The latest report by IMARC Group, titled “Data Governance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the Data Governance Market Growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global data governance market reached a value of US$ 2.63 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.94 Billion by 2027, exhibiting at a CAGR of 21.50% during 2022-2027. Data governance enables organizations to ensure data integrity and security through internal and external policies and standards. It guarantees adherence to company policies and regulations and assists in providing reliable data, reducing administrative costs, improving customer service and enhancing regulatory, legal and industry compliance. It also deals with data usability, availability and accountability employed in an organization and numerous benefits, including better decision-making, operational performance, enhanced data interpretation and continuity, higher data quality, improved legal process and profit maximization. It is extensively utilized in various sectors such as banking, finance, services and insurance (BFSI), government, defense, healthcare and construction.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- Adobe Inc
- Alation Inc.
- Amazon Web Services Inc. (Amazon.com Inc.)
- Collibra, Infosys Limited
- International Business Machines Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- TIBCO Software Inc.
- Varonis Systems Inc.
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Industry Growth:
One of the key factors driving the market is the rapid accumulation of data sources and assets by the organization on account of digital transformation. Moreover, the presence of strict regulatory compliance and the growing privacy concerns in data security is contributing to the overall market. Furthermore, the rising cross-border and cross-company collaborations as a result of globalization are catalyzing the demand for data governance. Along with this, the widespread adoption of data governance solutions on account of rapid growth in data volumes is anticipating the market. Furthermore, the growing emphasis of hospitals and medical assistants on improving the safety and quality of patient care is playing a substantial role in the growth of the market. Moreover, the escalating demand for high-quality data throughout its life cycle of an organization is impacting the market growth favorably.
The emergence of the internet of things (IoT), big data, and cloud technologies, coupled with the rapid growth in the information technology (IT) industry, is supporting the demand for data governance. Furthermore, the escalating integration of business intelligence (BI) and analytical tools with data governance solutions is gaining widespread prominence across the globe. Apart from this, the rising incorporation of data governance in the banking, financial services, and insurance (BFSI) sector for enhancing performance, alleviating internal issues related to data and preventing potential data breaches are acting as other growth-inducing factors. The market is further driven by other factors, such as rapid urbanization, rising adoption of online banking services and intensive business competition.
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Key Segmentation:
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Business Function:
- Operation and IT
- Legal
- Finance
- Sales and Marketing
- Others
Breakup by Application:
- Incident Management
- Process Management
- Risk and Compliance Management
- Audit Management
- Data Quality and Security Management
- Others
Breakup by End-Use Industry:
- IT and Telecom
- Healthcare
- Retail
- Defense
- BFSI
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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