NEWARK, Del, June 24, 2024 (GLOBE NEWSWIRE) -- In 2024, the data governance market is estimated to be worth USD 4.1 billion. The market is projected to reach USD 22.5 billion by 2034, expanding at 18.5% CAGR throughout the forecast period.
Data governance enables businesses to exert control over the management of data assets. This process encompasses the people, process, and technology that is required to ensure that data is fit for its intended purpose. Data governance helps ensure that data is consistent, reliable, accurate, and trusted to enable data-driven decision-making. The driving factor is that, traditionally, data governance has been focused on risk and compliance. The advent of digital transformation and the exponential increase in the volume of data, distribution of data, data-related regulations, and the number of users who want to be empowered with trusted data have contributed to the change. Data governance has moved from a rigid, one-size-fits-all approach to a more agile version tied to delivering the data intelligence required for data-driven decisions.
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As organizations store large amounts of data, there is a vital need to ensure accuracy, security, and compliance with regulatory requirements. This creates opportunities for data governance solutions that provide comprehensive frameworks for data governance, quality control, accessibility, and process management. Furthermore, with the adoption of advanced analytics and AI, and due to machine learning atom size, there is increased demand for data management systems, lifecycle management, and potential ease.
One of the key trends is real-time data processing, which will shape the data governance landscape. Organizations that want to make frictionless, efficient, data-driven decisions need to process data in real time. Artificial intelligence and machine learning for data governance allow data governance policies to be implemented more efficiently and effectively. AI and machine learning can help organizations quickly identify anomalies and inconsistencies in data that may have gone unnoticed otherwise. These systems being able to detect data errors helps improve the accuracy and reliability of data overall.
“As businesses prioritize digital transformation, the shift to agile data governance underscores its importance in meeting evolving data regulations and user demands,” says Sudip Saha the managing director and co-founder at Future Market Insights
Key Takeaways from the Data Governance Market:
- The data governance market is predicted to reach USD 22.5 billion by 2034, increasing at 18.5% CAGR.
- With a market share of 58.6% for 2024, the services segment was estimated to dominate the data governance market.
- With a CAGR of 28.6% for 2024 to 2034, the small & medium enterprises segment is estimated to grow at the most significant rate over the forecast period for the data governance market.
Competition Outlook in the Data Governance Market
Competition in the data governance market is fierce and dynamic, driven by the increasing importance of data governance and compliance across industries. Several key players dominate the market, offering data governance solutions and advanced functionality. These players include technology giants such as IBM, Informatica, SAP, Oracle, and SAS Institute, known for their robust data management platforms with integrated data governance capabilities that often compete based on advanced features such as breadth, scalability, AI-powered data governance, and real-time data extraction.
In addition to these larger players, there are a growing number of niche vendors and startups focused primarily on data governance solutions. These companies, such as Collibra, Elation, Irvine, and Talend, are often differentiated by innovative, non-functional approaches, strengths, and knowledge in some aspects of data governance. This is characterized by the agility and ability to meet customer-specific needs through customized solutions.
Overall, the data governance market is highly competitive, with established players, niche vendors, and consulting firms competing for market share. The competition is driving innovation, leading to advancements in data governance technologies and services to meet the evolving needs of organizations in managing their data assets effectively.
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Key Data Governance Market Brands
- Alation
- ASG Technologies
- Ataccama
- Claravine
- Egnyte
- IBM Corporation
- Informatica
- Information Builders
- Oracle Corporation
- SAP
- SAS
- Synscort
- TIBCO
- Varonis
Key Segment of Data Governance Market Report
By Solution:
Depending on the solution, the industry is bifurcated into software and services. The service segment is further divided into professional and managed services. The professional service segment is further trifurcated into consulting services, integration & implementation, and support & maintenance.
By Deployment:
Based on deployment, the industry is bifurcated into cloud-based and on-premises.
By Enterprise Size:
When it comes to enterprise size, the industry is bifurcated into small & medium enterprises and large enterprises.
By Industry:
Based on industry, the market is categorized into BFSI, manufacturing, healthcare, retail, government, IT & Telecom, and others
By Region:
A regional industry analysis is conducted across North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa
Author
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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