COVID-19 IMPACT SURVEY MAY 2020
At a time when the global economic climate seems to be spinning out of control, the Enterprise Metadata Management market will face severe short-term challenges in virtually every application area with the exception of one. The global market under such a scenario is projected to reach a revised value of US$8.1billion by the year 2027. As COVID-19 continues to spread and cause large scale human and financial destruction in countries across the world, pessimism is beginning to run high among chief information officers(CIOs). The general decline in business confidence is an indication of the gradually worsening economic climate, since business confidence is a well-known leading indicator of future output. Business confidence, in other words, is a barometer of investment growth. As companies revisit their Investment spending plans, its little surprise that IT budgets are being slashed. IT budgets which in the pre-pandemic period was projected to grow by over 4% to 5% supported largely by enterprise software spending is now set for downward revisions. Virtually every technology company is facing financial challenges of disrupted supply chains, and falling work-from-home (WFM) employee productivity. Inability to meet quarterly revenue targets mean reduced available funds for planned IT projects.
Over 45% to 55% of CIOs expect negative impact on IT budgets in the range of -10% to -40% as compared to the less than 20% who expect spending to actually increase. Excluding cloud computing and technologies for remote working which are high priority as businesses come under pressure to enable WFM to ensure business continuity, all other IT spending are being slashed. Enterprise metadata management will witness decline in all industrial sectors except healthcare, given the immediate importance of data intelligence on combating COVID-19. Metadata management becomes critically important to managing COVID-19 data complexities as disease epidemiological data flows from diverse sources such as population health, demographics, outbreak hotspots and organizations like W. H. O, CDC and state and local governments across the globe. Effective and meaningful use of this data will be key to accelerate case detection, situation reporting, active surveillance/ response for COVID-19. Metadata in this regard, provides more context in data required to enable advanced analytics.
Given that enterprise data volumes will continue to grow in-sync with digitalization, the market's growth fundamentals will bounce back when the economic climate improves. The transition towards a digital environment or Business 4. 0 means organizations will gain any time anywhere access to large volumes of data that holds the potential to transform business operations. The current digital economy relies extensively on data for gaining access to insights that drive business transactions and help decision making process. The way in which organizations operate in this age of data abundance will become a critical factor in determining the success or failure of business entities. There has and will continue to be exponential rise in data availability, due to proliferation of information systems, devices, applications and platforms of suppliers, investors, customers, consumers, employees and supply chain partners. Under such a scenario, there will always be a need for technologies and tools to manage data. Since metadata is description about the data, it becomes as important as data itself.