by Market Overview:
Data governance refers to the overall management of the availability, usability, integrity, and security of the data used in an organization. Effective data governance ensures regulatory compliance, improves data quality, fosters greater collaboration across departments, and enables the use of consistent master data.
Market key trends:
One of the major trends in the data governance market is the rise of self-service data preparation tools. Self-service data preparation tools allow business users to access, cleanse, and shape data for analysis without the involvement of IT teams. This empowers data scientists and analysts to access and work with data independently. Major data governance vendors are investing in improving self-service data prep capabilities within their platforms to meet the evolving needs of decentralized data teams and speed up data preparation workflows.
The data governance market is witnessing increased demand driven by growing data volumes and complexity of data across organizations. With the proliferation of data sources and privacy regulations, there is an increased need to establish centralized control over critical data assets. Data governance ensures the quality, accessibility, and security of sensitive data. It enables organizations to derive greater value from their data while mitigating risks.
The global Data Governance Market Share is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 21 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Data governance provides a single source of truth for critical data and aids in compliance. It brings transparency and improves data-driven decision-making.
Weakness: Initial implementation costs can be high. Requires cultural change management to be effectively established across an organization.
Opportunity: A growing number of regulations around data privacy and security is driving more organizations to adopt formal data governance programs.
Threats: Lack of executive buy-in and commitment can undermine data governance initiatives. Rapid changes in the technology landscape may render some governance policies outdated.
Key Takeaways
The global data governance market is expected to witness high growth, exhibiting a CAGR of 21% over the forecast period, due to increasing regulatory pressures around data privacy and security. North America is expected to dominate the market, with large enterprises rapidly adopting data governance solutions to centrally manage critical data assets.
Regional analysis
The Asia Pacific region is expected to be the fastest growing market for data governance driven by rapid digital transformation initiatives in countries like China and India. There is increasing awareness among organizations regarding the strategic and financial benefits of establishing formal data governance programs.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
