and test different persons who might have been in active contact with the infected person. Additionally, this system is utilized to identify super-spreaders i.e. people that have attended events where there was mass gathering and accidentally stretched the spread of infection.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global enterprise data management market will witness an additional growth in 2020 and is anticipated to follow the trend until the end of the forecast period. EDM systems are utilized for supporting healthcare segment by optimization of resources. For example, EDM systems collect data from census information and then combine it with sanatorium beds and resource capability, this data provides a clear image of potential needs in hot spot areas. Moreover, this system helps to identify the occurrence of outbreak and hot spot areas so that healthcare segment can have access to ventilators and ICU beds for treatment of infected persons.
Nonetheless, EDM systems are used to plan energy demand so that there is continue supply of energy to hospitals without interruption. For instance, energy supply and requirement have changed significantly due to shift in the people from business location to own homes. EDM systems use time series, energy production capacity, and population density so that it can have clear idea about availability of energy and where it should be supplied at proper time period. As a result, suppliers using EDM systems can provide uninterrupted energy supply to locality, local governments, and hospitals. These factors are foreseen to have positive impact after the end of pandemic.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Enterprise Data Management Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity