Hyderabad, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Data Governance Software Market Report (2023-2028),” the market is estimated at USD 2.73 billion in 2023. It is expected to register a CAGR of 19.72% during the forecast period.
The study on data governance aims to track the revenues accrued from software tools and solutions that are involved throughout all stages of data governance - discovery, process definition, and data validation. The mounting adoption of IoT in various sectors, such as IT & telecom, retail, and healthcare, is expected to boost the demand for the data governance market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.73 billion |
| Market Size (2028) | USD 6.71 billion |
| CAGR (2023-2028) | 19.72% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Mounting adoption of IoT in various sectors. |
| Surge in data usage. |
Who are the Top Companies in the Data Governance Software Market?
The global data governance software market is fragmented in nature.
The noteworthy players holding the global data governance software market are:
- Collibra NV
- SAS Institute Inc.
- TIBCO Software Inc.
- SAP SE
- Alation Inc.
- Alfresco Software Inc.
- Informatica Inc.
- Microsoft Corporation
- Symantec Corporation (Norton Lifelock)
- IBM Corporation
- Oracle Corporation
- Talend SA
- Varonis Systems Inc.
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Key Highlights from the Data Governance Software Market Report:
Growing Demand from the Healthcare Sector
- Owing to the increasing investments in healthcare, there is an enormous surge in data generation. Thus, an information governance strategy is needed for these organizations to manage, control, and understand this vast amount of data produced in a streamlined manner.
- IoT incorporates many healthcare applications, from remote monitoring to medical device integration. It also keeps patients healthy and safe and improves how physicians deliver care.
APAC to Dominate the Market
- Growing digital advancement in the APAC, such as cloud computing, Internet of Things (IoT), and Big Data analytics, will likely make the region occupy a substantial share of the data governance market.
- Strengthening regulatory mandates in Asia-Pacific will also augment the data governance market growth. The China Banking and Insurance Regulatory Commission (CBIRC) issued the data governance guideline for banking financial institutions to improve the authenticity, accuracy, timeliness, and integrity of data and protect clients' privacy via enhanced data security measures.
What are the Latest Developments in the Data Governance Software Market?
- In July 2022, SAP acquired Askdata. Via this acquisition, SAP strengthens its ability to help organizations make better-informed decisions by leveraging AI-driven natural language searches.
- In February 2022, IBM partnered with SAP to provide technology and consulting expertise to make it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
Mordor Intelligence has Segmented the Data Governance Software Market Based on Deployment, Organization Size, Component, Operation and IT, End-user Industry, and Geography:
- By Deployment
- Cloud
- On-premise
- By Organization Size
- Large-scale Business
- Small- and Medium-scale Business
- By Component
- Software
- Service
- Business Function
- By Operation and IT
- Legal
- Finance
- Other Business Functions
- By End-user Industry
- IT and Telecom
- Healthcare
- Retail
- Defense
- BFSI
- Other End-user Industries
- By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Data Governance Software Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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