Pune, India, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global data governance market size was valued at USD 3.02 billion in 2022 and is projected to reach USD 14.53 billion by 2030, exhibiting a CAGR of 21.8% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Data Governance Market Forecast, 2023-2030."
Companies are applying data governance framework to define data management from collection to deletion and also help to increase the value and decrease the risk of data. The demand for data governance has increased due to the rising volume of data, further propelling the market growth.
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Key Industry Development
October 2023 – IBM acquired Manta Software to strengthen its capabilities within the watsonx.governance, Watsonx.ai, and offering products to companies, which are built on transparency and trust.
Key Takeaways
- Data governance market size in North America was USD 1.37 billion in 2022
- Increased Data Usage During Pandemic Boosted Market Growth
- Growing Usage of Cloud-Based Solutions to Boost Cloud Segment Growth
- Ability to Prevent Data-Related Issues to Drive Risk Management Segment Growth
- Growing Demand for Governance Solutions in BFSI to Boost BFSI Segment Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global data governance market are Alation (U.S.), Infogix (U.S.), Collibra (Belgium), SAP (Germany), OneTrust (U.S.), Ataccama (Canada), Erwin (U.S.), Syniti (U.S.), Data.World (U.S.), Solix (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.8% |
| 2030 Value Projection | USD 14.53 Billion |
| Base Year | 2022 |
| Data Governance Market Size in 2022 | USD 3.02 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments Covered | Deployment, Application, Industry and Geography |
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Drivers & Restraints
Rising Shift Toward Digital Operations to Drive Market Growth
The increasing shift toward digital operations, collection of large amounts of data, including financial transactions, customer information, operational metrics, and others, further driving data governance market growth during the forecast period. The increasing volume of big data, owing to the rapid digitization of businesses and the global economy, is driving market growth.
However, understanding the regulations, including HIPAA, GDPR, and others, while data privacy, quality, and complexity of regulatory policies leading to data breaches, confusion, and legal liabilities, is impeding market growth.
Segmentation
By Deployment
- On-premise
- Cloud
By Application
- Audit Management
- Risk Management
- Compliance Management
- Incident Management
By Industry
- BFSI
- Healthcare
- Government
- Retail & Consumer Goods
- IT & Telecom
- Others (Education, Energy & Utilities, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Rising Amount of User-Generated Data Among Different Regional Industries to Propel Market Growth
North America generated the highest revenue in 2022. The growth was attributed to the rising amount of user-generated data among different regional industries.
Asia Pacific is witnessing a significant growth in the market. The growth is attributed to the increasing adoption of IoT devices in the region, which is creating large amounts of data.
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Competitive Landscape
Increasing Key Players’ Focus on New Product Launches to Propel Market Growth
The key market players in the data governance market are developing advanced solutions to cater to customer demand, driving market growth. The key players are also focusing on enhancing their existing product portfolio to provide flexible solutions, further propelling the market growth during the forecast period.
FAQs
How big is the data governance market?
The global data governance market size was USD 3.02 billion in 2022. It is expected to reach USD 14.53 billion by 2030.
How fast is data governance market growing?
The data governance market will exhibit a CAGR of 21.8% during the forecast period, 2023-2030.
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