Market Highlights
Data governance refers to a control system, which makes sure that the data access through automated processes encounters exact standards, for instance, a business rule and data integrity restraints in the data model. The data governor undertakes procedures to check the data quality observing against production data to communicate inaccuracies in the data back to the operational team for remedial action. Data governance refers to the general management of the safety, accessibility, and the usability of data employed in organizations. It is a set of practices that ensures the proper management of data assets across the enterprise. Data governance also increases the confidence and consistency in the decision making within the organization. It also helps in the maximization of income generation owing to the data and the minimizing of rework.
The global data governance market is projected to reach a valuation of USD 2 billion by the end of the forecast period, from USD 0.8 billion at the beginning of such forecast period. As per the MRFR analysis, the global data governance market is anticipated to exhibit an ascension at a whopping CAGR of 18% over the review period. Demand for data governance is witnessing exponential progress, primarily because nearly every technological domain necessitates well distributed managed services. Other factors driving the data governance market include improvement of the strategic risk management process, improvement in accuracy of decision-making process, compliance, rapid growth in data size, regulatory mandates as well as upscaling number of collaborations. Additionally, growing popularity of artificial intelligence and its applications are expected to have a positive impact on the data governance market in the forthcoming years.
Segmentation:
The data governance market has been segmented for a better analysis on the basis of components, functions, application industry, deployment, and geography. Based on components, the market for data governance is segmented into services, solutions, and support maintenance. Based on function, the data governance market is segmented into operations & IT, finance, and legal. Based on deployment, the data governance market is segmented into on-premise and on cloud. Based on organization, the market is studied for the segments of risk management, product and process management, and applications sales and marketing. Based on industry, the data governance market is segmented into IT and telecom retail, healthcare, financial services, and government.
Detailed Regional Analysis
Based on geography, the COVID-19 analysis of data governance market is segmented into North America, Europe, Asia pacific, and Rest of the World. North America is expected to fetch the largest share of the global data governance market over the forecast period. This can be accredited to heavy investments observed in the early adoption of emerging technologies, deployment and development of cloud-based solutions, and a large number of players present in the region.
Asia Pacific is expected to witness exponential progress and emerge as the fastest-growing region in the global data governance market. Such fast-paced growth can be attributable to the rising essential to follow compliance and regulations as defined by regulatory bodies prevalent in the region. On the other hand, in Europe, data governance is mostly used for the function of operations and IT and is anticipated to remain the most significant reason for data governance deployment in the region.
Key Players
Prominent players as mentioned in the MRFR report include Alation Inc. (U.S.), Reltio Inc. (U.S.), Data3Sixty Inc.(U.S.), Global Data Excellence (Switzerland), Informatica (U.S.), Magnitude Software, Inc.(U.S.), SAP SE(Germany), International Business Machines(IBM)(U.S.), Alfresco Software Inc.(U.S.), and Symantec Corporation(U.S.).
Industry Update
August 2019: Rubrik, a data management firm recently announced its plans to expand in the data governance services market. It is introducing new tools for data governance, disaster recovery (DR) orchestration, and continuous data protection.