New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Massive investments are being made in digital transformation, and businesses are adopting new technology and connected devices, resulting in the collection of vast amounts of data across numerous departments. Poor data management jeopardizes data privacy, resulting in process inefficiencies, data duplications, and penalties for noncompliance with data regulatory compliances. The data governance solution is crucial in streamlining the data gathering method, de-siloing, processing, and managing internal and external data in this context. Increasing usage of IoT in various industries, such as IT & telecom, retail, and healthcare, is anticipated to stimulate the data governance market further.
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Rising Regulatory and Compliance Mandate to Drive the Global Data Governance Market.
According to Straits Research, “The global data governance market size was valued at USD 2.1 billion in 2021 and is estimated to reach an expected value of USD 11.68 billion by 2030, registering a CAGR of 21% during the forecast period (2022-2030).” Regulatory and compliance regulations in many regions about data are accelerating the development of data governance solutions as many nations emphasize data management. Data governance has undergone a significant transition in the past few years, and many approaches are being developed to standardize, integrate, and safeguard such data. Implementing the EU's General Data Protection Regulation (GDPR) in 2018 was a masterstroke for such data governance setups. The increasing number of European legislation regulating data compliance is the impetus for the expected annual growth of 48%, which will account for 23% of worldwide interconnection bandwidth. Such rules will undoubtedly significantly impact the banking and financial services industries and will become a global trend. These factors propel the market. However, if established, this legislative need will eventually apply to businesses of all sizes and industries.
Adoption of DevOps Across All Company Software to Provide Opportunities for the Global Data Governance Market
Organizations are beginning to examine the acquisition of information from continuously flowing data in greater detail. The ability of an organization to respond as soon as an incident occurs enhances operational responsiveness and organizational efficacy. Any business that collects funds, processes and keeps customer and payment information, and partners with other businesses must comply with specific standards. These rules establish certain requirements for the architecture and DevOps processes. DevOps is a collection of methods that automates the processes between software development and IT teams to produce, test, and deliver software more quickly and reliably. There is a significant association between the implementation of DevOps and a data governance program.
Key Highlights
- By deployment, the global data governance market is segmented into cloud and on-premise. The cloud segment dominates the global data governance market and is estimated to grow at a CAGR of 23.1% during the forecast period.
- By organization size, the global data governance market is segmented into large-scale and small- and medium-scale businesses. The large-scale business segment accounted for the largest market share and is estimated to grow at a CAGR of 19.6% during the projected period.
- By component, the global data governance market is segmented into software and service. The software segment dominates the global data governance market and is estimated to grow at a CAGR of 20.4% during the forecast period.
- By business function, the global data governance market is segmented into operation and IT, legal, finance, and other business functions. The finance segment dominated the global data governance market and is estimated to grow at a CAGR of 23.4% during the forecast period.
- By end-user industry, the global data governance market is segmented into IT and telecom, healthcare, retail, defense, BFSI, and other end-user industries. The BFSI segment dominated the global data governance market and is estimated to grow at a CAGR of 21.5% during the forecast period.
Regional Insights
By region, the global data governance market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America's data governance market share is estimated to grow at a CAGR of 20.4% during the forecast period. The North American market for data governance is driven by stringent data privacy and management rules. For instance, the California Consumer Privacy Act is a piece of consumer privacy legislation signed into law on June 28, 2018. The CCPA affects California-based businesses and those that engage with Californian consumers. It has ramifications for businesses in the United States and beyond. Facebook's data misuse issue prompted this rule. In addition, organizations in the region placed a greater emphasis on budget cuts due to efficient data management. In addition, the pandemic breakout created an urgent demand for data control on the market. Multiple organizations are in the process of restructuring their policies to emphasize remote employment. All of these factors contribute to market growth.
Europe is the second largest region. It is anticipated to grow at a CAGR of 21.5% during the forecast period. The development of the region as a data-driven region is a top priority. In this regard, the European Union announced a proposal for a regulation on European data governance (the "Data Governance Act") on 25 November 2020 as part of a set of actions related to the European data strategy that intends to make the EU a leader in a data-driven society. The law does not intend to impose additional requirements on enterprises that collect personal data, whose processing is still governed by the GDPR. With the increased use of BYOD strategies, businesses in the region are focusing on adopting solutions suitable for their employees' smartphones and tablet PCs. In this regard, businesses are releasing data governance applications. For example, in February 2021, the British technology company dramds.com ltd will announce the launching of the world's most comprehensive enterprise mobile application and solution for Data Governance compliance using mobile phones and tablets.
Asia-Pacific is the third largest region. Asia-Pacific is on the cusp of becoming the global epicenter of digital innovation. Asia-Pacific is projected to hold a sizable portion of the data governance market due to the region's increasing digital development, such as cloud computing, the Internet of Things (IoT), and Big Data analytics. Increasing regulatory demands in Asia-Pacific will also contribute to the expansion of the market for data governance. In addition, during its June 2019 meeting with the Japanese prime minister, the Singaporean government said they would collaborate on establishing data governance regulations for a digital economy's privacy and security. The demand for data governance solutions is anticipated to increase upon consolidating such initiatives in the region.
Competitive Landscape
The major companies in the global data governance market are Collibra NV, SAS Institute Inc., TIBCO Software Inc., SAP SE, Alation Inc., Alfresco Software Inc., Informatica Inc., Microsoft Corporation, Symantec Corporation (Norton Lifelock), IBM Corporation, Oracle Corporation, Talend SA, Varonis Systems Inc., and others.
Market News
- August 2022 - Collibra, the Data Intelligence firm, has announced the release of a new IDC White Paper, Data Intelligence Maturity to Drive 3x Better Business Results,* which concludes that data intelligence is crucial for making informed business decisions and achieving better business outcomes.
- March 2022 - Collibra, a provider of Data Intelligence, has announced product improvements, additional connectors, new tools, and services for its Collibra Data Intelligence Cloud, the unified data engagement platform. The modifications are intended to increase clarity and maximize user productivity.
Global Data Governance Market: Segmentation
By Deployment
- Cloud
- On-premise
By Organization Size
- Large-scale Business
- Small- and Medium-scale Business
By Component
- Software
- Service
By Business Function
- Operation and IT
- Legal
- Finance
- Other Business Functions
By End-user Industry
- IT and Telecom
- Healthcare
- Retail
- Defense
- BFSI
- Other End-user Industries
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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