Data Governance Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Data Governance Market: Snapshot
The corporate intelligence reports predict that the global data governance market will record an outstanding compound annual growth rate of 22.30 % over the forecast years i.e. 2022 to 2029.
It also predicts that the global data governance market will cross the evaluation mark of US$ 34.8 billion by the end of the forecast period i.e. in 2029.
The solutions in the global data governance market primarily facilitate the management of the data functions’ and data assets’ performance.
Some of the major end users for the solutions and services in the global data governance market include retail and consumer goods, healthcare, telecom and IT, transportation and logistics, banking, financial services, and insurance or BFSI, government, manufacturing, and energy and utilities, among others.
The major applications for the products and services in the global data governance market include process management, risk management, data quality and security management, incident management, compliance management, and audit management, among others.
The increasing demand for ensuring the high quality of data over the life cycle of the data is one of the strongest motivators for the development of growth in the global data governance market.
The rising number of AI applications in the field is also expected to favour the expansion of the global data governance market in coming years.
A strong data governance program is increasingly becoming crucial for companies these days. Agile ones are already expending time and money into data management and usage and designing processes for resolving data issues.
They are leveraging high-quality data and well-managed information assets to uncover helpful insights and strategic decisions.
Effectively deploying data governance framework, however, is a challenging task. This is because of various complications related to data ownership, data inconsistencies across various departments, and the massive volumes of data.
Notwithstanding such roadblocks, the global data governance market is slated to make gigantic strides on account of business entities’ rising need to capture and analyze data which is literally exploding.
Data management primarily centers on keeping up with regulations and compliance deadlines and improving and sustaining strategic risk management.
From a geographical standpoint, North America leads the market on the back of surging uptake of cloud-based machine learning and big data. Presence of a large number of key vendors in the region have also been driving expansion in the market.
Europe is another major market that trails North America. Owing to the same reason as North America, the region will likely progress at a healthy clip in the next few years.
In terms of growth rate, however, Asia Pacific market will steal a march over all others.
This is because the market in the region is still in a nascent stage. With fast-paced economic development, demand from mushrooming small and medium enterprises (SMEs) for cost-effective data governance solutions will likely up demand in the market.
Global Data Governance Market: Overview
With data churned out by various organizations multiplying at a swift pace, most savvy ones are investing in the data governance market. Data governance is an essential component of data management and is comprised of data architecture management, data quality management, and reference and master data management, among others. To put it simply, data governance involves overall management of the usability, availability, integrity, and security of the data employed in an enterprise. A proper data governance program entails a governing body or council, a set of procedures, and a plan to accomplish those procedures.
Global Data Governance Market: Key Trends
The global data governance market is expected to show stellar growth with the pressing need to capture and analyze data expanding at a lightening pace on account of the rise of digital technologies such as Internet of Things (IoT), cloud computing and big data analytics. Data management involves keeping up with regulations and compliance deadlines and improving and sustaining strategic risk management. The increasingly data-driven nature of operations across every industry sector and the higher allocation on overall IT globally will bode well for the market in the near future.
Major deterrents of the market are the complexity in classification of unstructured data and inconsistent business semantics. Further, different structures of regulatory policies and data address validation and quality issues are also restraining the market.
Global Data Governance Market: Market Potential
One factor that can slam the brakes on the swift pace of digital transformation that the world is currently witnessing is the absence of overall governance of the data used by a particular organization. Concerns over privacy, security and departmental silos are posing a challenge on sharing of data internally and externally, monetizing of data as well as the analysis of data for the benefit of the business and its customers.
For proper deployment of data governance, processes are defined concerning how the data is to be stored, archived, backed up, and protected from theft or other attacks. Data governance can be both on-premises and hosted or on-cloud. The different end-use industry verticals in the global data governance market that spell an opportunity of companies operating in the market are banking, financial services, and insurance (BFSI), telecommunications and IT, manufacturing, retail and ecommerce, healthcare and life sciences, energy and utilities, and government and defense.
Global Data Governance Market: Regional Outlook
Geography-wise, the key regions in the global data governance market are North America, Asia Pacific, Europe, the Middle East and Africa and the Rest of the World. Among them, North America holds a dominant position due to massive investments in cloud-based machine learning and big data, and the concentration of numerous vendors in the region. Europe is the next major region after North America and is expected to grow at a healthy clip in the upcoming years.
In the near future, however, Asia Pacific market – which is currently in a nascent stage – will likely clock maximum growth. At present, the region is in its initial growth phase which will likely pick up steam substantially on account of the rising demand from small and medium enterprises (SMEs) for cost-effective data governance solutions.
Global Data Governance Market: Competitive Analysis
To assess the competition in the global data governance market, the report profiles companies such as Informatica Corporation, IBM Corporation, SAS Institute Inc, Oracle Corporation, Collibra, Inc, SAP SE, TIBCO Software Inc., and Talend, Inc. The report sheds light on their key business strategies and trajectory so far, while also bringing to the fore their market shares and revenues.
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