Market Highlights
The
market trends suggest that the data governance market is expected to grow from
USD 2.1 billion in 2020 to USD 5.7 billion by 2025, at a CAGR of 22.3% during
the forecast period. Market factors such as the rapidly increasing growth in
data volumes, rising regulatory and compliance mandates, and others like the
ability to enhance strategic risk management and decision-making with the
increasing business collaborations are expected to drive the growth of the
global data
governance market.
Global
ICT spending is estimated to decline by 4–5% by 2020. The dysfunctions of the
hardware business are predicted to have the most impact on the IT industry. Due
to the slowdown of hardware supply, the IT infrastructure growth has been
reduced. The business owners are providing solutions and services are also
expected to slow down for a short period. However, there has been an adoption
of collaborative applications, analytics, security solutions, and artificial
intelligence, which is set to increase in the remaining part of the year. Many
significant COVID-19 initiatives involve sensitive data, from patient data to
personal banking data. There are significant risks to data security posed by
the swift influx of these new data sources into a company’s data
ecosystem.
Data
governance is a set of processes that ensures the systematic management and
protection of critical data. With the advent of several data regulations by
governments, it has become more critical to ensure data within an organization
is stored, used, and discarded appropriately. Organizations wish to achieve
data regulation compliance to observe international and national laws and
standards and industry-specific regulatory data requirements.
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Segmentation:
The
data governance market has the following segments to meet the rising needs of
the global target audience.
By Application
·
Incident
management
·
Process
management
·
Compliance
management
·
Risk
management
·
Audit
management
·
Data
quality and security management
·
Others
(Network management and Employee performance management)
By Industry vertical
·
BFSI
·
Retail
and Consumer Goods
·
Telecom
and IT
·
Government
·
Healthcare
·
Manufacturing
·
Energy
and Utilities
·
Transportation
and Logistics
·
Others
By Component
·
Solutions
·
Services
·
Managed
services
·
Professional
services
·
Consulting
services
·
Support
and maintenance services
·
Deployment
and Integration Services
By Organization Size
·
Small
and Medium-Sized Enterprises (SMEs)
·
Large
enterprises
By Deployment Model
·
On-premises
·
Cloud
By Industry Vertical
·
Banking,
Financial Services, and Insurance (BFSI)
·
Retail
and consumer goods
·
Government
and defense
·
Healthcare
and life sciences
·
Manufacturing
·
Telecommunications
and IT
·
Energy
and utilities
·
Construction
and engineering
·
Others
(Research, Education, Travel and hospitality, and Real estate)
Regional Analysis
APAC
shows tremendous growth opportunities, especially in the regions of developing
economies, such as China, India, Bangladesh, and others. With the growth of
smart cities and the proliferation of technical devices, the APAC region is
expected to witness ultra-growth in the coming years.
Some
prominent players of the data governance market are as follows:
·
Data
Advantage Group (US)
·
Global
Data Excellence (Switzerland)
·
Reltio
(US)
·
Syncsort
(US)
·
Magnitude
Software (US)
·
Ataccama
(US)
·
Infogix
(US)
Industry News
Informatica
(US) is recognized as one of the leading market players in the data governance
market. It offers various data management and big data solutions, such as data
quality, data security, data integration, MDM, and associated cloud solutions.
The company majorly serves the banking and capital markets, healthcare, and
others like the insurance, retail, and life sciences sectors. With its data
governance offering, the company renders help to the business users by
upholding data stewardship by maintaining up-to-date data with improved
accuracy and per industry regulations.
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