Gartner defines Master Data Management (MDM) as “a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets.” Master data management is critical to modern businesses as it helps them get a consolidated view of all the data they have scattered across the organisation.
Market Research Future’s (MRFR) report in March of this year revealed a rise in demand for master data management specialists, professionals and experts to enable them to make better business decisions when responding to enterprise issues.
With this in mind, this article will focus on the master data management job market, including trends and insight.
The current state of the master data management job market
Statistics from Expert Market Research show that the global data management market was valued at $73.1 billion in 2021 and is expected to grow to $150.6 billion by 2027.
Data also showed that companies in all industries and of all sizes continue to implement data management software, with a mix of on-premise and software-as-a-service (SaaS) data management solutions being chosen.
The vast amount of data now being produced and collected has led to a rise in demand for master data management specialists as businesses realise they need more people on board who can take responsibility for the quality and permanence of this data.
Master data management has three main capabilities that allow it to help businesses to build a competitive advantage, and these are:
- Business Capabilities include data governance, stewardship, platforms and architecture, and security.
- Information Services Capabilities including data intelligence, data analytics and visualisation, data workflows, data quality and data integration.
- Data Management Capabilities, including data acquisition, data curation, data science and data performance.
Key trends in the MDM job market
Four key trends can be seen in the Master Data Management jobs market:
- Emerging technologies like artificial intelligence (AI) and machine learning are driving the need for MDM expertise as they make large datasets more accessible and offer new data processing and storage facilities.
- There is a shift towards cloud-based MDM solutions and related job opportunities as they are more flexible, faster to deploy, more scalable, and offer improved security than on-premise solutions.
- There is a growing demand for MDM professionals with data governance and compliance knowledge to ensure the master data are utilised optimally to promote business growth.
- More flexibility and remote work opportunities are being created.
Insights for job seekers in the MDM field
The critical things to focus on when looking for a master data management role are pretty similar to the things you need to focus on for any data role:
- Acquire relevant skills and certifications in areas such as data analysis, data mining, data security and SQL.
- Leverage educational resources and training programmes.
- Build a solid professional network in the MDM community.
- Showcase practical experience and project work on your CV.
As you can see, the MDM job market is thriving, so there are plenty of opportunities for job seekers to seize.
Are you interested in breaking into the world of master data management, looking to expand your team with a permanent data management professional, or wanting to hire a data contractor for an upcoming project? The Agile Recruit team know the master data management market inside out, so please get in touch today.