BURLINGAME, May 13, 2024 (Globe Newswire) — The data governance market is estimated to grow from USD 3.96 billion in 2024 to USD 13.92 billion by 2031, as highlighted in a new report published by Coherent Market. is expected to exhibit a CAGR of 19.7% over the forecast period. insight. Data governance refers to the overall management of the availability, usability, integrity, and security of data used within an enterprise. This helps organizations establish control over their data assets and establish rules related to their lifecycle.
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Market dynamics:
Data governance aims to ensure the efficient use of data assets and reduce the risks associated with data mismanagement. Increasing concerns about data security and privacy and strict regulatory compliance across industries are driving the adoption of data governance solutions. Additionally, the increasing volume and diversity of data due to digitization is forcing organizations to implement systematic data governance frameworks for effective data management.
Data Governance Market Report Coverage
Report scope |
detail |
Market revenue in 2024 |
$3.96 billion |
Estimates until 2031 |
$13.92 billion |
growth rate |
Expected to grow at a CAGR of 19.7% |
historical data |
2019-2023 |
Forecast period |
2024-2031 |
prediction unit |
Value (USD million/USD billion) |
Report scope |
Revenue forecast, competitive environment, growth factors, trends |
Target segment |
By application, by deployment, by organization size, by industry |
Target area |
North America, Europe, Asia Pacific, and other regions |
The driving force behind growth |
• Regulatory compliance • Data as a strategic asset |
Constraints and challenges |
• Inconsistent data practices and lack of standardization • Leadership buy-in and employee education |
Market trend:
Cloud adoption trends: Most data governance vendors offer cloud-based data governance solutions to help organizations address data governance challenges. The availability of cost-effective cloud deployment models is further increasing the demand for cloud-based data governance.
Data intelligence trends: Integrating advanced technologies such as machine learning, artificial intelligence, and predictive analytics into data governance solutions can help organizations gain meaningful insights based on their data. Vendors are focused on developing intelligent data governance solutions to meet the growing demands of data-intensive organizations.
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Market opportunity:
As data complexity increases across the enterprise, the need for a unified approach to governance becomes critical. Unified data governance provides a centralized way to define, manage, and apply governance policies in a harmonized manner across all operational data assets. This opportunity allows organizations to improve consistency, reduce redundancy, and ensure compliance.
Data governance requires expertise, which is why many organizations turn to managed service providers for help. These services provide on-demand access to governance best practices, technology, and professional services. These reduce the operational responsibility of governance and allow organizations to focus on their core competencies. This presents a significant opportunity for managed services vendors to win recurring business from data-driven companies.
Recent developments:
In 2021, IBM Corporation announced that it had acquired BoxBoat Technologies, a well-known DevOps consulting company. The acquisition was made to strengthen IBM's hybrid cloud and AI strategy by providing customers with comprehensive tools and subject matter expertise to help modernize their applications.
In 2021, Collibra, Inc. and DataRobot, a renowned supplier of AI and machine learning solutions, established a new strategic alliance. The collaboration aimed to help companies streamline their data governance processes and improve the accuracy and effectiveness of machine learning models.
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Key points in the market
The global data governance market is anticipated to witness a CAGR of 19.7% during the forecast period 2024-2031 due to rising regulatory pressures and increasing volume of corporate data.
By type, the services sector is expected to occupy a dominant position with over 60% market share by 2024 due to its skilled expertise. Among services, onshore services will continue to be the most popular due to factors such as data residency standards.
By business function, legal departments are expected to account for more than 30% market share due to increasing privacy and security compliance needs. Finance, operations and IT departments will also see significant growth.
Regionally, North America is expected to dominate the market during the forecast period, with the United States accounting for the major share. This can be attributed to the rapid digitalization and strict regulations in the region.
Some of the major companies operating in the data governance market include Adaptive, Alation, Alex Solutions Pty. Ltd, Alfresco Software Inc., Ataccama Corporation, and others. This market is characterized by a high number of mergers and acquisitions as players seek to strengthen their service offerings.
market segmentation
By application:
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accident management
-
process management
-
compliance management
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crisis management
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audit management
-
others
By deployment:
By organization size:
By Industry:
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Banking, Financial Services and Insurance (BFSI)
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government and defense
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retail and consumer goods
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Communications and IT
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construction and engineering
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others
By region:
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North America
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latin america
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Brazil
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Mexico
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Rest of Latin America
-
-
Europe
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Germany
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England
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Spain
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France
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Italy
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Russia
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rest of europe
-
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Asia Pacific
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China
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India
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Japan
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Australia
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South Korea
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Rest of Asia Pacific
-
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middle east and africa
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