The report Data Governance Market
size is expected to grow from USD 2.1 billion in 2020 to USD 5.7 billion by
2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast
period. Due to the rapidly increasing growth in data volumes, rising regulatory
and compliance mandates, and enhancing strategic risk management and
decision-making with the increasing business collaborations are expected to
drive the growth of the data governance market.
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Leading Companies in Data Governance Market:
·
IBM (US)
·
Oracle (US)
·
SAP (Germany)
·
SAS (US)
·
Collibra (US)
·
Informatica (US)
·
Talend (US)
·
TopQuadrant (US)
·
Information Builders
(US)
·
Alation (US)
·
TIBCO (US)
·
Varonis (US)
·
erwin (US)
·
Data Advantage Group
(US)
The risk management application segment is expected to
have the largest market share during the forecast period.
The solution providers of the risk management
application deliver significant value to businesses by ensuring their important
financial data assets are formally managed throughout enterprises. These
vendors provide automated risk management solutions to mitigate risks and align
critical-business processes with the help of functions, such as managing IT
security-based compliance mandates, including ISO 27001, and providing
automated risk notifications. Risk management application and solution
providers have the potential to deliver significant outcomes and reshape
organizations’ businesses by providing automated solutions across multiple
industry verticals.
The Banking, Financial Services, and Insurance (BFSI)
industry vertical is expected to dominate the market, whereas the retail and
consumer goods industry vertical is expected to grow at the highest CAGR during
the forecast period.
The Banking, Financial Services, and Insurance (BFSI)
industry vertical has realized the significance of data management and
governance, which help govern and secure multiple transactions in
organizations. Financial institutions constantly face challenges, such as data
quality and accessibility, and data security. Data governance solutions help
these institutions and banks handle such challenges with effective data
management solutions that can prevent data duplication and data loss. Moreover,
data governance solutions help BFSI firms maintain an edge in the market, with
constant updates to their policies and procedures.
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North
America is expected to hold the largest market share, while Asia Pacific (APAC)
is expected to grow at the highest CAGR during the forecast period.
The global
data governance market has been segmented on the basis of regions that include
North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and
Latin America. North America is expected to hold the largest market size and
continues to dominate the global data governance market from 2020 to 2025, due
to the significant adoption of data governance and management solutions and the
presence of a large number of vendors in the US. Enterprises in this region
have quite well-established processes and the high-levels of technology
awareness. The risk management and data management capabilities of these
organizations are also high as compared to that of organizations in other
regions. The increasing penetration rate in multiple industry verticals, such
as BFSI, retail and consumer goods, IT and Telecommunications, and healthcare
and life sciences, are expected to drive the market growth. APAC offers
significant growth opportunities, owing to the growing technology expenditures
in major countries, such as China, India, Singapore, and Australia, and the
demand for cost-effective data management and governance solutions and services
among Small and Medium-sized Enterprises (SMEs). These factors are expected to
drive the market growth during the forecast period.
The major
vendors of data governance solutions and services include IBM (US), Oracle (US), SAP (Germany), SAS
(US), Collibra (US), Informatica (US), Talend (US), TopQuadrant (US),
Information Builders (US), Alation (US), TIBCO (US), Varonis (US), erwin (US),
Data Advantage Group (US), Syncsort (US), Infogix (US), Magnitude Software
(US), Ataccama (US), Reltio (US), Global Data Excellence (Switzerland), Global
IDs (US), Innovative Routines International (US), Denodo (US), Adaptive (US),
Microsoft (US), Zaloni (US), Alex Solutions (Australia), Microfocus (UK) and
Mindtree(US).
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