by Market Overview:
Data governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information and why within a particular IT or data environment. Data governance ensures proper management of an organization’s data assets, including its acquisition, storage, distribution, and disposal or archiving.
The data governance market is estimated to be valued at US$ 2.5 Mn or Bn in 2023 and is expected to exhibit a CAGR of 21.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the data governance market is the increasing demand for data privacy regulations. Stringent data privacy regulations are being formulated and implemented across the world to protect personal data. For example, the General Data Protection Regulation (GDPR) was introduced in the European Union in 2018 to strengthen and unify data protection for all individuals within the EU. GDPR aims to give control to citizens and residents over their personal data and to simplify the regulatory environment for international business. It required organizations to implement robust data governance practices to meet its compliance standards.
SWOT Analysis
Strength: Data governance streamlines data management and ensures compliance. It improves data quality, accuracy and consistency.
Weakness: Lack of skilled workforce for implementing data governance frameworks. Different organizational structures and cultures also pose challenges in adoption of data governance.
Opportunity: Growing availability of big data and need for data-driven decision making is prompting organizations to adopt data governance. Increasing regulatory compliance also presents an opportunity.
Threats: Lack of commitment from top management hinders data governance initiatives. Sudden change in regulations can become a challenge.
Key Takeaways
The Global Data Governance Market Size is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing need to derive accurate insights from growing volumes of data.
Regional analysis: North America dominates the global data governance market currently, owing to stringent data privacy regulations and early adoption of technologies. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing digital transformation initiatives in countries like China and India.
Key players operating in the data governance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. The market is witnessing increased mergers and acquisitions as key players focus on enhancing their product capabilities and gain greater market share. For instance, TIBCO Software acquired Information Builders’ data governance offering in 2022 to strengthen its data governance capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
