Data Governance Market Insights Report 2023-2032

The data governance market industry is projected to grow from USD 2..88 Billion in 2023 to USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.4% during the forecast period (2022 - 2030).

Market Overview:

The data governance market industry is projected to grow from USD 2..88 Billion in 2023 to USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.4% during the forecast period (2022 - 2030).

The data governance market assures the insurance of essential and essential information and deliberate administration all through the association. Moreover, the present market assures the believed data is brought into play for dynamic, bookkeeping, and other essential business measures. Moreover, the global market growth is driving because of the increasing privacy concerns for data security and rising regulatory compliance across the world. Further, the adoption of DevOps among various company software might bring lucrative opportunities for the current market. 

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Key Players:

Key Companies in the Data Governance market include,

  • Symantec Corporation (U.S.)
  • Data3Sixty Inc.(U.S.)
  • Alation Inc.(U.S.)
  • Reltio Inc. (U.S.)
  • Magnitude Software Inc.(U.S.)
  • Data Excellence (Switzerland)
  • Informatica (U.S.)
  • Alfresco Software Inc.(U.S.)
  • SAP SE (Germany)
  • International Business Machines (IBM)(U.S.)

However, the current market might face restraints due to the integration of data from data silos. In addition, the complexities in governing security across cloud platforms and BYOD is projected to bring major challenges for the global market. 

Market Segmentation:

Many industrial verticals are getting empowered with the data governance market segments to viably and proficiently screen, control, and oversee information development across associations. The global market has been segmented into cloud and on-premises in terms of deployment types segment. Out of all, the on-premise deployment segment is anticipated to generate higher CAGR during the review period. 

The global data governance market has been segregated into solutions and services based on the component segment. Among all, the solution segment is projected to generate a higher market share over the analysis period. This segment is fueling due to the easy availability and ubiquitous accessibility of data and rising use of mobile devices in organizational settings. 

On the basis of organization size segment, the worldwide market has been classified into small and medium-scale business and large-scale business. Of these, the SME business segment is expected to acquire the higher CAGR over the assessment period. 

Regional Analysis:

Regionally, the data governance market is divided into various regional areas such as Latin America, Asia Pacific, Europe, North America, and the rest of the world. 

Among all, the North American region is predicted to dominate the information administration market and create a significant piece of data governance industry in the forecast period. This region is boosting up due to the countless player's existence in this state, beginning appropriation of creating innovations, and increasing interest in cloud-based arrangements. 

Apart from this region, the Asian Pacific region is estimated to be the most encouraging area for the market during the review period. This region is expanding because of the increasing need to follow guidelines and consistency characterized by the association’s area and administrative bodies. Further, the European regional market is estimated to hold a significant market value over the forecast period due to the rising IT market in the region. 

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Data governance Industry Developments:

January: The European Union's General Data Protection Regulation (GDPR) comes into effect, requiring organizations to implement strict data protection measures.

February: The U.S. Securities and Exchange Commission (SEC) issues new guidance on data governance for public companies.

March: The World Economic Forum publishes a report on the future of data governance, calling for a more holistic approach to data management.

April: The International Organization for Standardization (ISO) releases a new standard on data governance, ISO 38500.

May: The U.S. Department of Health and Human Services (HHS) issues new regulations on data governance for healthcare organizations.

June: The California Consumer Privacy Act (CCPA) goes into effect, giving consumers more control over their personal data.

July: The European Union's ePrivacy Directive is updated, requiring organizations to obtain consent before tracking users online.

August: The U.S. Department of Commerce releases a new framework for data governance in the cloud.

September: The World Economic Forum hosts a summit on the future of data governance.

October: The International Data Corporation (IDC) releases a report on the global data governance market.

November: The U.S. Congress holds hearings on data governance.

December: The European Union's Data Governance Act is proposed.

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Shraddha Nevase

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