The Data Governance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Data Governance Global Market Report 2024, The data governance market size has grown rapidly in recent years. It will grow from $3.73 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to regulatory compliance requirements, data quality and accuracy concerns, risk mitigation and security measures, business process optimization, increased awareness of data value.
The data governance market size is expected to see exponential growth in the next few years. It will grow to $9.76 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to focus on data privacy and ethics, digital transformation initiatives, data democratization and access control, globalization and data sharing. Major trends in the forecast period include blockchain for data trust and transparency, data cataloging and metadata management, rise of chief data officers (CDOs), data governance for unstructured data, adoption of data governance frameworks and standards.
Rapidly increasing growth in data volumes is contributing to the growth of the data governance market. The expanding number of data-generating devices, such as smartphones, wearable electronics, and a slew of other gadgets with sensors, the popularity of the Internet of Things, cloud computing, and the impending adoption of 5G are all contributing to the exponential growth of data volume. Data governance improves data quality, lowers data management expenses, and increases data scientists’, other analysts’, and business users’ access to needed data. For instance, according to FinancesOnline, a US-based SaaS platform provider, there will be 74 zettabytes of total data in the world by the end of 2021. In addition, 1.145 trillion MB of data will be created every day in 2021. Therefore, the rapidly increasing growth in data volumes is expected to fuel the growth of the data governance market going forward.
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The data governance market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Model: On-Premise, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Incident Management, Process Management, Compliance Management, Risk Management, Audit Management, Data Quality And Security Management, Other Applications
5) By Industry Vertical: BFSI, Retail And Consumer Goods, Telecom And IT, Government, Healthcare, Manufacturing, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
Major companies operating in the data governance market are focusing on innovative products, such as AI-based applications, to better meet the needs of their existing consumers. AI-based applications, also known as AI-powered applications, are software programs and systems that use AI technology to do activities that generally require human intellect. For instance, in September 2021, Alation Inc., a US-based data intelligence platform, launched the Data Governance App. The new software uses machine learning and AI (artificial intelligence) to enable autonomous, continuous data governance and to revolutionize multi-cloud governance and security. The Alation Data Governance App extends the Snowflake Data Cloud’s data governance features. The app was developed with multi-cloud consumers in mind. Snowflake’s built-in connection enables joint clients to manage data regulations, secured information assets, and policy compliance from a single-pane-of-glass perspective. The linking improves transparency with data restrictions and connects such controls to Snowflake policies. This is crucial for ensuring industry compliance and auditability.
The data governance market report table of contents includes:
- Executive Summary
- Data Discovery Market Characteristics
- Data Discovery Market Trends And Strategies
- Data Discovery Market – Macro Economic Scenario
- Global Data Discovery Market Size and Growth
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- Global Data Discovery Market Competitive Benchmarking
- Global Data Discovery Market Competitive Dashboard
- Key Mergers And Acquisitions In Data Discovery Market
- Data Discovery Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- com Inc.
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
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