Data Governance Market Overview:
The data governance market industry is projected to grow from USD 2..88 Billion in 2023 to USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.4% during the forecast period (2022 - 2030).
Data governance is referred to the overall management of the performance of data functions and data assets. It accords with data integrity, security, usability, availability, and accountability employed in an enterprise. Also, it is utilized in numerous applications such as banking, government and defense, health care and life sciences, construction, engineering, and others. Data governance technologies and strategies are applied to make sure that business data follow corporate policies and compliances. The main benefits of data governance are better decision-making, operational efficiency, enhanced data understanding and lineage, higher data quality, regulatory compliance, and surging revenue.
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Key Players:
Key Companies in the Data Governance market include,
- Symantec Corporation (U.S.)
- Data3Sixty Inc.(U.S.)
- Alation Inc.(U.S.)
- Reltio Inc. (U.S.)
- Magnitude Software Inc.(U.S.)
- Data Excellence (Switzerland)
With the large volume and importance of data, governance of data is essential. Moreover, enterprise requires ensure high data quality and lineage throughout a firm’s data life cycle which is augmenting the espousal of data governance solutions. Additionally, to lower customer risks the firms have been employing BI and analytics which has directed to the growth of the Data Governance Market. Due to lightning growth in data volumes the requirement for the espousal of data governance solutions is increasing which is pushing the overall growth of the market. Furthermore, boosting regulatory compliance and privacy concern markets for data security is the key driver behind the growth of the Data Governance Market. The surging production of data has also led to an augmentation in the accountability of data and the reliability of the security aspects of data handling, which has directed to an upsurge in focus on data governance.
The global Data Governance Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.
Regional Analysis:
The global Data Governance Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The topmost share in the market will be vanquished by North America. The early acceptance of arising technologies has made North America a dominant leader in the field of data governance. The dominance of North America can be ascribed to the data-driven culture of North American companies which ensures high data quality.
The Asia-Pacific data governance market is projected to grow with the fastest CAGR from 2023 to 2030. Lightning industrialization and digitization in the region are key factors for market growth. Moreover, the massive degree of innovation in the region will guide to an augmenting flow of data which will account for the high CAGR in the region during the forecast period.
Europe data governance market esteems for the second-fastest market share. The European government is concentrating on reiterating existing data governance regulations to support the surging flow of data in the region.
Market Segmentation:
By components, the global data governance market has been segmented into solutions, services, support maintenance.
By function, the global data governance market has been segmented into operations & IT, legal, finance.
By deployment, the global data governance market has been segmented into on-premise and on cloud.
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By organization, the global data governance market has been segmented into applications sales and marketing, product and process management, risk management, and among others.
By application industry, the global data governance market has been segmented into IT and telecom retail, financial services, healthcare, government, and among others.
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