According to a Comprehensive Research Report by Market Research Future (MRFR), “Data Governance Market Information By Component, Function , Deployment, Users and Region - Forecast till 2030”, Data Governance Market could thrive at a rate of 15.4% between 2022 and 2030. The market size will be reaching around USD 6.81 Billion by the end of the year 2030
Data governance refers to the overall management of data availability, integrity, usability, and security within an organization. It involves defining policies, procedures, and frameworks to ensure data is effectively managed and used to drive business value. Data governance aims to establish accountability, standardize data practices, and enable organizations to make informed decisions based on accurate and reliable data. It encompasses various aspects, including data quality, data privacy, data security, and compliance with regulations such as GDPR.
Data governance finds applications across industries and sectors. Organizations use data governance to ensure data consistency and accuracy, improve data quality and integrity, enhance regulatory compliance, and facilitate effective decision-making. It helps businesses gain insights from their data assets, align data management with business goals, and establish a strong data-driven culture. Data governance is particularly relevant in sectors such as finance, healthcare, retail, and manufacturing, where large volumes of sensitive data are involved and regulatory requirements are stringent.
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Market Competitive Landscape:
The affluent companies in the Data Governance industry include
- Symantec Corporation
- Data3Sixty Inc.
- Alation Inc.
- Reltio Inc.
- Magnitude Software Inc.
- Data Excellence
- Alfresco Software Inc.
- SAP SE
- International Business Machines (IBM)
Industry News (March 2022):
Informatica, a key player in the Data Governance market, announced the release of its updated data governance and privacy management solution in March 2022. The new solution incorporates advanced capabilities for data discovery, classification, and privacy management, enabling organizations to effectively manage and protect their data assets while complying with regulations.
Market USP Covered:
The rising emphasis on data privacy and protection, coupled with the implementation of stringent regulations like GDPR and CCPA, has fueled the demand for robust data governance solutions. Organizations need to ensure compliance with these regulations and avoid data breaches, leading to a growing need for data governance frameworks. With the proliferation of data sources and the exponential growth of data volumes, organizations face challenges in managing and harnessing the value of their data. Data governance helps organizations establish data standards, improve data quality, and ensure data consistency across different systems, enabling them to effectively leverage their data assets. And in the era of digital transformation, organizations recognize the strategic value of data and the importance of data-driven decision-making. Data governance provides a framework to establish data as a trusted asset, enabling organizations to make informed decisions based on reliable data, drive operational efficiency, and gain a competitive edge in the market
The Data Governance market faces certain restraints. These include challenges related to cultural resistance and organizational change, complexities associated with data integration across different systems and platforms, and the need for skilled data governance professionals. Implementing effective data governance requires organizations to overcome these barriers and invest in the necessary resources, including technology, processes, and talent.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the Data Governance market. The sudden shift to remote work and increased reliance on digital platforms highlighted the importance of data governance in ensuring data security, privacy, and compliance. Organizations had to quickly adapt their data governance strategies to address the challenges of remote data access, increased cyber threats, and changing regulatory requirements. Post-COVID, the focus on data governance is expected to intensify as organizations recognize the long-term benefits of robust data management practices and the need to mitigate risks associated with data breaches and non-compliance.
- By Component - The Component in the market includes Solution and Services.
- By Function - By Function , the segment includes IT & Operation, Legal, and Finance.
- By Deployment - By Deployment, the segment includes On-Premise and Cloud.
- By Users - By Users, the segment includes IT & Telecom, Healthcare, Retail, and Financial Services.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Data Governance Market -
In North America, the presence of major players and a mature technology landscape contribute to the region's dominance in the Data Governance market. The United States, in particular, is a key contributor to market growth, with its strong focus on data privacy regulations and the presence of leading technology companies that provide data governance solutions. The region's businesses across various sectors, including finance, healthcare, and technology, are increasingly investing in data governance frameworks to ensure compliance, enhance data quality, and drive better decision-making processes.
In Europe, the implementation of strict data protection regulations, such as the General Data Protection Regulation (GDPR), has compelled organizations to prioritize data governance initiatives. GDPR mandates organizations to establish data governance frameworks to ensure transparency, accountability, and the protection of personal data. European countries like Germany, France, and the United Kingdom are witnessing significant adoption of data governance solutions, driven by the need to comply with regulations and mitigate the risk of data breaches. The region's focus on data privacy and security, along with the growing demand for cloud-based solutions, further fuels the demand for data governance.
Asia Pacific is an emerging market for data governance, driven by factors such as increasing digitalization, expanding IT infrastructure, and the growing recognition of the value of data-driven decision-making. Countries like China and India, with their large population and rapidly growing economies, are generating massive amounts of data. Organizations in these countries are realizing the need for effective data governance to harness the value of their data and gain a competitive edge. The region is also witnessing the adoption of cloud-based solutions, which facilitate the implementation of data governance frameworks and enable organizations to manage data across diverse systems and locations.
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