The data governance market 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% during the forecast period.
Factors such as 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 global market.
The report provides detailed insights into the global data governance market that has been segmented by application, business function, component, organization size, deployment model, industry vertical, and region. Among applications, the risk management application segment would continue to dominate the market during the forecast period, as financial institutions grapple with multiple compliance reporting requirements, such as Foreign Account Tax Compliance Act (FATCA) and Firm Data Submission Framework (FDSF), which increase the importance of the risk management application in organizations. The compliance management application segment is expected to grow at the fastest rate during the forecast period.
The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period. Data governance solutions can be used by the retail and eCommerce industry vertical to handle large volumes of data generated across the vertical. In addition to this, high-quality, properly managed data is crucial for decision-making across organizations, therefore data governance solutions in this industry vertical help decision makers with product pricing, campaign management, sales optimization, risk management, and product management.
Large enterprises are expected to dominate the market in terms of market share, as these enterprises are continuously investing in their R&D activities to improve overall performance and provide customer satisfaction. However, the Small and Medium-Sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, owing to the availability of cloud-based data governance solutions at an effective cost. In addition to this, data governance solutions providers minimize infrastructure development costs for such applications.
The report covers all the major aspects of the data governance market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the data governance market throughout the forecast period, due to the early adoption of technologies and the presence of a large number of data governance solution providers. Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. The increasing digitalization and investment in infrastructure upgrades have resulted in the higher adoption of data governance and data management solutions. The region is witnessing the increasing demand for cloud-based solutions, owing to the growing size of SMEs. Companies operating in this region provide different solutions based on organization size and their requirements.
Factors such as rapid growth in data volumes, regulatory and compliance mandates, and the enhancing strategic risk management and decision-making with increasing business collaborations are expected to drive the growth of the global data governance market. Moreover, the increasing applications of Artificial Intelligence (AI) and the growing importance of effective data governance would help the key players gain a competitive edge in the overall market.
The global data governance market has been fragmented and no single vendor dominates the market. Vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and collaborations, and acquisitions, and business expansions, to expand their offerings and enhance customer experience in the market.
For instance, in June 2017, IBM announced new data governance solutions and tools, machine learning advancements, and the formation of the Open Data Governance Consortium for Apache Atlas dedicated to advancing the open framework for data governance. These new solutions and services would enable organizations to gain the deeper understanding of data and control it. They would also help them adhere to the General Data Protection Regulation (GDPR) and other strict data regulations. In June 2017, Collibra introduced the new 5.1 version of the Collibra data governance platform that facilitates enterprises to perform self-service analytics. This solution also facilitates massive shift to self-service business intelligence for enterprises.
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 18.104.22.168 Breakdown of Primaries 22.214.171.124 Key Industry Insights 2.2 Market Size Estimation 2.2.1 Bottom-Up Approach 2.2.2 Top-Down Approach 2.3 Research Assumptions 2.4 Limitations
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Data Governance Market 4.2 Market Share, By Region 4.3 Life Cycle Analysis, By Region, 2018
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Rapid Growth in Data Volumes 188.8.131.52 Regulatory and Compliance Mandates 184.108.40.206 Enhancing Strategic Risk Management and Decision-Making With Increasing Business Collaborations 5.2.2 Restraints 220.127.116.11 The Ever-Changing Regulatory Framework 5.2.3 Opportunities 18.104.22.168 Effective Data Governance Would Provide A Leading Competitive Edge 22.214.171.124 Growing Applications of AI in Data Governance 5.2.4 Challenges 126.96.36.199 Higher Investment to Procure Sophisticated Data Governance Solutions 188.8.131.52 Complexities Related to Governing Security Across Byod and Cloud Platforms 5.3 Industry Trends 5.3.1 Data Governance Process 184.108.40.206 Identify the Business Areas That Need Improvement 220.127.116.11 Improve the Reach of Information 18.104.22.168 Define Rules, Responsibilities, and Roles Across the Organization 22.214.171.124 Enhance the Integrity of Information Assets 126.96.36.199 Develop the Master Data and Accountability Structure 188.8.131.52 Establish A Feedback Mechanism 5.3.2 Use Cases 184.108.40.206 Introduction 220.127.116.11 Use Case 1: Leading Healthcare Organization Needed A Data Governance Solution to Provide Data Access to Users 18.104.22.168 Use Case 2: Leading Financial Services Organization Needed Solution to Perform Risk and Policy Management 22.214.171.124 Use Case 3: Leading Retailer Streamlined Data Management With Data Stewardship 126.96.36.199 Use Case 4: Data Governance Solution to Improve Customer Service and Reduce Operation Costs 188.8.131.52 Use Case 5: Financial Firm Streamlined Data Governance Practices With Metadata Management 5.3.3 Regulations for Data Governance Industry 184.108.40.206 Health Insurance Portability and Accountability Act (HIPAA) of 1996 220.127.116.11 Health Information Technology for Economic and Clinical Health (Hitech) Act 18.104.22.168 Sarbanes-Oxley Act of 2002 (SOX) 22.214.171.124 European Market Infrastructure Regulation (EMIR) 126.96.36.199 Eu General Data Protection Regulation (GDPR)
6 Data Governance Market, By Application 6.1 Introduction 6.2 Incident Management 6.3 Process Management 6.4 Compliance Management 6.5 Risk Management 6.6 Audit Management 6.7 Data Quality and Security Management 6.8 Others
7 Data Governance Market, By Business Function 7.1 Introduction 7.2 Finance 7.3 Information Technology 7.4 Legal 7.5 Operations 7.6 Human Resources 7.7 Sales and Marketing
8 Market By Component 8.1 Introduction 8.2 Solution 8.3 Services 8.3.1 Managed Services 8.3.2 Professional Services 188.8.131.52 Consulting Services 184.108.40.206 Support and Maintenance Services
9 Market By Deployment Model 9.1 Introduction 9.2 On-Premises 9.3 Cloud
10 Data Governance Market, By Organization Size 10.1 Introduction 10.2 Small and Medium-Sized Enterprises 10.3 Large Enterprises
11 Data Governance Market, By Industry Vertical 11.1 Introduction 11.2 Banking, Financial Services, and Insurance 11.3 Retail and Ecommerce 11.4 Government and Defense 11.5 Healthcare and Life Sciences 11.6 Manufacturing 11.7 Telecommunications and It 11.8 Energy and Utilities 11.9 Construction and Engineering 11.10 Others
12 Data Governance Market, By Region 12.1 Introduction 12.2 North America 12.3 Europe 12.4 APAC 12.5 Latin America 12.6 Middle East and Africa
13 Competitive Landscape 13.1 Overview 13.2 Prominent Players in the Market 13.3 Competitive Scenario 13.3.1 New Product Launches and Product Upgradations 13.3.2 Partnerships and Collaborations 13.3.3 Business Expansions 13.3.4 Acquisitions
14 Company Profiles 14.1 Introduction 14.2 IBM 14.3 Oracle 14.4 SAP 14.5 SAS Institute 14.6 Collibra 14.7 Informatica 14.8 Talend 14.9 Topquadrant 14.10 Information Builders 14.11 Alation 14.12 Tibco 14.13 Varonis 14.14 Orchestra Networks 14.15 Datum LLC 14.16 Erwin, Inc. 14.17 Data Advantage Group 14.18 Syncsort 14.19 Infogix 14.20 Magnitude Software 14.21 Ataccama 14.22 Reltio 14.23 Global Data Excellence 14.24 Global IDS 14.25 Innovative Routines International 14.26 Denodo