The global data governance market is estimated to be valued at US$2.06 Bn in 2021 and is expected to exhibit a CAGR of 21.2% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Data governance refers to the overall management of the availability, usability, integrity, and security of data within an organization. It involves the establishment of policies, procedures, and controls to ensure the proper handling of data. With the increasing volume and complexity of data generated by organizations, the need for effective data governance solutions has become paramount. Data governance solutions help organizations in managing data quality, ensuring compliance with regulations, mitigating risks, and improving decision-making processes. The growing adoption of data governance solutions across various industries is expected to drive the market growth.
Market Key Trends:
One key trend in the data governance market is the growing adoption of cloud-based data governance solutions. Cloud-based data governance solutions offer several advantages such as scalability, flexibility, cost-effectiveness, and ease of deployment. These solutions enable organizations to centrally manage and govern their data across multiple cloud platforms and on-premises environments. The increasing need for remote access to data and the rising popularity of hybrid cloud environments are fueling the demand for cloud-based data governance solutions. Moreover, advancements in cloud technologies, such as artificial intelligence and machine learning, are further enhancing the capabilities of these solutions, driving their adoption in the market.
Segment Analysis:
The data governance market can be segmented based on component, organization size, deployment mode, and vertical. Based on the component, the market can be classified into solutions and services. Solutions segment is dominating the market as there is a growing demand for data governance solutions to manage and govern data effectively. The solutions segment is further categorized into data discovery and categorization, data quality management, data catalog and metadata management, data lineage and life cycle management, and others. Among these, data quality management is the dominating sub-segment. Organizations are increasingly focusing on maintaining data quality to ensure accurate and reliable insights and decisions. Data quality management solutions help in identifying and resolving data issues, improving data consistency, and enhancing overall data integrity.
Key Takeaways:
The global Data Governance Market Share is expected to witness high growth, exhibiting a CAGR of 21.2% over the forecast period of 2022-2030. This growth can be attributed to increasing digitalization trends across various industries, resulting in a massive volume of data generation. Moreover, stringent regulations and compliance requirements, such as the General Data Protection Regulation (GDPR), have necessitated the implementation of robust data governance solutions. Companies are increasingly realizing the importance of data governance in maintaining data integrity, improving data quality, and ensuring regulatory compliance.
In terms of regional analysis, North America is the fastest-growing and dominating region in the data governance market. The region has a strong presence of major players and a high adoption rate of advanced technologies. The presence of strict data protection regulations and the increasing investments in data governance solutions are driving the market growth in this region. Furthermore, the Asia Pacific region is expected to witness significant growth due to the increasing digital transformation initiatives and the rising demand for data management solutions in countries like China, India, and Japan.
Key players operating in the data governance market include Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA, and Microsoft Corporation. These key players are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market presence and gain a competitive edge. They are also investing in research and development activities to introduce advanced data governance solutions to cater to the evolving needs of organizations.
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