According to a new market research report "Data Governance Market by Application (Incident Management, Process Management, Compliance Management, Risk Management), Business Function, Component, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 1.31 Billion in 2018 to USD 3.53 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.
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Due to the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and enhancing strategic risk management and decision-making with the increasing business collaborations are expected to drive the growth of the Data Governance Market.
The risk management application segment is expected to have the largest market share during the forecast period.
The solution providers of the risk management application deliver significant value to businesses by ensuring their important financial data assets are formally managed throughout enterprises. These vendors provide automated risk management solutions to mitigate risks and align critical-business processes with the help of functions, such as managing IT security-based compliance mandates, including ISO 27001, and providing automated risk notifications. Risk management application and solution providers have the potential to deliver significant outcomes and reshape organizations' businesses by providing automated solutions across multiple industry verticals.
The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to dominate the market, whereas the retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) industry vertical has realized the significance of data management and governance, which help govern and secure multiple transactions in organizations. Financial institutions constantly face challenges, such as data quality and accessibility, and data security. Data governance solutions help these institutions and banks handle such challenges with effective data management solutions that can prevent data duplication and data loss. Moreover, data governance solutions help BFSI firms maintain an edge in the market, with constant updates to their policies and procedures. Moreover, the ongoing transformations in the retail and eCommerce industry vertical generates large volumes of data, which is ultimately driving the need for efficient data governance solutions. High-quality, properly managed data is crucial for decision-making across the retail and eCommerce industry vertical, as it helps decision makers with product pricing, campaign management, sales optimization, risk management, and product management.
North America is expected to hold the largest market share, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
The global Data Governance Market has been segmented on the basis of regions that include North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market size and continues to dominate the global market from 2018 to 2023, due to the significant adoption of data governance and management solutions and the presence of a large number of vendors in the US. Enterprises in this region have quite well-established processes and the high-levels of technology awareness. The risk management and data management capabilities of these organizations are also high as compared to that of organizations in other regions.
The increasing penetration rate in multiple industry verticals, such as BFSI, retail and eCommerce, IT and Telecommunications, and healthcare and life sciences, are expected to drive the market growth. APAC offers significant growth opportunities, owing to the growing technology expenditures in major countries, such as China, India, Singapore, and Australia, and the demand for cost-effective data management and governance solutions and services among Small and Medium-sized Enterprises (SMEs). These factors are expected to drive the market growth during the forecast period.
The major vendors of data governance solutions and services include Alation (US), Ataccama (Canada), Collibra (Belgium), DATUM LLC (US), Data Advantage Group (US), Denodo Technologies (US), erwin, Inc. (US), Global Data Excellence (Switzerland), Global IDs (US), IBM Corporation (US), Infogix (US), Informatica LLC (US), Information Builders (US), IRI (Australia), Magnitude Software (US), Oracle Corporation (US), Orchestra Networks (France), Reltio (US), SAP SE (Germany), SAS Institute (US), Syncsort (US), Talend (US), TIBCO Software (US), TopQuadrant (US), and Varonis Systems (US).
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