Global Data Intelligence & Governance Market (By Segment, Deployment, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)
Data intelligence and governance is a solution that aids in producing trustworthy, reliable data, with the ability to formalize responsibility and authority surrounding data, ensuring that responsibilities are clearly defined and who has what authority is transparent to all.
Due to a data-driven strategy, the amount of data available has drastically expanded in recent years. There is a huge demand for big data training, analytics technologies, and services. Businesses have increased their demand for data intelligence software because without the skills and resources to analyze it, data is useless. This software helps organizations grow their businesses by empowering business analysts to locate, access, comprehend, and trust their data so they can make important business decisions. Moreover, as consumers become more cautious about sharing data and governments strengthen privacy regulations, leading companies are discovering that data protection and privacy can provide a competitive edge. This factor has increased and will continue to raise global demand for data intelligence and governance solutions. The global data intelligence & governance market is anticipated to reach US$24.73 billion in 2023, growing at a CAGR of 13.62% during the forecast period.
- By Segment: The report bifurcates the global data intelligence & governance market into two different segments: data governance, and data intelligence. The data governance segment held the maximum share in global data intelligence & governance market, owing to data is the most significant factor in making corporate decisions and in many other fields such as research and analytics.
- By Deployment: In terms of deployment, the report has segmented the global data intelligence & governance market into two segments: on-premise, and cloud. On-premise segment held largest share in data intelligence & governance market, as many businesses implement precautions to safeguard their data from being accessed by unauthorized persons, which is commonly done by inside traders in the company.
- By Application: The market report splits the global data intelligence & governance market into seven segments on the basis of application: BFSI, IT & telecom, energy & utility, retail & consumer goods, construction & engineering, transportation & logistics, and others. IT & Telecom segment is the fastest growing segment with highest CAGR during forecast period, as data intelligence & governance solutions help to improve their services and make their customers happier.
According to this report, the global market can be divided into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, UK, France, Spain, Italy and Rest of Europe. Moreover, China, Japan, India, South Korea and Rest of Asia Pacific are included in the Asia Pacific region.
North America enjoyed the dominating share in the global market share, primarily driven by the region's increased need for business intelligence platforms, particularly in Canada. Furthermore, the widespread use of cloud computing has been viewed as a potential to double the rate of data intelligence usage and ensure data governance in the coming years. Asia Pacific data intelligence & governance industry is expected to grow at significant rate driven by the widespread adoption of big data analytics tools and solutions in the region. Within Asia Pacific, South Korea has been one of the fastest growing markets in the data intelligence & governance industry.
Top Impacting Factors:
- Rising Regulatory Compliance Mandates
- Growth of Data Volume
- Digital Transformation
- Adoption of Business Intelligence (BI) And Analytics
- Maintenance of Metadata Silos
- Multiple Data Storages
- Artificial Intelligence
- Rising Adoption of Cloud Integration
- Increased Focus on Establishing a Single Source Of Truth (SSoT)
- Metadata Driven Data Fabric
- Driver: Rising Regulatory Compliance Mandates
Regulatory compliance is a set of guidelines that companies must follow in order to safeguard sensitive information and human safety. Regulatory compliance applies to any business that interacts with digital assets, consumer data, health regulations, employee safety, or private conversations. Violations of regulatory compliance are frequently punished by law, including federal fines. As more social and economic activity move online, the necessity of privacy and data protection has become more widely recognized. The mandate of regulatory compliance helps companies to attain Financial security, protects companies’ sensitive data from a data breach by hackers, malware, misuse, and insider threats, and also helps with the integrity and reliability of data. This how the benefits of regulatory compliance mandates has driven the data intelligence and governance market in recent years.
- Challenge: Multiple Data Storages
The ability to access data when necessary without worrying that it has somehow been deleted, altered, stolen, or corrupted is one of the primary functions of a data storage platform. This often pose as a threat for the data when stored in multi data storages. With the sheer amount of data being processed by most companies today, data governance is a monumental challenge in any environment. When you use a multi cloud strategy, this challenge increases exponentially. Ensuring that multi cloud data is accessible to the applications, processes, and users who need it while keeping it secure requires robust data governance strategies. The multiple data storage pose as a challenge to the data intelligence and governance market owing to the advancing hacker techniques to acquire unauthorized data available. The challenge of tackling such advanced hacker techniques would require frequent updates which would cost a lot of investment in R&D. Therefore, multiple data storage is a challenge to the overall market.
- Trend: Rising Adoption of Cloud Integration
With the data and apps en-routed towards cloud Analytics and data intelligence can’t be far behind. The presence of cloud everywhere is nothing new for those who stays up-to-date with data intelligence & governance trends. With time fear of moving crucial business data online is reducing and entrepreneurs learned how to embrace the power of cloud analytics, migrating most of the elements- data sources, data models, processing applications, computing power and data storage to the cloud. Data intelligence & governance solutions are blending with cloud computing which is assuring attaining relevant data with adhering to data privacy and data protection norms. This trend would help in increasing the trust of organization over working via cloud computing.
The COVID-19 Analysis:
The global data intelligence & governance market was impacted in many ways by the COVID-19 pandemic. The COVID-19 brought in many changes in the world, digital transformation of economic activities was seen taking place rapidly. The importance of data got redefined with the outbreak of COVID-19, there were major addition and severity in data privacy and data protection laws. The pandemic brought in positive changes into the market which are believed to continue in the post COVID era as well such as adoption of cloud computing, a trade-off between “fast” data and “good” data, wide spread of data literacy, etc.
Analysis of Key Players:
Global data intelligence & governance market is consolidated with presence of limited players. Some of the prominent players are Informatica Inc, SAP SE, Collibra, SAS, and many more. The market has been witnessing the companies entering into strategic mergers and acquisitions to leverage the growing demand for data intelligence & governance solutions. Further, key players of the data intelligence & governance market are:
- International Business Machines Corporation (IBM),
- Oracle Corporation,
- Infosys Ltd.,
- Cisco Systems, Inc.,
- Informatica Inc.,
- SAP SE,
- TIBCO Software Inc.
- BigID, Inc.,
Data intelligence & governance market is a combination of data intelligence, data security market and data privacy vendors. In 2021, the data intelligence market observed six merger & acquisitions. While the data privacy observed eight merger & acquisitions, and data security witnessed only one of these activities. On May 7, 2020, DI&G leader Informatica announced an integration with SAP that will help streamline businesses journeys to the cloud by adopting SAP’s data and analytics cloud portfolio and Informatica Intelligent Cloud Services and strengthen the partnership between SAP and Informatica. The adoption of cloud computing has attracted data intelligence & governance vendors to new cloud integration business models.