Westford, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- As businesses increasingly rely on data to power their decisions, it is no surprise that demand for data management solutions is on the rise. Enterprise Data Management Market can help organizations achieve several objectives, including improving decision making and accountability, boosting efficiency and productivity, and reducing risk.
From capturing and storing data to making it accessible for analysis, EDM solutions provide a holistic approach to managing data. While there are many different EDM options available, some of the most common services include data warehousing, business intelligence (BI), big data analytics, and report management. In addition to these traditional services, some vendors are offering innovative new offerings such as artificial intelligence (AI)–powered data discovery and predictive modeling.
The main drivers behind this growing demand for enterprise data management market are the widespread realization of the power of big data and the growing need for organizations to achieve ultra-fast insights to make better decisions. Today, most businesses suffer from a lack of timely and actionable insights due to a lack of data processing power and skillsets. By implementing an EDM solution, businesses can overcome this challenge and get your business to see tangible results in a short amount of time.
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How Providers are coping up with this rapidly growing demand for EDM?
As per SkyQuest analysis, there has been a significant increase in the demand for enterprise data management market in recent years. This is due to the increasing complexity of data and the need for organizations to efficiently manage their data in order to improve their business performance. As a result, there has been an increase in the number of providers of EDM solutions.
There are a number of factors that have helped providers of EDM solutions grow their businesses. First, the demand for enterprise data management market has been driven by the need for organizations to effectively manage their data resources. Second, many providers have leveraged technology advances to improve their solutions. For example, providers have developed application programming interface (API) capabilities to allow them to integrate with other systems. As a result, customers can use these APIs to access data from other systems within an organization more easily.
As enterprise data management market providers continue to create innovative and pragmatic solutions to manage data across the enterprise, they are faced with the challenge of how to reaching new customers and grow their businesses. There are a variety of growth strategies that providers can explore to grow their businesses, including building upon strengths, expanding product offerings and developing marketing initiatives.
Some providers in the global enterprise data management market have also focused on growing their customer base by creating collaborative ecosystems with complementary providers. By doing this, they can offer comprehensive data management solutions at a lower cost than if they worked alone.
In addition, providers can focus on developing new market segments by differentiate themselves from competitors through innovation or service quality. By doing this, they can capitalize on the needs of specific customer bases and attract new customers.
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However, it is not just technological advancements that have helped providers of enterprise data management market grow their businesses. Another key factor has been the growth in cloud-based solutions. Many customers now want solutions that they can deploy on a cloud-based platform. This means that providers of EDM Solutions can offer easy-to-use and elastic solutions that can be adapted as required by customers.
Followings are some of the key approaches market players in the enterprise data management market are taking to stay competitive:
- In September 2022, Schlumberger Enterprise Data Solution announced the launch of enterprise data management services. It has started providing the solution powered by Microsoft Azure. The company is aiming to offers its services specially to organization engaged in the energy industry to gain better insights and control over data modernization.
- In September 2022, Aiven entered into data warehousing market. In line with this, the company launched its new platform called Aiven for ClickHouse. This will allow real data generation and analysis
- In September 2022, Oracle announced a lunch of its MySQL HeatWave on AWS platform. With the launch it become only company that provides analytics, OLTP, machine learning-based automation and machine learning, and within a single MySQL database.
- In September 2022, Salesforce and Snowflake expanded their partnership to cater clients personalized customer relationship
Unique and Customized Solution Gaining Momentum in Enterprise Data Management Market
As the enterprise data management (EDM) market continues to grow, businesses are beginning to realize the importance of catering to their customers' unique needs and expectations. In a recent survey, 70% of respondents said that they have been witnessing increased demand from clients for personalized customer service and unique services. As per SkyQuest analysis, it was around 50% in 2021, which translates to 20% growth in just one year.
This trend in the enterprise data management market is likely due to the fact that businesses are beginning to realize the value of big data analytics and insights. By understanding their customers' needs and preferences, businesses can create more personalized experiences and improve their products and services overall.
To meet this demand, many enterprises have turned to third-party data management providers, which specialize in providing customized solutions to meeting customer data needs. Third-party providers can provide a wide range of services, including data collections and analysis, data governance, data quality assurance, and customer relationship management (CRM). In addition, these providers can help businesses identify and address customer demands for new features or enhancements to existing systems.
Third-party providers in the enterprise data management market can offer several advantages over traditional enterprise data management (EDM) solutions. These advantages include increased flexibility and customization of services, the ability to tailor services specifically to meet customer needs, and rapid response times to changing customer demands. These benefits have helped third-party providers retain a large share of the enterprise data management market.
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Top Players in Global Enterprise Data Management Market
- IBM Corporation (US)
- SAS Institute Inc. (US)
- Teradata Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- Talend (US)
- Symantec (US)
- Cloudera, Inc. (US)
- Ataccama (Canada)
- Informatica (US)
- Mindtree Limited (India)
- Qlik (US)
- EnterWorks, Inc. (US)
- MapR (US)
- GoldenSource Corporation (US)
- Amazon Web Services, Inc. (US)
- MuleSoft, LLC. (US)
- Micro Focus International plc (UK)
- Zaloni, Inc. (US)
- Actian (US)
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