Market Highlights
As per the analysis by the Market Research Future Reports (MRFR), the global data governance market is estimated to value USD 2 Billion, with a CAGR of 18% during the forecast period from 2016 to 2022. The outbreak of COVID-19 has affected the market in several ways. The situation has led the companies to restructure their strategies.
The demand for data governance is experiencing a robust expansion due to the requirement of managed service in every technological domain. The increasing demand to assure high data quality derivations throughout the data life cycle of an organization has also played an essential role in expanding the global data governance market 2020. The requirement to meet the regulations and agreements has influenced the market of data governance. The organizations require the improvement and endure the strategic risk management. These requirements aid in the expansion of the market at a global level. However, the concern with respect to the quality is a major obstructing factor of the data governance market. The data governance needs the diverse composition of monitoring policies and data address validation, which are the biggest hurdle of the data governance solution and services.
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Market Segmentation
The global data governance market can be segregated on the basis of application, industry, component, deployment, and region.
On the basis of application, the global data governance market can be segregated into product and process management, sales and marketing, risk management, and others.
On the basis of industry, the global data governance market can be segregated into healthcare, government, retail, I.T. & Telecom, financial services, and others.
On the basis of components, the global data governance market can be segregated into services and solutions.
On the basis of deployment, the global data governance market can be segregated into on-cloud and on-premise.
On the basis of region, the global data governance market can be segregated into Asia-Pacific, Europe, North America, and the Rest of the World (Row).
Regional Analysis
On the basis of geography, the APAC, Europe, North America, and the RoW has been has been studied. As per the analysis, North America holds the largest market share and dominates the data governance market during the forecast period. The region is booming due to the presence of the strongest nation of the world, the U.S. Owing to the quick adoption of developing technologies, large-scale investment in cloud-based solutions, a large number of players are present and make substantial contributions in the growth. On the other hand, the Asia-Pacific market is likely to experience a robust expansion and is predicted to be the most lucrative region for the data governance market. This can be accredited to the increasing requirement to follow the rules and regulations interpreted by the monitoring bodies. The European data governance market is a propelling at a fast pace and has been estimated to maintain its position in the market. Owing to the participation of the operations and I.T. market, the market is likely to expand considerably during the forecast period
Key Players
The most significant players of global data governance market are Symantec Corporation(U.S.), Data3Sixty Inc.(U.S.), Alation Inc.(U.S.), Reltio Inc. (U.S.), Magnitude Software, Inc.(U.S.), Global Data Excellence (Switzerland), Informatica (U.S.), Alfresco Software Inc.(U.S.), SAP SE(Germany), International Business Machines(IBM)(U.S.) and others.
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Industry News
Immuta, a U.K. based automated data governance company, announced a business and technology partnership with the U.S. originated cloud-based data warehousing startup. The partnership will allow joint customers to share protected data with automated privacy and, at the same time adhering to data privacy regulations and business rules.
According to market research report "Data Governance Market by Component, Deployment Model, Organisation Size, Application (Risk Management, Incident Management, and Compliance Management), Vertical (Manufacturing, Healthcare and BFSI), and Region - Global Forecast to 2025", published by MarketsandMarkets™, size is expected to grow from USD 2.1 billion in 2020 to USD 5.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
Due to the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and enhancing strategic risk management and decision-making with the increasing business collaborations are expected to drive the growth of the data governance market.
Browse and in-depth TOC on “Data Governance Market” 316 - Tables50 - Figures316 - Pages Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=108243043The risk management application segment is expected to have the largest market share during the forecast period.The solution providers of the risk management application deliver significant value to businesses by ensuring their important financial data assets are formally managed throughout enterprises.
Risk management application and solution providers have the potential to deliver significant outcomes and reshape organizations’ businesses by providing automated solutions across multiple industry verticals.The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to dominate the market, whereas the retail and consumer goods industry vertical is expected to grow at the highest CAGR during the forecast period.The Banking, Financial Services, and Insurance (BFSI) industry vertical has realized the significance of data management and governance, which help govern and secure multiple transactions in organizations.
Moreover, data governance solutions help BFSI firms maintain an edge in the market, with constant updates to their policies and procedures.Inquiry Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=108243043North America is expected to hold the largest market share, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.The global Data Governance Market has been segmented on the basis of regions that include North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
North America is expected to hold the largest market size and continues to dominate the global Data Governance Market from 2020 to 2025, due to the significant adoption of data governance and management solutions and the presence of a large number of vendors in the US.
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