Data Governance Market Is Estimated To Witness High Growth Owing To Increasing Data Privacy Compliance Requirements
Market Overview:
Data governance helps organizations manage data across various stages such as collection, storage, usage and deletion. It enables organizations to improve operational efficiency, enhance decision making and comply with regulatory requirements related to data privacy and security. Data governance solutions are used across industries for data lifecycle management, data quality monitoring, data policy enforcement and reference & master data management.
Market Dynamics:
Rising data privacy compliance requirements across countries and industries is a major factor driving growth of the data governance market. For example, strict regulations such as the General Data Protection Regulation (GDPR) in European Union mandate organizations to safeguard personally identifiable information of customers. Additionally, proliferating volumes of enterprise data due to digital transformation and demand for a single view of data for informed decision making are also fueling adoption of data governance solutions. Furthermore, emergence of technologies like artificial intelligence and IoT is generating large volumes of data which needs to be effectively managed, thereby propelling the market growth over the forecast period.
SWOT Analysis
Strength: Data governance provides centralized management and control over data. It helps ensure data quality, accuracy and security. Data governance also helps organizations comply with regulatory policies.
Weakness: Implementing a data governance program requires significant investment of time and resources. It also requires changing existing processes and practices across departments. Managing vast amounts of complex data from different sources is also challenging.
Opportunity: Growing concern around data privacy and security regulations is driving increased investment in data governance solutions. Rapid growth of digital transformation initiatives within organizations also presents an opportunity.
Threats: Non-compliance to dynamic privacy regulations can result in legal penalties. Changing technologies may also pose challenges to existing governance policies.
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.
Key Takeaways:
The global data governance market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing digital transformation initiatives across industries. Growing volumes of structured and unstructured data are compelling organizations to implement governance programs to improve data quality, discoverability and reduce security and compliance risks.
The North America region is expected to dominate the market, holding over 35% share owing to stringent data privacy regulations and early adoption of technologies. Europe is also a significant market for data governance due to GDPR regulations which mandate high standards of data protection and privacy. Growth in the Asia Pacific region is expected to be rapid, fuelled by expansion of digital services in countries like China and India.
Key players operating in the data governance market include 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. Vendors are focusing on product innovations and partnerships to consolidate market presence.
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