The US$ 1.5 Bn market for data management platforms is set to exhibit a high double-digit CAGR during 2019 – 2029. Increasing demand for better data management, particularly from advertising marketers and agencies, will remain among the strongest factors bolstering the growth of data management platforms market through 2029, as reported by a new Persistence Market Research (PMR) study. Data management platforms analyze and store all company’s audience, and marketing data. Data management platforms help users target customers anytime and anywhere during long-term and real-time campaigns. These factors would be driving the growth of the data management platforms market over the course of next decade.
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Key Takeaways – Data Management Platforms Market Study
- Many organizations and enterprises adopted data management platforms for managing and collecting data, which are impacting the growth of the data management platforms market.
- Implementation of data management platforms are mostly prominent during the time of crisis to keep all responses in sync.
- Rising usage of social media to alert the public is expected to have a significant impact on the data management platforms market during the forecast period.
- First party data source remains preferred. However, demand for second party data source is projected to increase at a striking CAGR of more than 14% through 2029.
- The rate of implementation of data management platforms would remain high in countries of North America and Asia Pacific excluding Japan (APEJ).
The providers of data management and storage solutions are striving to offer solutions and services in developing countries, such as India, China, and Mexico. This can be attributed to the ever-increasing Big Data volumes, high preference for automation, tackling cyber threats, increase in the demand for reduced downtime, and increasing adoption of long-term data archival solutions. These factors will collectively create lucrative growth opportunities in these countries.
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Increasing Demand for Internet-based Technology
Adoption of the internet-based technology by several enterprise and individual is surging the growth of the data management platforms market, globally. Data management platforms commonly target the audience to help them process, organize, and prepare information, which offer a much clearer picture and a better understanding of their strategies and efforts. Data management platforms have a complete control over all data related to consumer’s information in various companies and save information for their own use in the future.
- For instance, in May 2019, the Cohesity Company announced the acquisition of Imanis Data, which offers the data management platforms. This acquisition provides Cohesity to recover Hadoop, providing the ability to backup and support, with no SQL workload.
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