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Important developments are going on withinside the statistics control marketplace as a way to form the manner businesses manipulate and use their statistics assets. One seen fashion is the developing attention of the significance of statistics control to make certain data great, protection and compliance. As corporations an increasing number of rely upon data to manual decision-making strategies, the want for strong data control answers has turn out to be paramount. Organizations put money into complete data governance frameworks to set up clean policies, techniques and responsibility mechanisms to manipulate data during its lifecycle.
Another brilliant fashion withinside the data control marketplace is the proliferation of cloud answers. As the quantity and complexity of data increases, corporations are shifting to cloud systems to streamline data processing strategies and enhance scalability. Cloud-primarily based totally data control answers provide the ability to conform to converting data landscapes whilst imparting centralized manipulate and visibility. This trend is consistent with a broader shift to cloud computing as organizations seek faster and more efficient ways to manage their data resources. Data governance market trends are also driven by the focus on data protection and regulatory compliance. Strict data protection rules such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act) have forced companies to prioritize data protection practices that ensure compliance with these rules.
As a result, data governance solutions are evolving to include features that facilitate data discovery, classification and protection, helping organizations navigate the complex landscape of data protection requirements. Artificial intelligence (AI) and machine learning (ML) are playing an increasingly important role in shaping the future of data governance. These technologies are integrated into data governance solutions that automate and optimize various aspects of data governance. AI and ML algorithms can assist in data classification, anomaly detection and predictive analytics, allowing organizations to make more informed decisions and proactively address data governance issues. This trend reflects a broader industry shift toward leveraging advanced technologies to improve the efficiency and effectiveness of data governance practices. Collaboration and integration are key themes in today's data governance market.
Organizations are aware that multidisciplinary collaboration is needed to break down silos and create a holistic approach in data governance. Integrated data governance environments that seamlessly integrate with other data governance tools such as data cataloging and metadata governance solutions are becoming more common. This integrated approach enables a unified view of data across the organization, which promotes better collaboration between different teams and departments.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Rising usage in the healthcare segment to reduce errors and data leak |
| Market Dynamics | Increased data flow due to increased use of elements such as mobile devices and IoT. Stringent regulations governing data handling and privacy |
Data Governance Market Highlights:
Data Governance Market Overview
The Data Governance Market is projected to grow from USD 3.1 billion in 2024 to USD 10.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.0% during the forecast period (2024 - 2032). Additionally, the market size for data governance was valued at USD 2.8 billion in 2023.
The rising volume of data generated is a significant market drivers in the growth of the data governance market.
Figure 1: Data Governance market, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, and Analyst Review
Data Governance market Trends
Growing use of analytics in business operations to boost the market growth
Recent times have seen an exponential increase in data generation. The constant simultaneous stream of data from different sources has increased the need for data governance. High volumes of data have led to a higher demand for segregating the data to obtain helpful information that analysts and scientists can use to make better organizational decisions and increase performance. Thus, this factor is driving the market CAGR.
The rising production of data has also led to an increase in the accountability of data and the reliability of the security aspects of data handling, which has led to a rise in focus on data governance. According to UNCTAD, out of 194 countries, 137 have legislation pertaining to data protection and privacy. For instance, Stringent laws such as the General Data Protection Regulation in the US could fine Google for about 2% of its revenue.
Figure 2: No. of IoT devices vs. Spending on IoT
Source: Secondary Research, Primary Research, and Analyst Review
The improvement in analytical software can now help companies take action at any given time in response to any event that could help improve efficiency and reduce further negative impacts. For instance, data governance solutions help players in the BFSI sector safeguard consumer data and transactions without losing confidential information.
The growing adoption of IoT in different industries has also positively impacted the market for data governance. The continuously increasing number of interconnected smart devices can help the consumer goods industry understand purchase patterns. IoT also enables the healthcare industry in terms of system integration and understanding data from sensors, wearables, and other devices.
The pandemic had a substantial positive impact on data generation as the usage of smart devices increased. The increase in the number of people working from home or indulging in online recreational and education activities significantly increased during the pandemic. The use of devices for financial activities also increased during the pandemic. These factors have helped in boosting the market for data governance. Thus, it is anticipated that this aspect will accelerate data governance market revenue globally.
Data Governance Market Segment Insights
Data Governance Component Type Insights
The data governance market segmentation, based on component type, includes solutions and services. The solutions segment held the majority share in 2022 and is also expected to grow with a CAGR of about 20%. This is due to the extensive number of functions that a data governance solution can perform, such as organization, monitoring, and safeguarding data. These solutions can also help in connecting various devices as well as maintain a seamless connection for data transfer between them.
January 2022:Attacama has partnered with UST to transform its UST data governance with the help of the Attacama ONE data management platform.
Data Governance Function Insights
Based on function, the data governance market segmentation includes IT & operation, legal, and finance. The finance segment dominated the market in 2022 and is expected to grow at a CAGR of about 23.5%. This is due to the high volume of data that goes through the department and the degree of sensitivity of the information handled by the department. Data from the financial department has a significant impact on the working of the firm in terms of operations and profitability. The stringent regulations on data privacy are expected to increase the segment's value in the forecast period.
Data Governance Deployment Type Insights
Based on deployment type, the data governance market data segmentation includes on-premise and cloud. The on-premise segment dominated the market growth in 2022. The on-premise segment gives a higher degree of control over security, privacy, and the ability to manage risks, processes, and policies, which has led it to gain a larger market share. However, technological advancements in cloud storage and services will help the cloud-based segment exhibit a higher CAGR in the forecast period.
September 2022: Oracle and Telefonos de Mexico, aka Telmex, signed an agreement to provide Oracle Cloud Infrastructure (OCI) services in Mexico, making way for the second Oracle Cloud Region in the country.
Data Governance Users Insights
Based on users, the data governance industry has been segmented into IT & telecom, healthcare, retail, and financial services. Banking and financial services will be the largest user segment in 2022. The private nature of the information handled by the financial sector has led to stringent laws for players in this industry and has positively impacted the market for data governance. For instance, in October 2020, Citi Group was fined USD 400 million for inadequate data governance measures and high-risk operations.
Figure 3: Data Governance market, by user, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, and Analyst Review
Data Governance Regional Insights
The report provides insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America data governance market accounted for USD 1.14 billion in 2022. This is attributed to the government regulations that ensure data privacy and handling. For instance, the California Consumer Privacy Act was implemented for business functioning in the state. Along with this, the increasing number of remote employees has also increased the market for data governance in the region.
Further, countries studied in the market report are The U.S., Canada, Germany, the UK, France, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 4: Data Governance Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, and Analyst Review
The Asia-Pacific data governance market is expected to grow with the fastest CAGR from 2022 to 2030. Rapid industrialization and digitization in the region are major factors for market growth. Moreover, the high degree of innovation in the region will lead to an increasing flow of data which will account for the high CAGR in the region during the forecast period. Regulatory requirements in the banking industry, such as the data governance guidelines by the China Banking and Insurance Regulatory Commission, help improve personal data's authenticity, integrity, and safety. Initiatives such as Digital India will help in boosting the demand for data governance in the country in the forecast period. Further, the China data governance market held the largest market share, and the India data governance market was the fastest growing market in the region.
Europe data governance market accounts for the second-fastest market share. The European government is focusing on reiterating existing data governance regulations to support the increasing flow of data in the region. The rising use of personal devices due to work-from-home roles has led to a rise in the development of data governance applications by companies. For instance, in February 2021, a British tech firm, dramds.com ltd., announced a comprehensive enterprise mobile application for phones and tablets. Moreover, UK data governance market held the largest market share, and the Germany data governance market was the fastest growing market in the region.
Data Governance Key Market Players & Competitive Insights
Major market players have high investments in R&D to improve their products, which will help the data governance market grow. Market participants are taking various strategic initiatives to expand their presence, with market developments such as new product launches, contracts, mergers and acquisitions, and collaboration with other organizations. Competitors in the data governance industry must offer cost-efficient and high-performance products to survive in an increasingly competitive environment.
One of the primary business strategies adopted in the data governance industry to benefit clients and expand the market sector is to invest in mergers and technological developments. In the data governance market, major players such as SAP (Germany), IBM (US), Data Excellence (Switzerland), and others are working on expanding the market demand by investing in partnerships and product enhancements.
SAP SE (Germany) is a multinational software company that develops enterprise software. They also provide database software and technology, cloud systems, HCM, CRM, and other ERP software. In 2020, Sap announced a joint project with Wipro to create solutions for the apparel industry. In April 2021, SAP and Dediq GmbH formed a joint venture SAP Fioneer, which is a financial services unit.
Also, IBM (US) is a multinational technology corporation that develops software, hardware, hosting, and consulting services for various systems such as nanotechnology. IBM is a pioneer in the technology industry, which is responsible for innovations such as ATM, HDD, magnetic stripe card, SQL language, and DRAM. In February 2022, IBM and SAP announced a partnership to create a hybrid cloud system for a more efficient work process.
Key Companies in the Data Governance market include
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Symantec Corporation (U.S.)
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Data3Sixty Inc.(U.S.)
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Alation Inc.(U.S.)
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Reltio Inc. (U.S.)
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Magnitude Software Inc.(U.S.)
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Data Excellence (Switzerland)
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Informatica (U.S.)
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Alfresco Software Inc.(U.S.)
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SAP SE (Germany)
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International Business Machines (IBM)(U.S.)
Data governance Industry Developments
October 2021: Alation acquired Lyngo Analytics, an NLP-based data insights company.
February 2021: Axtria and Reltio announced their partnership to provide cloud analytics to consumers.
Data Governance Market Segmentation
Data Governance Component Outlook (USD billion, 2018-2030)
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Solution
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Services
Data Governance Function Outlook (USD billion, 2018-2030)
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IT & Operation
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Legal
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Finance
Data Governance Deployment Outlook (USD billion, 2018-2030)
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On-Premise
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Cloud
Data Governance Users Outlook (USD billion, 2018-2030)
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IT & Telecom
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Healthcare
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Retail
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Financial Services
Data Governance Regional Outlook (USD billion, 2018-2030)
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
- Middle East
- Africa
- Latin America
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