Data Governance Market by Component, Deployment Model, Organization Size, Application (Risk Management, Incident Management, and Compliance Management), Vertical (Manufacturing, Healthcare, and BFSI), and Region - Global Forecast to 2024
The global data governance market size to grow at a CAGR of 21.5% during the forecast period
The data governance market size is projected to grow from USD 1.8 billion in 2019 to USD 4.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. The data governance market is driven by growing regulatory compliance and privacy concerns for data security. However, the integration of data from data silos may hinder the growth of the data governance market.
Services segment to grow at a higher CAGR during the forecast period
The data governance market, by component, is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. The growth of this segment can be attributed to the increasing deployment of data governance solutions, which leads to increasing the demand for pre- and post-deployment services, as these solutions require training due to technical complexities.
Manufacturing vertical to grow at the highest CAGR during the forecast period
The data governance market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), construction and engineering, energy and utilities, government, healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and IT, transportation and logistics, others (education, research, travel and hospitality, and real estate). The manufacturing segment is projected to grow at the highest CAGR during the forecast period, due to the emerging need to keep an eye on various factors, such as quality, risks related to non-compliance with EHS regulations, labor laws, and quality mandates, and risks pertaining to the supply chain, production maintenance, and so on.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the data governance market, due to the increasing digitalization in the country and the enforcement of several regulatory compliances. Moreover, the monetary authority of Singapore has guidelines on cybersecurity, while the Chinese government requires certification of information security products. The countries in Southeast Asia also have the most mature data governance practices tend to be the most advanced local implementations of BCBS 239.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the data governance market.
By Company: Tier I: 38%, Tier II: 41%, and Tier III: 21%
By Designation: C-Level Executives: 65%, Directors: 20%, and Others: 15%
By Region: North America: 45%, APAC: 30%, Europe: 15%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering data governance solutions and services. It profiles major vendors in the global data governance market. The major vendors are IBM (US), Oracle (US), SAP (US), SAS (US), Collibra (US), Varinos (US), Talend (US), Informatica (US), Information Builders (US), Alation (US), Ataccama (Canada), TIBCO (US), TopQuadrant (US), Infogix (US), Magnitude Software (US), Denodo (US), Syncsort (US), Data Advantage Group (US), erwin (US), Global IDs (US), Global Data Excellence (Switzerland), Reltio (US), and IRI (US). It also includes an in-depth competitive analysis of the key players in the data governance market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the data governance market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, deployment model, organization size, application, vertical, and region. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall data governance market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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