Data Governance Market Overview:
The data governance market industry is projected to grow from USD 2..88 Billion in 2023 to USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.4% during the forecast period (2022 - 2030).
Market factors such as the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and others like the ability to enhance strategic risk management and decision-making with the increasing business collaborations are expected to drive the growth of the global data governance market.
In today's data-driven world, effective data governance is paramount for organizations to unlock the true potential of their data assets. The data governance market has witnessed significant growth in recent years, driven by the increasing need to ensure data quality, privacy, and compliance. This article provides an in-depth analysis of the data governance market, highlighting key companies, industry news, market opportunities, market segmentation, and regional insights.
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Key Companies in the Data Governance market include,
- Symantec Corporation (U.S.)
- Data3Sixty Inc.(U.S.)
- Alation Inc.(U.S.)
- Reltio Inc. (U.S.)
- Magnitude Software Inc.(U.S.)
- Data Excellence (Switzerland)
- Informatica (U.S.)
- Alfresco Software Inc.(U.S.)
- SAP SE (Germany)
- International Business Machines (IBM)(U.S.)
The data governance market encompasses a wide range of solutions and services aimed at managing and protecting data assets throughout their lifecycle. This includes data quality management, metadata management, data privacy and security, compliance management, and more. With the exponential growth of data volumes and complexities, organizations across various industries are realizing the importance of implementing robust data governance strategies.
Global ICT spending is estimated to decline by 4–5% by 2020. The dysfunctions of the hardware business are predicted to have the most impact on the IT industry. Due to the slowdown of hardware supply, the IT infrastructure growth has been reduced. The business owners are providing solutions and services are also expected to slow down for a short period. However, there has been an adoption of collaborative applications, analytics, security solutions, and artificial intelligence, which is set to increase in the remaining part of the year. Many significant COVID-19 initiatives involve sensitive data, from patient data to personal banking data. There are significant risks to data security posed by the swift influx of these new data sources into a company’s data ecosystem.
Data governance is a set of processes that ensures the systematic management and protection of critical data. With the advent of several data regulations by governments, it has become more critical to ensure data within an organization is stored, used, and discarded appropriately. Organizations wish to achieve data regulation compliance to observe international and national laws and standards and industry-specific regulatory data requirements.
The data governance market can be segmented based on the type of solution, deployment model, organization size, and industry verticals. Solutions can be categorized into data quality management, metadata management, data privacy and security, compliance management, and others. Deployment models include on-premises, cloud-based, and hybrid. Organization size segments can be small and medium-sized enterprises (SMEs) and large enterprises. Industry verticals encompass healthcare, finance, retail, government, and many more. Understanding these segments can help organizations choose the most appropriate data governance solutions tailored to their specific needs.
APAC shows tremendous growth opportunities, especially in the regions of developing economies, such as China, India, Bangladesh, and others. With the growth of smart cities and the proliferation of technical devices, the APAC region is expected to witness ultra-growth in the coming years.
The data governance market exhibits a strong global presence, with North America leading the market due to the early adoption of advanced data governance practices. Europe closely follows, driven by stringent data privacy regulations. The Asia-Pacific region is experiencing rapid growth, fueled by the increasing digitization of industries and government initiatives promoting data governance. Latin America and the Middle East and Africa are also expected to witness significant growth, driven by the rising awareness of data governance benefits and the need for compliance with regional data protection regulations.
Some prominent players of the data governance market are as follows:
- Data Advantage Group (US)
- Global Data Excellence (Switzerland)
- Reltio (US)
- Syncsort (US)
- Magnitude Software (US)
- Ataccama (US)
- Infogix (US)
The data governance market presents significant opportunities for growth and innovation. Some key opportunities include:
- Integration with Cloud Services: With the growing adoption of cloud-based solutions, data governance vendors can capitalize on integrating their offerings with popular cloud platforms, enabling seamless data governance across hybrid environments.
- AI and ML-driven Data Governance: Leveraging AI and ML technologies, data governance solutions can automate data classification, enhance data quality, and enable proactive monitoring of data compliance, offering organizations greater efficiency and accuracy.
- Industry-specific Solutions: Different industries have unique data governance requirements. Developing industry-specific data governance solutions tailored to verticals such as healthcare, finance, and retail can unlock new market segments and meet specific industry compliance needs.
Informatica (US) is recognized as one of the leading market players in the data governance market. It offers various data management and big data solutions, such as data quality, data security, data integration, MDM, and associated cloud solutions. The company majorly serves the banking and capital markets, healthcare, and others like the insurance, retail, and life sciences sectors. With its data governance offering, the company renders help to the business users by upholding data stewardship by maintaining up-to-date data with improved accuracy and per industry regulations. The data governance market continually evolves to keep pace with emerging trends and challenges. Recent industry news showcases the market's dynamism:
- Collaboration for Enhanced Data Governance: IBM and Collibra announced a strategic partnership to combine their expertise in AI and data governance, aiming to empower organizations with end-to-end data governance capabilities.
- Data Privacy Regulations Driving Adoption: The implementation of stringent data privacy regulations, such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), has fueled the demand for data governance solutions that ensure compliance and protect consumer data.
- Focus on Data Security: As cyber threats become increasingly sophisticated, organizations are prioritizing data security. Leading data governance vendors are integrating advanced security features into their solutions to safeguard sensitive data from unauthorized access and breaches.
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As organizations continue to recognize the vital role of data governance in their success, the data governance market is poised for continued growth. By embracing innovative solutions, collaborating with industry leaders, and addressing emerging market opportunities, companies can harness the power of data governance and drive their digital transformation journey with confidence.
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