According to the latest report by IMARC Group, titled “Data Governance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global data governance market reached a value of US$
3.2 Billion in 2022. Data governance is the general management of data functions and data assets in an organization comprising of tools which define roles, standards, policies, metrics, and processes for information. In general, it deals with the integrity, security, usability, accountability, and availability of an enterprise's data. Using various technologies and strategies of data governance, the organization ensures that business data abides by corporate policies and compliances. Data governance can improve dynamics, operational efficiency, data lineage, data quality, regulatory compliance, and revenue through improved data understanding.
Global Data Governance Market Trends:
The global market is majorly driven by the rising adoption of advanced technologies, such as artificial intelligence (AI), machine learning (ML) and DevOps in organizations. This can be attributed to rapid digitization, along with the increasing data-driven operation structures across numerous industries and industry verticals. The growing demand for high quality data and heritage throughout the entire data life cycle as well as business intelligence (BI) and analytics-to-consumers strategies are creating lucrative growth opportunities for the market. Additionally, stringent data privacy laws and the growing regulatory enforcement regarding data theft and hacking issues are providing an impetus to the market. The increasing cross-border and cross-company collaborations facilitating easy access to data by all stakeholders in a secure environment are resulting in a higher product uptake. Some of the other factors contributing to the market growth include the increasing number of remote-working employees, the rising trend of bring your own device (BYOD), inflating disposable income levels of the masses and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$
9.5 Billion by 2028, exhibiting a CAGR of
19.5% during 2023-2028.
- Based on the component, the market has been segmented into software and services.
- On the basis of the deployment mode, the market has been categorized into cloud-based and on-premises.
- Based on the organization size, the market has been classified into small and medium-sized enterprises (SMEs) and large enterprises.
- On the basis of the business function, the market has been divided into operation and IT, legal, finance, sales and marketing, and others.
- Based on the application, the market has been categorized into incident management, process management, risk and compliance management, audit management, data quality and security management, and others.
- On the basis of the end use industry, the market has been segmented into IT and telecom, healthcare, retail, defense, BFSI, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
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