The data governance market is growing at a faster pace, owing 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. The global 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.
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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.
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.
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Unique Features in the Data Governance Market
AI/ML is being used by data governance solutions to do activities like risk assessment, anomaly detection in data quality, and automated data lineage tracing. This makes it possible to identify problems early and manage data more effectively.
Some businesses are going beyond simply controlling data access to include self-service data exploration and discovery for authorized users. This gives business users the ability to locate pertinent data for analysis without depending entirely on IT.
Data governance solutions designed for the cloud are becoming more and more popular as cloud adoption soars. Scalability, adaptability, and simpler interaction with cloud-based data sources are features of these solutions.
Large or widely distributed businesses may not benefit from the traditional, top-down governance systems. A few approaches involve investigating decentralized models, in which several business divisions share governance and data ownership duties.
Automation of data privacy impact assessments and compliance workflows is becoming a key feature with the introduction of stronger data privacy legislation such as the CCPA and GDPR. This can lower the possibility of human error and streamline compliance operations.
Major Highlights of the Data Governance Market
Enough data is produced across industries to make good governance unnecessary. This guarantees data confidentiality, usefulness, and accuracy for making well-informed decisions.
Businesses must have strong data governance procedures in order to comply with stricter data privacy laws like the CCPA and GDPR.
Data governance is necessary to enable users within the organization to access and analyze data and to guarantee responsible data usage.
The need for cloud-native data governance solutions that provide scalability and simpler integration with cloud-based data sources is being driven by the shift towards cloud computing.
Specific capabilities like as risk management, incident management, and compliance management are being catered to by emerging solutions, with risk management now setting the standard.
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Top Companies in the 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), Syncsort (US), Infogix (US), Magnitude Software (US), Ataccama (US).
IBM adopted new product launches and product upgradations as its major development strategy to create a competitive edge in the market. As a part of its organic growth strategies, in June 2017, IBM announced new data governance solutions and tools, machine learning advancements, and the formation of the Open Data Governance Consortium for Apache Atlas dedicated to advancing the open framework for data governance. These new solutions and services would enable organizations to gain the deeper understanding of data and control it. They would also help them adhere to the General Data Protection Regulation (GDPR) and other strict data regulations.
Collibra caters to Small and Medium-sized Enterprises (SMEs) and large enterprises in different industry verticals, such as financial services, and healthcare and life sciences. The company majorly operates in North America and Europe. In June 2017, Collibra partnered with Syncsort, a global leader in data liberation, and integrity and integration solutions for next-generation analytics, to integrate its industry-renowned solutions and expertise in data quality and data governance. This partnership would focus on integrating Syncsort’s Trillium data discovery and quality software with Collibra’s data governance platform to provide improved data quality.
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