Data governance is the process of managing the availability, usability, integrity and security of the data in enterprise systems, based on internal data standards and policies that also control data usage. Effective data governance ensures that data is consistent and trustworthy and doesn't get misused.
The data governance market was valued at US$ 2.06 Bn in 2021 and is forecast to reach a value of US$ 10.93 Bn by 2030 at a CAGR of 21.2% between 2022 and 2030.
Figure 1: Global Data Governance Market Value (US$ Bn) Analysis and Forecast, 2017 - 2030
In February 2021, Collibra adopted OwlDQ a predictive data standard software supplier. The OwlDQ utilizes ML to identify the anomalies in the data, create the data quality regulations automatically and then reconcile the error replications. The collaboration of OwlDQ into the Collibra Data intelligence cloud announced a new providing.
In June 2020, Collibra approved the Collibra data intelligence cloud, and end to end combined platform that produces the data workflows, offer deep visibility into the data ecosystem, makes sure regarding the security, and also offers trust insights. Collibra Data intelligence data governance and the private users pipeline the availability of the data.
Figure 2: Global Data Governance Market Share (%), By Region, 2021
Data governance improves data quality, lowers data management expenses, and increases data scientists', other analysts', and business users' access to needed data. This factor is expected to propel the growth of global data governance market. For instance, as per Finances Online, a US-based SaaS platform provider, there were 74 zettabytes of the total data in the world by the end of 2021. Additionally, 1.145 trillion MB of data is created daily in 2021.
Rapid growth in data volumes is contributing to growth of the data governance market. The increasing number of data-generating devices, such as smartphones, wearable electronics, other gadgets with sensors to the popularity of the IoT, cloud computing boost the market. The rising adoption of 5G are all contributing to the exponential growth of data volume. All these factors are expected to drive the growth of global data governance market.
Monetizing data assets need the availability of a sufficient amount of data. However, data consolidation from distinct data sources into meaningful information can create several new challenges for many organizations, specifically centralized business enterprises. This is expected to hamper the growth of the global data governance market.
The growing Bring Your Own Device (BYOD) trend has led to a decline in the number of Personal Computers (PCs) and fixed assets across organizations, globally. This is projected to hinder the growth of the global data governance market.
Data Governance Market Report Coverage
|Market Size in 2022:
|US$ 2.06 Bn
|Historical Data for:
|2017 to 2020
|2022 to 2030
|Forecast Period 2022 to 2030 CAGR:
|2030 Value Projection:
|US$ 10.93 Bn
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
|Restraints & Challenges:
Organizations are starting to take a brief look at gaining information regarding continuously flowing data. The ability of organizations to act as soon as events are generated improves operational responsiveness and organizational effectiveness. Any enterprise that collects money, processes, and stores customer and payment data, and partners with other enterprises are required to comply with certain controls. This is expected to offer lucrative opportunities in the growth of global data governance market.
The companies set few expectations on what the architecture and DevOps practices must adhere to. DevOps is a set of practices that automates the processes between software development and IT teams to build, test, and release software faster and with best reliability. There is a strong correlation between DevOps adoption and the execution of a data governance program. This strengthens the growth opportunities of the global data governance market.
Market Key Takeaways/Trends:
Strategic collaborations have emerged as the key trends gaining popularity in the data governance market. The development of an effective data governance program will require collaboration and cooperation across various organizations in the enterprise. The main thing among these are security and analytics teams. For instance, in 2021, Axtria, a US-based provider of cloud software and Data Analytics Company partnered with Reltio for an undisclosed amount. This collaboration was capable to harness Axtria's experience to strategically alter its sales and marketing processes through competitive insights and predictive analytics.
Data governance in the banking, financial services, and insurance (BFSI) sector helps improve performance, alleviate internal issues concerning data, and prevent potential data breaches. This, consequently with the rising use of online banking services, is expected to contribute towards the growth of the global data governance market.
Major companies operating the global 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.
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