DUBLIN, October 14, 2021--(BUSINESS WIRE)--The "Global Data Governance Market (2021-2027) by Component, Application, Function, Deployment, Organization Size, Industry Vertical, and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Data Governance Market is estimated to be worth USD 1.78 billion in 2021 and is expected to reach USD 4.81 billion by 2027, growing at a CAGR of 18%.
Key factors such as a rapid rise in data volumes have necessitated a need for data governance solutions in different industry verticals. This has been a prominent driver for the overall market growth. Also, the growing regulatory compliance followed by the need for data privacy has led to a demand for these solutions. The organizations are also seeking high data quality and increasingly emphasizing advanced analytical solutions. They are additionally supporting the growth of the market.
Conversely, the issues related to data address validation along with the presence of data silos leading to low levels of data integration, are likely to hinder the market growth.
Strict Regulatory and Compliance Mandates
The High Growth of Data Volumes
Adoption of Business Intelligence (BI) and Analytics to Reduce Customer Risk
Demand for High-Quality Data throughout the Data Life Cycle of The Organization
Integration of Data from Data Silos
Data Address Validation Issues
Increasing Applications of AI in Data Governance
Adoption of DevOps Across all Company Software
Complexities in Governing Security Across BYOD and Cloud Platforms
The Global Data Governance Market is segmented based on Component, Application, Function, Deployment, Organization Size, Industry Vertical, and Geography.
By Component, the Solutions segment is estimated to hold the highest market share. These solutions can help in monitoring, managing, and controlling different types of data across organizations. Besides, the higher usage of mobile devices by individuals in an organization have made data availability much easier than before. Therefore, organizations are investing in data governance solutions to ensure data integrity and maintain compliance.
By Application, Compliance Management is estimated to hold the highest market share during the forecast period. Compliance management supports an organization to measure the effectiveness of the governance and compliance strategies. The cloud-based compliance model helps to understand the internal management system by determining their compliance levels. Therefore these applications can be useful for managing the overall corporate structure.
By Function, the market is classified as Finance, Human Resources, Information Technology, Legal, Operations and Sales and Marketing. Amongst all, the Finance segment is estimated to hold the highest market share. The growth in the segment is high due to the large number of data transactions performed for various financial operations. Such operations necessitate a need for data governance and adequate security. This has led to a rise in the data Governance segment in the finance segment.
By Deployment, the market is classified as cloud-based and on-premise. Amongst the two, the Cloud-based deployment is estimated to hold the highest market share. Cloud-based deployments offer the benefits of cost-effectiveness along with scalability, which has led to higher adoption rates amongst the enterprises, thereby indicating market segment growth.
By Organization Size, the market is classified as large enterprises and small and medium-sized enterprises. Amongst the two, the large enterprises are estimated to hold the highest market share. Large Enterprises have a daily churn of high volume transactions due to their large scale operational activities. This requires a robust solution to maintain and manage the data integrity and security of an enterprise. Therefore, large enterprises have been adopting data governance solutions that can provide those enterprises with high data quality, proper information cohesion, and data security. This has resulted in the growth of the market segment.
By Industry Vertical, the Banking, Financial Services, and Insurance (BFSI) is estimated to hold the highest market share. Since the financial institutions are constantly weighed down by data challenges such as data quality and data security, they constantly seek effective data management solutions. The adoption of data governance solutions can help the BFSI segment in reducing data duplication and data loss by further managing the data assets effectively. This has led to market segment growth in the BFSI segment. Besides the BFSI segment, the retail and consumer goods segment is likely to grow faster due to the rising volumes of transactions performed in this segment. This has further compelled a need for an efficient data governance solution.
By Geography, North America is projected to lead the market. The factors attributed to the growth of the market are the presence of emerging technologies and a data-driven culture of the region with a high focus on data governance. The high adoption rate of implementation of such solutions in various industry verticals is anticipated to witness a rise in market growth in the region
A complete analysis of the market including parent industry
Important market dynamics and trends
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market
Alfresco Software Inc.
Data Advantage Group
SAS Institute Inc.
TIBCO Software Inc.
Varonis Systems Inc.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211014005492/en/
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