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| Data Governance Market |
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 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 used within an organization. It
involves establishing processes and procedures to ensure that data assets are accurate,
consistent, and reliable. The growing adoption of big data analytics across
various industries is driving the need for effective data governance solutions.
Data governance solutions enable organizations to effectively manage their vast
amounts of data, ensuring data quality, compliance, and data privacy. This
helps in making data-driven decisions, improving operational efficiencies, and
ensuring regulatory compliance.
Market Key Trends:
One of the key trends in the data governance market is the increasing adoption
of cloud-based data governance solutions. Cloud-based solutions offer
scalability, flexibility, and cost-efficiency, making them a preferred choice
for small and medium-sized enterprises (SMEs) that have limited resources and
IT infrastructure. Cloud-based data governance solutions also enable seamless
data integration across multiple platforms and applications, enhancing data
accessibility and collaboration. Furthermore, the adoption of artificial
intelligence (AI) and machine learning (ML) technologies in data governance
solutions is another key trend in the market. These advanced technologies
enable automated data classification, data cleansing, and data lineage,
improving data quality and governance processes.
The global data governance market is expected to witness high growth in the
coming years, driven by the increasing need for effective data management and
governance to leverage the potential of big data analytics. The adoption of
cloud-based solutions and the integration of AI and ML technologies are
expected to further fuel market growth.
PEST Analysis:
Political: The political factors impacting the data governance market include
government regulations and policies related to data privacy and cybersecurity.
For example, the implementation of the General Data Protection Regulation
(GDPR) in the European Union has increased the focus on data governance
practices in organizations.
Economic: The economic factors influencing the data governance market include
the growth of data-intensive industries, such as banking, healthcare, and
retail. The increasing adoption of cloud-based solutions and big data analytics
is also driving the demand for data governance solutions.
Social: Social factors affecting the data governance market include the growing
awareness among individuals and organizations about the importance of data
privacy and security. The increasing use of social media platforms and the
proliferation of personal data have highlighted the need for effective data
governance practices.
Technological: The technological factors impacting the data governance market
include advancements in artificial intelligence, machine learning, and
automation. These technologies are being leveraged to enhance data governance
processes, improve data quality, and ensure compliance with regulations.
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 the increasing adoption of data governance solutions by
organizations across various industries to effectively manage and secure their
data assets.
In terms of regional analysis, North America is projected to be the
fastest-growing and dominating region in the data governance market. This is
primarily due to the presence of large enterprises and the high adoption of
advanced technologies and data-driven decision-making processes in the region.
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 actively involved in product developments,
partnerships, and acquisitions to strengthen their market presence and cater to
the increasing demand for data governance solutions.
Read More,
https://www.newsstatix.com/data-governance-market-trends-size-and-share-analysis-2/
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