Data governance is typically attributed to the management of the performance of data assets and data functions. Data governance deals in data usability, accountability, security, availability, and integrity employed in an enterprise. The key reason behind the adoption of data governance is to ensure that business data complies with corporate policies. The advantages associated with the data governance are operational efficiency, increased business revenue, greater data quality, regulatory compliance, better decision-making, improved data understanding & lineage, and others.
The global data governance market size is anticipated to reach over USD 5 billion by 2025. This can be attributed to the increasing need to eliminate customer risks. Also, the growing regulations and laws to protect data is the key factor in boosting the global data governance market growth. Also, rising volumes of data are driving the adoption of data governance solutions.
However, numerous data address validation and regulatory policy structures are expected to impede market growth. Furthermore, the integration of artificial intelligence technologies is anticipated to be opportunistic for the market in the forthcoming years.
Key Segments of the Global Data Governance Market
Component Overview, 2018-2025 (USD Million)
Management Type Overview, 2018-2025 (USD Million)
- Compliance Management
- Incident Management
- Risk Management
- Audit Management
- Process Management
- Data Quality and Security Management
Industry Vertical Overview, 2018-2025 (USD Million)
- IT & Telecom
- Government and Defense
Regional Overview, 2018-2025 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Data Governance market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Data Governance market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Data Governance industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Component, Management Type, and Industry Vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Data Governance market. The report will benefit: Every stakeholder involved in the Data Governance market.
- Managers within the Data Governance industry looking to publish recent and forecasted statistics about the global Data Governance market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Data Governance market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
For global organizations, data governance is one of the key strategic initiatives. Technological trends like artificial intelligence and machine learning majorly rely on the quality of data. Also, due to growing volumes of data generated by IoT & social media platforms, and digital transformation initiatives the trend for data governance will not change any time soon. However, data governance is a major concept that comprises topics such as data security, data quality, data integration & operability, meta-data, data storage & operations, data architecture, data modeling & designing, and others. Hence, such factors and trends are anticipated to drive the market for data governance globally.
Based on the component segment, the market is divided into solutions and services. The services segment is further divided into managed services and professional services. In the year 2019, the solutions segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period. On the contrary, the services segment is projected to gather the highest CAGR during the forthcoming years. The growth of this segment is largely accredited to the rising adoption of data governance solutions which in turn leads to supports and maintenance services.
Management Type Segment
Based on the management type, the market is segmented into compliance management, incident management, risk management, audit management, process management, data quality and security management, and others. The risk management segment leads the market growth in 2019 and it is expected to do so throughout the forecast period. However, the compliance management segment is anticipated to hold the major CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing need to meet customers’ expectations by compliance management features and providing distinctive products.
Industry Vertical Segment
In terms of industry vertical, the market is segmented into BFSI, retail, manufacturing, government and defense, IT & telecom, healthcare, and others. The healthcare industry leads the market growth in 2019 and it is expected to do so throughout the forecast period. However, the manufacturing industry is anticipated to hold the major CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing importance of factors such as labor laws, supply chain risks, quality mandates, and others.
The North American region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the increasing need to ensure data lineage and quality throughout the enterprises' data life cycle. However, the Asia-Pacific region is projected to experience the highest growth throughout the forecast period.
The major players of the global Data Governance market are Oracle, SAS Institute, IBM, SAP, Talend, Alation, Informatica, TIBCO Software, Infogix, and Teradata. Moreover, the other potential players in the Data Governance market are Syncsort, Reltio, Global IDs, MicroStrategy Incorporated, TopQuadrant. The recognized companies are coming up with innovative and new Data Governance Management Types. For instance, in January 2020, Oracle announced the collaboration with Innovative Routines International (IRI), a data manipulation and security company. With this collaboration, IRI integrated its data management platform, Voracity on Oracle Cloud Infrastructure.