Yes, both the installation as well as the parallel usage of all MDM Clients (e.g. Console, Data Manager, and so on) is possible. To achieve this, you need to change the default path suggested by the MDM installer during the MDM Client installation. You can use any destination folder on your local PC.
Example
In SAP MDM Development we use a central folder SAP MDM Clients as root folder for our installations. Below this folder there is a specific one for each MDM build version we need to work with. The screenshot shows that it is even possible to install MDM 5.5 and MDM 7.1 Clients in parallel.
