Data governance is crucial for organizations as it helps manage the accessibility, usability, integrity and security of the organization's data. With increasing volumes of data being generated each day, it has become important for organizations to implement strict data governance practices to derive value from their data assets while complying with data privacy regulations.
Market Overview:
Data governance ensures the quality, consistency and security of an organization's data assets. It helps organizations set rules and standards around data collection, storage, usage and deletion. With growing digital transformation across industries, strict data governance practices are crucial for organizations to utilize data to its full potential and drive informed decisions.
One of the key trends in the data governance market is the rise of self-service data preparation tools. These tools empower business users to access, analyze and cleanse data on their own, without requiring IT support. They provide easy-to-use interfaces for data profiling, cleansing and transformation. This has streamlined the data governance process by reducing turnaround times and empowering decentralized data governance. Another major trend is the shift towards a decentralized data governance model with broader participation across business units. This shift is being driven by the need to democratize access to organizational data while maintaining quality and security standards.
The global Data Governance Market Share is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 21 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The data governance market is segmented into component, deployment, organization size, vertical, and region. The solutions segment is expected to dominate the market and hold the largest market share during the forecast period. This is due to the growing demand from organizations to streamline data management and improve data security and privacy.
Key Takeaways
The global data governance market is expected to witness high growth, exhibiting a CAGR of 21% over the forecast period, due to increasing concerns around data security and privacy regulations such as GDPR and CCPA.
Market size: The global data governance market size is expected to reach US$ 2.5 Mn by 2023 and US$ 12.5 Mn by 2030. The market is growing due to the increasing demand for centralized data management across industries.
Regional analysis: North America is expected to dominate the data governance market during the forecast period. This is owing to stringent data privacy regulations and early adoption of data governance solutions in the region. Asia Pacific is expected to exhibit the highest growth rate due to the rising digital transformation initiatives across industries in countries like China and India.
Key players: Key players operating in the data governance market are 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. Collibra and Informatica are identified as market leaders due to their extensive data governance solution portfolios.
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