What Has Been the Growth Trajectory of the Data Governance Market?
The data governance market has seen considerable growth due to a variety of factors.
• The expansion of the data governance market has been swift in the past few years. Forecasted to rise from $4.35 billion in 2024 to $5.11 billion in 2025, it will boast a compound annual growth rate (CAGR) of 17.7%.
Its historic growth can be traced back to factors such as regulatory compliance needs, issues of data quality and precision, measures for risk reduction and security, optimization of business process, and heightened understanding of data value.
What Is the Forecasted Market Size and Growth Rate for The Data Governance Market?
The data governance market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the data governance market size is anticipated to experience exceptional growth. The market is projected to reach $12.38 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 24.7%.
The projected growth during this period can be linked to factors such as an emphasis on data privacy and ethical considerations, initiatives for digital transformation, data democratization and control of access, globalisation and data sharing. Key trends to watch in this forecast period include the use of blockchain for ensuring data trust and transparency, data cataloguing and management of metadata, the emergence of chief data officers (CDOs), governance of unstructured data, and implementation of data governance standards and frameworks.
What Factors Are Driving Growth In The Data Governance Market?
The surge in data volume is contributing significantly to the development of the data governance market. The proliferation of devices that generate data, such as smartphones, wearables, and numerous sensor-enabled gadgets, along with the popularity of the Internet of Things, cloud computing, and the anticipated adoption of 5G, are all boosting the exponential increase in data volume. Data governance enhances data quality, reduces data management costs, and widens access to pertinent data for data scientists, other analysts, and business users. For example, The Linux Foundation's December 2022 report showcased a significant increase in data growth for average end-user organizations, reaching 2,208 TB, marking a 215.43% increase from the 700 TB recorded in 2021. Hence, the swift surge in data volumes is projected to stoke the growth of the data governance market in the future.
What Are The Main Segments Of The Global Data Governance Market?
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
Subsegments:
1) By Solutions: Data Quality Management Tools, Data Catalogs, Metadata Management Solutions, Data Privacy And Compliance Solutions, Master Data Management (MDM) Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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What Emerging Trends Are Influencing The Growth Of The Data Governance Market?
The main strategy being adopted by leading firms in the data governance market is forming strategic partnerships to improve technological interoperability and broaden market accessibility. A strategic partnership is generally a combined effort between two or more organizations that pool their resources, skills, and energies to meet shared aims or targets. To illustrate, CG Infinity, a tech company based in the United States, forged a partnership with BigID in May 2024, without disclosing the financial details. The objective of the partnership is to revolutionize data exploration and knowledge by providing top-of-the-line AI governance, data security, privacy observance, and actionable data protection to augment data worth. This partnership unites CG Infinity's nearly three decades of experience with BigID's unrivalled solutions, empowering their clients to increase data value and adjust to a shifting environment. CG Infinity, as the new service partner, will offer advisory, implementation, technical, and procurement services, with a focus on a 'people first + driven to transform' approach for tailor-made solutions.
Who Are the Key Players in the Data Governance Market?
Major companies operating in the data governance market include:
• Amazon.com Inc.
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Infosys Limited
• SAS Institute Inc.
• Micro Focus International plc
• Informatica LLC
• TIBCO Software Inc.
• Varonis Systems Inc.
• Talend Inc.
• Collibra Inc.
• Denodo Technologies
• Ataccama Corporation
• Magnitude Software Inc.
• Infogix Inc.
• Infogix Inc.
• Reltio Inc.
• erwin Inc.
• Alation Inc.
• Syncsort Incorporated
• Orchestra Networks Inc.
• Orchestra Networks Inc.
• Global IDs Inc.
• TopQuadrant Inc.
• Information Builders Inc.
• Innovative Routines International Inc.
• Global Data Excellence SA
• Datum LLC
• Data Advantage Group Inc.
What Is The Most Dominant Region In The Data Governance Market?
North America was the largest region in the data governance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
