Data Governance Market to Enjoy 'Explosive Growth' to 2030
The global Data Governance Market is projected to be worth USD 6.81 Billion by 2030, registering a 15.4% CAGR during the forecast period (2023-2030).
Data governance is referred to the overall management of the performance of data functions and data assets. It accords with data integrity, security, usability, availability, and accountability employed in an enterprise. Also, it is utilized in numerous applications such as banking, government and defense, health care and life sciences, construction, engineering, and others. Data governance technologies and strategies are applied to make sure that business data follow corporate policies and compliances. The main benefits of data governance are better decision-making, operational efficiency, enhanced data understanding and lineage, higher data quality, regulatory compliance, and surging revenue.
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Key Players:
The global Data Governance Market’s substantial key players are,
- 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.)
With the large volume and importance of data, governance of data is essential. Moreover, enterprise requires ensure high data quality and lineage throughout a firm’s data life cycle which is augmenting the espousal of data governance solutions. Additionally, to lower customer risks the firms have been employing BI and analytics which has directed to the growth of the Data Governance Market. Due to lightning growth in data volumes the requirement for the espousal of data governance solutions is increasing which is pushing the overall growth of the market. Furthermore, boosting regulatory compliance and privacy concern markets for data security is the key driver behind the growth of the Data Governance Market. The surging production of data has also led to an augmentation in the accountability of data and the reliability of the security aspects of data handling, which has directed to an upsurge in focus on data governance.
The global Data Governance Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.
Regional Analysis:
The global Data Governance Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
The topmost share in the market will be vanquished by North America. The early acceptance of arising technologies has made North America a dominant leader in the field of data governance. The dominance of North America can be ascribed to the data-driven culture of North American companies which ensures high data quality.
The Asia-Pacific data governance market is projected to grow with the fastest CAGR from 2023 to 2030. Lightning industrialization and digitization in the region are key factors for market growth. Moreover, the massive degree of innovation in the region will guide to an augmenting flow of data which will account for the high CAGR in the region during the forecast period.
Europe data governance market esteems for the second-fastest market share. The European government is concentrating on reiterating existing data governance regulations to support the surging flow of data in the region.
Market Segmentation:
The Data Governance Market is segmented into the following types;
By Deployment:
- Cloud
- On-premise
By Organization Size:
- Large-scale Business
- Small- and Medium-scale Business
By Component:
- Software
- Service
By Business Function:
- Operation and IT
- Legal
- Finance
- Other Business Functions
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Data governance Industry Developments:
January (2023): The European Union's General Data Protection Regulation (GDPR) comes into full effect. This regulation has far-reaching implications for data governance, and organizations will need to make sure they are compliant.
February (2023): The U.S. Securities and Exchange Commission (SEC) releases new guidance on data governance for public companies. This guidance provides specific requirements for how public companies must manage their data, including requirements for data security, privacy, and retention.
March (2023): The World Economic Forum releases a report on the future of data governance. The report identifies four key trends that will shape data governance in the years to come: the rise of artificial intelligence, the increasing importance of data privacy, the growing need for data harmonization, and the emergence of new data governance models.
April (2023): The International Data Corporation (IDC) publishes a report on the global data governance market. The report predicts that the market will grow at a compound annual growth rate (CAGR) of 20% from 2022 to 2027.
May (2023): The U.S. Department of Health and Human Services (HHS) releases new guidance on data governance for health care organizations. This guidance provides specific requirements for how health care organizations must manage their data, including requirements for data security, privacy, and quality.
June (2023): The European Data Protection Board (EDPB) publishes new guidelines on data governance. These guidelines provide guidance on how organizations can comply with the GDPR.
These are just a few of the data governance industry developments that have taken place in 2023. As the world becomes increasingly data-driven, the importance of data governance will only grow. Organizations that fail to implement effective data governance practices will be at a significant competitive disadvantage.
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