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Research details developments in the data governance market to hit 22% CAGR and projected to reach US$ 3.53 billion by 2023

IT Market Research

The data governance market was valued at USD 1.10 Billion in 2017 and is expected to reach USD 3.53 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period. The major factors that are expected to drive the growth of the market include 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.

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The data governance ecosystem comprises vendors, such as Alation (US), Ataccama (Canada), Collibra (Belgium), DATUM LLC (US), Data Advantage Group (US), Denodo Technologies (US), erwin, Inc. (US), Global Data Excellence (Switzerland), Global IDs (US), IBM Corporation (US), Infogix (US), Informatica LLC (US), Information Builders (US), IRI (Australia), Magnitude Software (US), Oracle Corporation (US), Orchestra Networks (France), Reltio (US),  SAP SE (Germany), SAS Institute (US), Syncsort (US), Talend (US), TIBCO Software (US), TopQuadrant (US), and Varonis Systems (US).

Data governance key target audience

  • Service providers and distributors
  • Data governance application builders
  • Customer experience management professionals
  • Independent Software Vendors (ISVs)
  • Analytics consulting companies
  • Enterprises
  • End-users

Main objective of report is to define, describe, and forecast data governance market on basis of applications, business functions, components, organization size, deployment models, industry verticals, and regions.

Report provides detailed information regarding major factors influencing growth of market (drivers, restraints, opportunities, and industry-specific challenges). Report aims to strategically analyze micro-markets with respect to individual growth trends, prospects, & contributions to total market.

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Data governance solutions can be used by the retail and eCommerce industry vertical to handle large volumes of data generated across the vertical. In addition to this, high-quality, properly managed data is crucial for decision-making across organizations, therefore data governance solutions in this industry vertical help decision makers with product pricing, campaign management, sales optimization, risk management, and product management.

Data Governance By Application

  • Incident management
  • Process management
  • Compliance management
  • Risk management
  • Audit management
  • Data quality and security management

Data Governance By Business Function

  • Finance
  • Information technology (IT)
  • Legal
  • Operations
  • Human resources
  • Sales and marketing

The report covers all the major aspects of the data governance market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to dominate the data governance market throughout the forecast period, due to the early adoption of technologies and the presence of a large number of data governance solution providers.

Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period.

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Factors such as rapid growth in data volumes, regulatory and compliance mandates, and the enhancing strategic risk management and decision-making with increasing business collaborations are expected to drive the growth of the global data governance market. Moreover, the increasing applications of Artificial Intelligence (AI) and the growing importance of effective data governance would help the key players gain a competitive edge in the overall market.

The global data governance market has been fragmented and no single vendor dominates the market. Vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and collaborations, and acquisitions, and business expansions, to expand their offerings and enhance customer experience in the market.

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