Burlingame, May 13, 2024 (GLOBE NEWSWIRE) -- The Data Governance Market is estimated to grow from US$ 3.96 Billion in 2024 to USD 13.92 billion by 2031, and is expected to exhibit a CAGR of 19.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Data governance refers to the overall management of the availability, usability, integrity and security of the data employed in an enterprise. It helps organizations to establish control over their data assets and establish rules related to its lifecycle.
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Market Dynamics:
Data governance aims to ensure efficient utilization of data assets and mitigate risks associated with mismanagement of data. The rising concerns towards data security and privacy along with stringent regulatory compliances across industries are driving the adoption of data governance solutions. Furthermore, increasing volume and variety of data due to digitalization has compelled organizations to adopt systematic data governance frameworks for effective data management.
Data Governance Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $3.96 billion |
| Estimated Value by 2031 | $13.92 billion |
| Growth Rate | Poised to grow at a CAGR of 19.7% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, By Deployment, By Organization Size, By Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Compliance with Regulations • Data as a Strategic Asset |
| Restraints & Challenges | • Inconsistent Data Practices and Lack of Standardization • Leadership Buy-in and Employee Education |
Market Trends:
Cloud deployment trend: Most data governance vendors are providing cloud-based data governance solutions to help organizations address data governance challenges. The availability of cost-effective cloud deployment models is further fueling the demand for cloud-based data governance.
Data intelligence trend: Integration of advanced technologies such as machine learning, artificial intelligence and predictive analytics into data governance solutions helps organizations gain meaningful data-driven insights. Vendors are focusing on developing intelligent data governance solutions to meet growing demand from data-intensive organizations.
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Market Opportunities:
With the increasing complexities in data across enterprises, the need for a unified approach to governance has become important. Unified data governance provides a centralized way to define, manage and enforce governance policies across all operational data assets in a harmonized manner. This opportunity allows organizations to improve consistency, reduce redundancy and ensure compliance.
As data governance requires specialized expertise, many organizations are turning to managed service providers for help. These services provide on-demand access to governance best practices, technology and professional services. They help offload the operational responsibilities of governance and enable organizations to focus on their core competencies. This presents a key opportunity for managed service vendors to gain recurring business from data-driven enterprises.
Recent Developments:
IBM Corporation announced in 2021 that it has acquired BoxBoat Technologies, a renowned DevOps consulting company. The acquisition was made with the intention of bolstering IBM's hybrid cloud and AI strategy by offering customers a comprehensive set of tools and subject-matter expertise to assist them in modernizing their applications.
In 2021, Collibra, Inc. and DataRobot, a renowned supplier of AI and machine learning solutions, established a new strategic alliance. The collaboration sought to assist businesses streamline data governance processes and improve the precision and efficacy of their machine learning models.
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Key Market Takeaways
The global data governance market is anticipated to witness a CAGR of 19.7% during the forecast period 2024-2031, owing to increasing regulatory pressures and growing volumes of enterprise data.
On the basis of type, the services segment is expected to hold a dominant position, accounting for over 60% market share by 2024 due to the availability of skilled expertise. Within services, on-shore services will remain the most sought after due to factors like data residency norms.
By business function, the legal segment is expected to dominate with over 30% share owing to the growing need for privacy and security compliance. Finance and operations & IT segments will also witness notable growth.
Regionally, North America is expected to dominate the market over the forecast period, with the US accounting for the major share. This can be attributed to rapid digitization and strict regulations in the region.
Key players operating in the data governance market include Adaptive, Alation, Alex Solutions Pty. Ltd, Alfresco Software Inc., Ataccama Corporation among others. The market is characterized by mergers and acquisitions as players look to enhance their service offerings.
Market Segmentation
By Application:
- Incident management
- Process management
- Compliance management
- Risk management
- Audit management
- Others
By Deployment:
- Cloud
- On-premise
By Organization Size:
- Large-scale Business
- Small- and Medium-scale Business
By Industry Vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Government and defense
- Retail and consumer goods
- Telecommunications and IT
- Construction and engineering
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
