Data Governance Market

Market Overview:

The global data governance market size reached US$ 3.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.5 Billion by 2028, exhibiting a growth rate (CAGR) of 19.5% during 2023-2028.

Data governance refers to a set of policies, processes, standards, and metrics that enable organizations to use information effectively and efficiently for achieving their goals. It provides reliable data, reduces administrative costs, improves customer service, and enhances regulatory, legal, and industry compliance. It can be integrated with a data catalog to help organizations find, curate, analyze, prepare, and share data while supporting their artificial intelligence (AI) initiatives. As a result, enterprises across the globe are relying on data governance to simplify day-to-day operations, make strategic business decisions, minimize manufacturing costs, and understand customer buying behavior patterns.

Data Governance Market Trends:

As organizations are currently digitally transforming their businesses, they accumulate more data sources and assets. This represents one of the key factors encouraging the adoption of data governance practices to manage data sources and make them available throughout an organization. Moreover, an increasingly complex regulatory environment is driving the need for establishing robust data governance practices to avoid risks associated with non-compliance while proactively anticipating new regulations. Apart from this, data governance in the banking, financial services, and insurance (BFSI) sector helps improve performance, alleviate internal issues concerning data, and prevent potential data breaches. This, in confluence with the rising use of online banking services, is contributing to the market growth. Besides this, data governance is employed in the healthcare industry to reduce the per capita cost of healthcare and manage medical information like treatment, payment, research, and outcomes improvement. Furthermore, due to the growing emphasis of hospitals and medical assistants on improving the safety and quality of patient care, there is a rise in the demand for data governance worldwide.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global data governance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size, business function, application and end use industry.

Breakup by Component:

• Software
• Services
   

Breakup by Deployment Mode:

• Cloud-based
• On-premises
   

Breakup by Organization Size:

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
   

Breakup by Business Function:

• Operation and IT
• Legal
• Finance
• Sales and Marketing
• Others
   

Breakup by Application:

• Incident Management
• Process Management
• Risk and Compliance Management
• Audit Management
• Data Quality and Security Management
• Others
   

Breakup by End Use Industry:

• IT and Telecom
• Healthcare
• Retail
• Defense
• BFSI
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., Alation Inc., Amazon Web Services Inc. (Amazon.com Inc.), Collibra, Infosys Limited, International Business Machines Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc. and Varonis Systems Inc.

Report Coverage: