February 17, 2021
According to a recent study titled ‘Global Data Governance Market Analysis, 2020’, available with Market Study Report LLC, global data governance market is projected to register a notable growth rate of 22% throughout 2020-2025.
As per the findings of the report, global data governance market is majorly driven by surging data traffic and volume, advancement of IoT technologies, and increasing regulatory compliances among enterprises.
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Based on business area, the industry is fragmented into finance, operation & IT, marketing & sales, legal, and others. Of these, operation & IT and finance segments collectively accounted for over two-third of the overall market share during 2015-2019. Growing inclination towards big data analytics, cloud-computing, and other digital technologies like IoT are encouraging the adoption of data governance solutions in IT sector.
In terms of vertical, global data governance industry is categorized into government & defense, BFSI, retail & consumer goods, mining & natural resources, energy & utilities, manufacturing, healthcare, and others. Among these, BFSI and government & defense segments led the industry growth over 2015-2019 and will likely maintain a strong growth curve in the forthcoming years. Meanwhile, energy and utility segment is expected to grow tremendously over the forecast period.
With respect to organization size, large enterprises are pulling the overall data governance market share from SMEs, creditable to high concentration of multinational and global manufacturing & production, IT, and service sector companies in developed nations of Europe and North America. However, SMEs segment is picking up pace due to increasing number of development activities in Asia Pacific and subsequent rise in public-private investment towards expansion of industrial sector.
Apart from these, the research literature also encompasses vast data on the industry in terms of application spectrum (process management, incident management, risk management, data quality & security management, audit management, compliance management, others), deployment model (cloud, on premises), component type (software, hardware), and geographical scope (North America, South America, Europe, Asia Pacific, Middle East & Africa, and Europe).
Speaking of the competitive arena, top contenders influencing the global data governance market dynamics are Information Builders, TopQuadrant, Inc., Talend, Erwin, Inc., TIBCO Software, Inc., Alation, Inc., Informatica, Collibra N.V., SAP SE, and Oracle Corp.