Data Governance Market to Grow at a Spectacular CAGR over 2030

MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Data Governance Market

Market Analysis

The data governance market without any doubt has made considerable progress and is expected to grow at a spectacular CAGR over the forecast period (2022-2030). The data governance market industry is anticipated to increase from USD 2..88 billion in 2023 to USD 6.81 billion by 2030, displaying a compound annual growth rate (CAGR) of 15.4% over the course of the forecast period (2022 - 2030). In the current highly competitive and fast-moving enterprise environment, data governance has become a requirement. Now that companies possess the opportunity of capturing huge amounts of diverse data (external and internal), they require a discipline for maximizing their value, managing risks and reducing cost. It is here where data governance acts as a savior. Data governance is a compilation of processes, policies, roles, metrics and standards which ensure efficient and effective use of information to help an organization to attain its goals. Its strategies and technologies are used to ensure that the business data complies with the corporate compliances and policies. These services have become crucial for the IT sector because it plays a pivotal part in improving the sustainability, security, reliability and also the performance of the organization. Data governance offers benefits in abundance including improved standards and rules, effective inventory control, increased transparency, improved data quality and reduction in risk.

The data governance market is experiencing an exponential progress, primarily due to the fact that every technological domain needs managed services that are well distributed. The other factors that is driving the growth of the market include improvement in accuracy of decision-making process, improvement of strategic risk management process, rapid growth in data size, compliance, regulatory mandates and increase in collaborations. Also, the growing popularity of Artificial Intelligence and its applications is predicted to make a positive impact in the market during the predicted years.Market Segmentation

In Market Research Future (MRFR) report, the global data governance market is segmented on the basis of components, function, deployment, application and industry.

Based on components, the data governance market is segmented into support maintenance, services and solutions. Services are further segmented into managed services and professional services.

Based on function, it is segmented into finance, legal, IT and operations.

Based on deployment, it is segmented into On Cloud and On Premise. Of these, the cloud segment captures a higher market share by having Internet of Things as an advantage.

Based on application, the data governance market is segmented into risk management, product and process management and sales and marketing. Of these, risk management is expected to have a good market share as it has the potential of delivering a noteworthy outcome and reshaping the businesses of an organization by offering automated solutions across different industry verticals.

Based on industry, it is segmented into BFSI, healthcare, government, financial services, retail, IT and telecom. Of these, the BFSI sector is likely to dominate the data governance market owing to the increasing use of data management and governance that help secure and govern different transactions in the organization.

Regional Analysis

Based on region, the global data governance market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America is expected to grasp a major share in the data governance market and lead it during the assessment period owing to big investments in cloud-based solutions, rising number of players present here and initial adoption of developing technologies. The data governance market in Asia Pacific is anticipated to witness an exponential growth and is predicted to be the most promising region. This can be accounted to factors such as increasing necessity to follow regulations and compliance that is defined by the region’s organization and regulatory bodies. In Europe, the data governance market has been dominated by IT and operations and is likely to hold its position during the predicted years.

Competitive Analysis

The global data governance market is competitive and fragmented. The key players in this market have used different strategies such as mergers and acquisitions, partnerships, joint ventures, agreements, expansions and product launches to boost up their footprints to sustain in the years to come.

Key Players

Leading players profiled in the global data governance market include Symantec Corporation (US), International Business Machines (IBM) (US), Alfresco Software Inc. (US), SAP SE (Germany), Informatica (US), Magnitude Software Inc (US), Global Data Excellence (Switzerland), Reltio Inc (US), Data3Sixty Inc (US) and Alation Inc (US).

May 2018- A new privacy research center has been launched by Symantec Corp to offer customers with better control over their online footprints and data and also offer additional tools to corporations and governments to make them responsible custodians of data which they handle.

March 2018- IBM and Mastercard joined hands to come up with Truata, a new data trust that has been designed to aid companies conduct analytics in agreement with the European General Data Protection Regulation (GDPR), Europe’s upcoming data protection and privacy framework.