Global Data Governance Market to Reach $6 Billion by 2026
Feb 22, 2022, 11:20 ET
SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Data Governance - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Pool: 21404
Companies: 163 - Players covered include Alation Inc.; Ataccama Corporation; Collibra NV; Data Advantage Group; Datum LLC; Denodo Technologies; erwin, Inc.; Global Data Excellence; Global Ids; IBM Corporation; Infogix, Inc.; Informatica LLC; Information Builders, Inc.; Innovative Routines International (IRI), Inc.; Magnitude Software, Inc.; Oracle Corporation; Orchestra Networks Inc.; Reltio; SAP SE; SAS Institute, Inc.; Syncsort; Talend SA; TIBCO Software, Inc.; Topquadrant and Others.
Coverage: All major geographies and key segments
Segments: Deployment (On-Premise, Cloud); Application (Risk Management, Compliance Management, Incident Management, Audit Management, Other Applications); Vertical (BFSI, IT & Telecom, Retail & Consumer Goods, Government, Manufacturing, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Data Governance Market to Reach US$6 Billion by the Year 2026
Data governance is a set of tools, which defines roles, standards, policies, metrics, and processes for information within an organization. These tools ensure that data is used responsibly, efficiently, and effectively to further the organization's functions. Data governance market is being driven by many factors. The deluge of data from various sources and the valuable insights than can be gleaned from such data is pushing businesses to opt for advanced IT systems, which is driving the demand for data governance solutions. In addition, risk management and regulatory compliance are also driving the growth of data governance solutions. The increasingly stringent data privacy laws as well as the local storage mandates are forcing organizations to manage data more efficiently, which is ensured by data governance solutions. The increasing cross-border and cross-company collaborations are also aiding growth of data governance as it ensures that data is available for all the stakeholders while being monitored with a safe structure. The advent of Artificial Intelligence (AI) applications also promotes data governance. In addition, the increasing trend of Bring Your Own Device (BYOD), and the associated security risks, is also driving the growth of data governance solutions. The growth of telemedicine and the high growth of wearable devices is leading to huge data being carried into a healthcare system's network every minute. This deluge of information necessitates the initiation of a rules-based system to ensure proper tagging, storage, and access to the data, which is achieved by implementing data governance solutions.
Amid the COVID-19 crisis, the global market for Data Governance estimated at US$2.5 Billion in the year 2022, is projected to reach a revised size of US$6 Billion by 2026, growing at a CAGR of 22% over the analysis period. On-Premise, one of the segments analyzed in the report, is projected to grow at a 22.9% CAGR to reach US$5.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cloud segment is readjusted to a revised 19.1% CAGR for the next 7-year period. This segment currently accounts for a 27% share of the global Data Governance market. On-premise deployment is the most popular deployment method for data governance solutions as it ensures complete control over various aspects of the data such as security and metadata.
The U.S. Market is Estimated at $872 Million in 2022, While China is Forecast to Reach $654.1 Million by 2026
The Data Governance market in the U.S. is estimated at US$872 Million in the year 2022. The country currently accounts for a 34.27% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$654.1 Million in the year 2026 trailing a CAGR of 25.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.2% and 21.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.1% CAGR while Rest of European market (as defined in the study) will reach US$467.8 Million by the end of the analysis period. Data governance market is being led by the developed regions such as North America (including USA and Canada) and Europe. The consistent expansion of the North American market is credited to robust IT infrastructure, technological advances and increasing application of data governance in various industries, from telecommunication and finance to media. The regional market is driven by technological advancements along with increasing use of cloud platforms, smart devices and IoT for streamlining operations, which is resulting in generation of exponential volumes of metadata. The Asia-Pacific region has emerged as a hub of digital innovation. In addition, governments within the region are also concentrating on strengthening their data privacy laws as concerns grow over data privacy. As a result, the Asia-Pacific region offers the highest growth potential for data governance solutions. More
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