New York, US, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data Governance Market information by Function, by Components, by Deployment and Region – forecast to 2027” market size to reach USD 5.7 billion, growing at a compound annual growth rate of 22.3% by 2025.
Market Scope:
The surging use of the internet of things in different sectors like healthcare, retail, and IT and telecom is boosting the need for data governance that in turn will offer robust opportunities for the market over the forecast period.
Dominant Key Players on Data Governance Market Covered are:
- Symantec Corporation (U.S.)
- Data3Sixty Inc. (U.S.)
- Alation Inc. (U.S.)
- Reltio Inc. (U.S.)
- Magnitude Software Inc. (U.S.)
- Global Data Excellence (Switzerland)
- Informatica (U.S.)
- Alfresco Software Inc. (U.S.)
- SAP SE (Germany)
- International Business Machines (IBM) (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
Need to Meet Regulations and Compliance Deadlines to Boost Market Growth
The need to meet regulations and also compliance deadlines coupled with the need to improve and sustain strategic risk management will boost market growth over the forecast period.
Issues Related to Structure of Regulatory Policies to act as Market Restraint
The issues related to different structure of regulatory policies may act as market restraint over the forecast period.
Integration of Data from Data Silos to act as Market Challenge
The integration of data from the data silos may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Data Governance Market:
https://www.marketresearchfuture.com/reports/data-governance-market-2362
Segmentation of Market Covered in the Research:
The global data governance market is bifurcated based on components, function, deployment, and users.
By components, the solution segment will lead the market over the forecast period. Data governance solutions allow business owners across verticals in effectively and efficiently monitoring, managing, and controlling data movement across organizations. The surge in use of mobile devices among individuals within an organization along with the easy accessibility and the ubiquitous availability of data has allowed individuals and organizations in adopting data governance solutions.
By function, the finance segment will dominate the market over the forecast period for the huge volume of data involved in the different operations and significance placed on security and data integrity.
By deployment, the on-premise segment will spearhead the market over the forecast period. This is a widely used practice of providing enterprises the power of managing risks, industry policies, business process, and compliance management. Besides, the total control over privacy and security of enterprise master data is driving the growth of the segment.
By users, the healthcare segment will command the market over the forecast period. IoT has immense applications in healthcare right from medical device integration to remote monitoring. It also possesses the potential to keep patients safe and healthy along with improving how physicians deliver care.
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Regional Analysis
North America to Command Data Governance Market
North America will command the data governance market over the forecast period. Enormous interest in cloud-based arrangements, the presence of countless players, constant innovations, early acceptance of emerging technologies, data-driven culture, significant adoption of data governance and management solutions, presence of a huge number of vendors in the US, enterprises having well-established processes, high levels of technology awareness, high capacity of organizations of risk and data management over organizations in other regions, and growing penetration rate in multiple industry verticals like life sciences, healthcare, IT and telecommunications, retail and consumer goods, and BFSI are adding to the global data governance market growth in the region.
The Asia Pacific region will have admirable growth over the forecast growth. Growing technology expenditures in Australia, Singapore, India, and China, the demand for cost-effective data management and governance services and solutions among SMEs, increasing digitalization, heavy investment in infrastructure upgrades, increasing need for cloud-based solutions, growing size of SMEs, companies operating in the region offering various solutions based on organization size and their needs, the region being the center of digital innovation in the world, and growing digital advances in the region like big data analytics and IoT, and increasing regulatory mandates are adding to the global data governance market growth in the region.
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COVID-19 Impact on the Global Data Governance Market
The COVID-19 outbreak acted as a catalyst to the data usage growth. Enterprises across different end user industries particularly telecom companies in emerging nations have experienced an increase in data usage for the government imposed lockdowns. During these times, enterprises which have established data governance programs in place have fared better than those without. All these are fuelling the market growth.
Industry Updates
Microsoft has recently announced the general availability of Azure Purview, the company’s data governance solution in the cloud. This will offer a unified data governance solution to customers for cloud, on-premises, and app-based systems.
Competitive Analysis:
The global data governance market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
