Data Governance Market Development Strategy, Growth Potential, Analysis and Business Distribution

Market Highlights

The need for data governance is observing exponential progress, principally because nearly every technological domain necessitates well distributed managed services. The services being provided must fit seamlessly into the customer’s location. IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the prospective to not only keep patients healthy and safe but also to improve how physicians deliver care, as well. But, IoT also brings along with it the need for data governance for the healthcare sector, as the industry fight with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices. The requirement to meet the regulations and agreement has influenced the market for the data governance, organizations needs to improve and endure the planned risk management. Major driving factors for the growth of the market are the growing demand to ensure high data quality and lineage through an organization’s data life cycle and the growing regulatory compliance and privacy concerns for data security. The data governance needs the fluctuating structure of regulatory policies and data address validation which are the major restraint of the data governance solution and services. The issues associated to the quality is also the major impeding factor of the data governance.

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.

Also Read: http://www.marketwatch.com/story/global-data-governance-market-growth-driven-by-the-increasing-need-for-data-security-impact-of-covid-19-on-data-governance-market-2020-05-29

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.).

Detailed Regional Analysis

On the basis of region, the market has been segmented in North America, Europe, Asia Pacific, and Rest of the World. North America is accountable for the major market share and lead the data governance market in the review period, owing to huge investment in cloud-based solutions, initial adoption of developing technologies, and a huge number of players present in this region. The APAC market is poised to see exponential growth and is predictable to be the most promising region for the data governance market. This is attributed to the rising necessity to follow compliance and regulations being defined by regulatory authorities and organizations region. The operations & IT market led the Europe data governance market by function and would sustain its leading market till the end of the review period.

Segmentation:

The data governance market share 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.

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.