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Data Governance Market Overview
The global data governance market is projected to witness notable growth during the forecast period (2020–2030), on account of the increasing volume of data in organizations, growing concerns over data privacy, rising focus on regulatory compliance, and surging demand for solutions for improving data capturing, storage, and processing. Furthermore, the growing focus of companies on business intelligence and analytics for reducing customer risk is another key factor driving the growth of the market.
Data governance is the process by which organizations ensure data integrity and security through internal and external policies and standards. When segmented on the basis of application, the data governance market has been classified into process management, incident management, compliance management, audit management, risk management, data quality and security management, and others. Among these, the compliance management category is projected to witness the fastest growth in the market during the forecast period. This can be majorly attributed to the rising focus of companies on compliance management to reduce legal risks and gain customer trust with respect to their data security.
Based on enterprise, the data governance market has been bifurcated into large enterprises, and small- and medium-sized enterprises (SMEs). Between the two, large enterprises held the larger share in the market during the historical period (2014–2019), owing to the generation of a comparatively large amount of data by these enterprises. During the forecast period, however, SMEs are expected to generate higher demand for data governance solutions. This is due to the increasing utilization of these solutions among SMEs for real-time support services. Moreover, the deployment of these solutions offers them several benefits, including improved cost efficiency and data storage and better integration of multiple data sources.
Geographically, North America is projected to contribute the highest revenue to the data governance market during the forecast period. Owing to the presence of a significant number of data governance solution providers and the rapid adoption of new technologies, the market is expected to continue prospering in the region. Moreover, the emergence of the internet of things (IoT), big data, and cloud technologies, coupled with the growth in the IT industry, is expected to generate lucrative opportunities for the market players in North America.
Data Governance Market Dynamics
Growing concerns over data privacy and rising focus on regulatory compliance can be viewed as the major factors driving the growth of the data governance market. As customers and businesses across the world get more connected, the demand for data privacy and security solutions is rising at an unprecedented rate. Moreover, with increasing cybersecurity challenges, lawmakers are formulating regulations to protect data from malicious users.
For instance, in May 2018, the European Union implemented the General Data Protection Regulation (GDPR) to protect the personal data of citizens in the region and define how organizations could or could not use consumer data. The regulation gives customers certain rights over their data besides making organizations accountable for the security of the data held by them. In addition, the California Consumer Privacy Act (CCPA), enacted in 2018 and effective since January 2020, defines customer rights concerning the access to, sharing of, and deletion of personal information collected by companies. Thus, owing to data privacy and security concerns, several countries are introducing regulations, which, in turn, is benefitting the data governance market, globally.
The increasing demand for IoT and big data solutions is creating growth opportunities for the data governance market players. The number of companies using the IoT technology has increased significantly in the past, from around 13% in 2014 to nearly 25% in 2019. Furthermore, the number of IoT-connected devices across the world is estimated to display a threefold increase during 2018–2023. Moreover, the technology convergence through the integration of IoT devices, such as cameras, sensors, and other data points is projected to generate more than 70 zettabytes of data by 2025. Such an increase in data generation is expected to create a huge demand for data management solutions, thereby creating ample opportunities for the players in the industry.
Data Governance Market Competitive Landscape
Some of the major players operating in the market are Oracle Corporation, IBM Corporation, SAP SE, SAS Institute Inc., Informatica LLC, Collibra NV, Talend Inc., Alation Inc., TopQuadrant Inc., erwin Inc., TIBCO Software Inc., and Varonis Systems Inc.
The report also covers a country-wise data governance market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Saudi Arabia, the U.A.E., and South Africa.
Data Governance Market Size Breakdown by Segment
The data governance market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Application
Based on Deployment Type
Based on Enterprise
Based on End User