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| Data Governance Market |
The global data governance market is estimated to be valued at US$2.06 Bn in 2021 and is expected to reach a market value of US$X Bn/Mn in 2022. It is projected to exhibit a impressive 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 solutions play a crucial role in ensuring the reliability,
quality, and accessibility of data across organizations. These solutions enable
organizations to establish and enforce data policies, procedures, and
standards, leading to improved data management and decision-making. With the
increasing volume and complexity of data, data governance has become a
necessity for organizations to effectively manage their data assets and comply
with regulatory requirements. The adoption of data governance solutions offers
several advantages, including enhanced data security, improved data quality,
compliance with data privacy regulations, and increased operational efficiency.
Market key trends:
One key trend driving the data governance market is the growing emphasis on
data privacy and compliance. Organizations are increasingly focusing on meeting
regulatory requirements such as the General Data Protection Regulation (GDPR)
and the California Consumer Privacy Act (CCPA). Data governance solutions help
organizations to effectively manage and protect sensitive data, maintain data
privacy, and ensure compliance with these regulations. These solutions provide
features such as data classification, data masking, and role-based access
control, thus enabling organizations to mitigate the risks associated with data
breaches and fines for non-compliance. The increasing awareness about data
privacy and the need for regulatory compliance are expected to fuel the demand
for data governance solutions in the coming years.
Segment Analysis:
The data governance market can be segmented based on the component, deployment
mode, organization size, and vertical. Based on the component, the market is
dominated by the solutions segment, which is expected to witness high growth
during the forecast period. This is primarily due to the increasing adoption of
advanced data governance solutions by organizations to manage and govern their
data effectively. The solutions segment includes data governance software, data
governance services, and data governance tools.
In terms of deployment mode, the cloud-based deployment segment is dominating
the market. This is attributed to the numerous advantages offered by
cloud-based data governance solutions, such as scalability, cost-effectiveness,
and accessibility from anywhere. With the growing demand for flexible and
scalable data governance solutions, the adoption of cloud-based deployment is
expected to further increase over the forecast period.
Based on organization size, large enterprises are the dominating sub-segment in
the data governance market. This can be attributed to the extensive data
management requirements of large organizations and their need to comply with
various regulatory standards. Large enterprises have a higher budget and
resources to invest in advanced data governance solutions, which drives the
growth of this segment.
In terms of vertical, the banking, financial services, and insurance (BFSI)
sector holds a significant share in the data governance market. This is due to
the increasing need for data governance in the BFSI sector to ensure compliance
with regulations, manage risks, and maintain data integrity. Moreover, the
growing volume of financial data and the need for accurate reporting and
analytics further contribute to the dominance of the BFSI sector in this
market.
Key Takeaways:
The global Data
Governance Market Share is expected to witness high growth, exhibiting
a CAGR of 21.2% over the forecast
period. This growth can be attributed to the increasing focus of organizations
on data governance to ensure data quality, integrity, and compliance with
regulations. With the rising adoption of advanced technologies, such as
artificial intelligence and machine learning, the demand for robust data
governance solutions is expected to increase further.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the data governance market. This can
be attributed to the presence of major key players and the early adoption of
data governance solutions in this region. The well-established IT
infrastructure and stringent data protection regulations also contribute to the
growth of the market in North America.
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 focused on developing advanced data
governance solutions and expanding their product portfolios to cater to the
growing demand in the market. Partnerships, acquisitions, and collaborations
are among the key strategies adopted by these players to strengthen their
market position and gain a competitive edge.
Read More,
https://www.marketwebjournal.com/data-governance-market-trends-size-and-share-analysis/
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