NEW CASTLE, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Comprehensive Data Governance Platforms Market by Component (Solution and Services), by Application (Compliance Management, Risk Management, Audit Management, Incident Management and Others), Deployment Mode (On-premise and Cloud), and Industry Vertical (BFSI, Retail & Consumer, Government, Healthcare, Manufacturing, IT & Telecom, Transportation & Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the comprehensive data governance platforms market was valued at $3.2 billion in 2023, and is estimated to reach $18.6 billion by 2032, growing at a CAGR of 21.4% from 2024 to 2032.
Prime determinants of growth
The global comprehensive data governance platforms market is experiencing growth due to rise in volume of data generated across various sectors and the proliferation of digital technologies. However, high implementation costs act as restraints for the comprehensive data governance platforms market. In addition, the rise in implementation of business intelligence and advanced analytics will provide ample opportunities for the market's development during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $3.2 billion |
| Market Size in 2032 | $18.6 billion |
| CAGR | 21.4% |
| No. of Pages in Report | 350 |
| Segments Covered | Component, Application, Deployment Mode, Industry Vertical and Region. |
| Drivers | Increase in volume of data generated across various sectors |
| Proliferation of digital technologies | |
| Opportunities | The rise in implementation of business intelligence and advanced analytics |
| Restraint | High implementation costs |
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The solution segment held the highest market share in 2023
Based on component, the solution segment held the highest market share in 2023. The exponential growth in data volume and complexity is expected to drive the growth of the data governance market. The rise of online content and social sharing creates a significant opportunity for online marketing growth.
The risk management segment held the highest market share in 2023
Based on application, the risk management segment held the highest market share in 2023. The growing emphasis on business continuity and resilience further drives the adoption of risk management applications in data governance. Organizations recognize the importance of maintaining continuous access to critical data and ensuring the availability and integrity of data assets in the event of disruptions, disasters, or cyberattacks.
The on-premise segment held the highest market share in 2023
Based on deployment mode, the on-premise segment held the highest market share in 2023. On-premise data governance solutions give organizations greater control over their data, allowing them to implement custom security measures, access controls, and encryption techniques to protect sensitive information from unauthorized access or breaches.
The BFSI segment held the highest market share in 2023
Based on industry vertical, the BFSI segment held the highest market share in 2023. The BFSI sector's increasing data quantity and complexity drive demand for effective data governance solutions. Financial institutions collect vast amounts of data from multiple sources, including customer transactions, account information, market data, and regulatory reports.
North America held the highest market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to experience growth in terms of revenue throughout the forecast timeframe. The growth of internet usage and the continued growth of retail, consumer goods, and e-commerce in countries, such as the U.S. and Canada are expected to drive the growth of the comprehensive data governance platforms market in North America.
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Major Industry Players: -
- Oracle Corporation
- SAP SE
- IBM Corporation
- SAS
- Informtica
- Talend
- Magnitude Software
- Infogix
- Zaloni
- Alex Solutions
The report provides a detailed analysis of these key players in the global comprehensive data governance platforms market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- On March 2024, Informatica launched Informatica Cloud Data Access Management (CDAM), a solution based on Informatica's 2023 acquisition of Privitar, an industry leader in comprehensive data access management products. Now integrated into the Intelligent Data Management Cloud (IDMC), Informatica’s flagship data management platform, this AI-powered solution is a key component of data access governance, leveraging IDMC's common metadata foundation.
- On October 2023, K2view launched end-to-end synthetic data management solution. This comprehensive offering uniquely combines generative AI and rule-based synthetic data generation methods, with a patented business-entity data model approach, to create synthetic data of unparalleled accuracy and compliance.
- On December 2023, Hitachi Vantara launched Hitachi Unified Compute Platform (UCP) for GKE Enterprise, a new, integrated hybrid solution, with long-time partner Google Cloud. Through Google Distributed Cloud Virtual (GDCV), Hitachi UCP for GKE Enterprise offers businesses a unified platform to manage hybrid cloud operations, leading to increased efficiency, scalability, and flexibility in their infrastructure and applications.
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