Market Overview:
The Data Governance Market is evolving rapidly owing to the growing adoption of big data and artificial intelligence across various industries. Data governance refers to the overall management of the availability, usability, integrity, and security of the data employed in an enterprise. It defines a decision rights and accountability framework to ensure the appropriate behavior of individuals/systems in their creation, usage, and destruction of data. Effective data governance helps organizations to streamline operations, mitigate compliance risks, and gain insights from data to accelerate innovation.
Market key trends:
One of the key trends in the market is the increasing adoption of cloud-based data governance solutions. Cloud-based solutions offer benefits such as scalability, easy deployment, reduced IT costs, and maintenance which is driving its demand among SMEs as well as large enterprises. Furthermore, the growing adoption of artificial intelligence and big data analytics across industries is augmenting the market growth. AI and big data analytics require clean, accurate, and accessible data for deriving meaningful insights. This has increased the focus on data governance and management among companies to make the most of their data assets.
The global Data Governance Market Share is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 21 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis:
Threat of new entrants: New entrants face high entry barriers in the form of high initial investments required to develop data governance solutions. Bargaining power of buyers: Customers have moderate bargaining power due to the availability of competitive solutions from multiple vendors in the market. Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitute components. The threat of new substitutes: The threat of substitution is moderate as complementary technologies can be used with data governance solutions. Competitive rivalry: The data governance market experiences high competitive rivalry due to the presence of numerous established as well as emerging players.
Key Takeaways:
The global data governance market is expected to witness high growth, exhibiting a CAGR of 21% over the forecast period, due to increasing concerns around data privacy and security across industries. North America is expected to dominate the global market over the forecast period owing to stringent regulations regarding data protection. Europe is also expected to offer lucrative growth opportunities propelled by rising awareness about data governance solutions.
The global data governance market size for 2023 is estimated to reach US$ 2.5 Bn. The market is driven by rapid growth in data volumes across organizations and stringent data protection laws worldwide. Industries such as BFSI, healthcare, and IT & telecom are increasingly adopting data governance solutions to streamline data management and ensure regulatory compliance.
Key players operating in the data governance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. Collibra NV dominates the market with its comprehensive data governance platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
