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| Data Governance Market |
Data governance refers to the overall management of the acquisition, storage, usage, and sharing of data within and outside an organization. It involves processes, policies and frameworks for securing, controlling and protecting data. With growing concerns around data privacy, security and compliance with regulations like GDPR and CCPA, the need for effective data governance solutions has increased significantly. Organizations rely on data governance tools and platforms to get comprehensive visibility and control over data movement across their infrastructure. The global Data Governance Market is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing emphasis on data privacy and compliance with regulations has
compelled organizations to invest in advanced data governance solutions.
Regulations like GDPR impose hefty penalties on companies for non-compliance.
This has accelerated adoption of data governance platforms which help map data
flow, manage access permissions, monitor changes for compliance and audit
purposes. Data governance platforms ensure sensitive data is handled according to
privacy and security standards. With more businesses leveraging data driven
insights, the need for secure data governance will further increase over the
coming years.
Segment
Analysis
The global data governance market is segmented by component, deployment,
organization size, and vertical. The solution segment is expected to hold the
largest market share during the forecast period. This is owing to the growing
demand for data governance solutions among organizations to manage growing
volumes of data and ensure data quality, security, usability, and integrity. In
terms of deployment, the on-premises segment dominates due to heightened
security concerns from organizations dealing with sensitive or confidential
data. However, the cloud segment is anticipated to witness the highest growth
over the forecast period.
Key Takeaways
The global Data
Governance Market Growth is expected to witness high growth.
Regional analysis: North America region is expected to hold the maximum share
of the data governance market during the forecast period. Growing regulatory
compliances regarding data privacy and security across industries is
anticipated to drive demand in the region. The Asia-Pacific region is estimated
to grow at the highest CAGR during the forecast period due to increasing
digitalization and growing volumes of data across industries.
Key players: Key players operating in the data governance market are Thermo
Fisher Scientific Inc., Sirion-Biotech GmbH (Revvity), Vector Biolabs, OriGene
Technologies, Inc., SignaGen Laboratories, Sino Biological, Inc., Takara Bio
Inc., Cell Biolabs, Inc., GenTarget Inc., GENEMEDI, bluebird bio, Inc.,
Cellomics Technology, LLC.
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