Data Governance Market SIze
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.27 Billion |
| Market Size (2029) | USD 8.03 Billion |
| CAGR (2024 - 2029) | 19.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Data Governance Market Analysis
The Data Governance Market size is estimated at USD 3.27 billion in 2024, and is expected to reach USD 8.03 billion by 2029, growing at a CAGR of 19.72% during the forecast period (2024-2029).
- Data governance aims to ensure that an organization's data is available, of high quality, and secure by implementing policies and standards.
- Cisco reports that approximately five quintillion bytes of data are generated daily, underscoring the critical need for robust data governance solutions. These solutions are vital to managing an organization's information assets effectively, ensuring they are formally, proactively, and efficiently handled to maintain trust and accountability.
- Big data and the push for digital transformation are critical catalysts for data governance initiatives. Organizations are revamping their data management strategies to bolster their business intelligence as data volumes surge, driven by sources like IoT technologies.
- Data governance solutions are pivotal in helping organizations navigate challenges, such as data duplication and loss. In industries like BFSI, where vast amounts of personal and confidential data are handled, these solutions are instrumental in staying competitive through regular policy updates.
- A prevalent challenge in data governance is the need for more control over data, which can lead to compliance issues, especially with tightly regulated data categories like personal, healthcare, and payment information.
Data Governance Market Trends
Healthcare Segment Expected to Exhibit a Significant Growth Rate
- The healthcare industry generates copious amounts of data daily, encompassing patient records, medical research, and financial information. This data is pivotal, underpinning everything from patient care to financial management. Yet, as data volumes swell, ensuring accuracy, completeness, and security pose escalating challenges.
- Furthermore, data generation is skyrocketing, with the healthcare industry witnessing a surge in investments, particularly in IT infrastructure. Consequently, healthcare organizations must adopt robust information governance strategies to effectively handle, control, and comprehend this data deluge.
- IoT is revolutionizing healthcare, ranging from remote patient monitoring to seamless integration of medical devices. While IoT innovations enhance patient well-being and streamline care delivery, they also amplify the imperative for data governance in healthcare. The industry is grappling with the deluge of data from sensors, wearables, and other medical devices.
- Notably, the healthcare industry is witnessing a rise in data breaches, which are significantly impacting the industry. Even as firms bolster their security measures to combat evolving cyber threats, data breaches remain a significant concern.
- By instituting robust standards and policies for data management, healthcare entities can safeguard data integrity, ensure security, and meet regulatory mandates. Moreover, effective data governance can pinpoint areas for more efficient resource allocation, aiding in cost savings.
Asia-Pacific to Witness the Highest Market Growth
- Asia-Pacific is poised to emerge as the global hub for digital innovation, driven by rapid advancements in technologies like cloud computing, the Internet of Things (IoT), and big data analytics. These advancements are set to propel Asia-Pacific to a dominant position in the data governance market.
- Furthermore, escalating regulatory requirements in the region are set to bolster the growth of the data governance market. For example, the China Banking and Insurance Regulatory Commission (CBIRC) has rolled out stringent data governance guidelines for financial institutions, emphasizing data authenticity, accuracy, timeliness, and integrity. These measures are designed to safeguard client privacy through heightened data security protocols.
- Notably, China has taken a proactive stance on global data security. Foreign Minister Wang Yi, in Beijing, unveiled a comprehensive data security initiative covering everything from personal information to espionage. This initiative gains significance as the United States intensifies its scrutiny of China's tech giants, urging other nations to follow suit.
- China's leadership in 5G is undeniable. As of May 2024, the country boasted over 3.8 million 5G base stations, as reported by the Ministry of Industry and Information Technology (MIIT).
- With the widespread adoption of 5G in Asia-Pacific, businesses are set to amass even more data. The enhanced speeds of 5G networks will enable a surge in connected devices, like sensors and cameras, generating vast amounts of real-time data. Consequently, the demand for robust data management systems that are compliant with stringent data protection regulations is set to soar.
Data Governance Industry Overview
The data governance market is moderately competitive, with major players concentrating on expanding their customer base internationally. They do this through strategic collaborations to boost market share and profits. Notable players in this arena are Microsoft, IBM, and Oracle.
- In July 2024, Microsoft announced that its AI-powered solution, Purview Data Governance, aimed at consolidating governance and security functions, will be available to the general public on September 1. Rebranded as the "new Microsoft Purview experience," the solution will provide organizations with a centralized platform to streamline governance, policy enforcement, compliance, and security. Microsoft emphasizes the solution's pivotal role in overseeing all data—be it structured or unstructured—spanning Azure, Microsoft 365, on-premise setups, multi-cloud environments, and forthcoming SaaS applications.
- In May 2024, CG Infinity and BigID joined forces in a collaboration offering advanced AI governance, cutting-edge data security, and robust privacy compliance. Their focus extends to actionable data protection, culminating in enhanced data value. This partnership underscores a joint commitment to enabling organizations to gain comprehensive insights into their data.
Data Governance Market Leaders
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Collibra Inc.
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TIBCO Software Inc.
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Alation Inc.
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Microsoft Corporation
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IBM Corporation
*Disclaimer: Major Players sorted in no particular order
Data Governance Market News
- July 2024: Orion Governance, an information intelligence company, unveiled a strategic partnership with Lobster, a leading no-code software group in Germany. The goal of this collaboration is to enhance clients' data governance and integration solutions by leveraging Orion's Enterprise Information Intelligence Graph (EIIG), a self-defined data fabric.
- June 2024: Maynooth University's Innovation Value Institute unveiled the groundbreaking 'Data Governance Roadmap for Ireland.' The initiative was officially inaugurated at the 2024 IVI Summit, held at Maynooth University, by Seán Fleming TD, the Minister of State at the Department of Foreign Affairs. The summit, renowned as a premier platform for data and digital deliberations, convened global experts, policymakers, industry professionals, and scholars for a three-day discourse aimed at steering the digital innovation and research landscape.
- April 2024: Collibra unveiled its AI Governance suite, introducing its GenAI capabilities. This suite empowers users to safeguard the quality and security of their AI models. Additionally, the new GenAI features facilitate the automation of data quality and governance.
Data Governance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Rising Regulatory and Compliance Mandates
4.4.2 Growth of Data Volume
4.5 Market Restraints
4.5.1 Varying Structure of Regulatory Policies and Data Address Validation
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Deployment
5.1.1 Cloud
5.1.2 On-premise
5.2 Organization Size
5.2.1 Large-scale Business
5.2.2 Small- and Medium-scale Business
5.3 Component
5.3.1 Software
5.3.2 Service
5.4 Business Function
5.4.1 Operation and IT
5.4.2 Legal
5.4.3 Finance
5.4.4 Other Business Functions
5.5 End-user Industry
5.5.1 IT and Telecom
5.5.2 Healthcare
5.5.3 Retail
5.5.4 Defense
5.5.5 BFSI
5.5.6 Other End-user Industries
5.6 Geography
5.6.1 North America
5.6.2 Europe
5.6.3 Asia-Pacific
5.6.4 Latin America
5.6.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Collibra NV
6.1.2 SAS Institute Inc.
6.1.3 TIBCO Software Inc.
6.1.4 SAP SE
6.1.5 Alation Inc.
6.1.6 Alfresco Software Inc.
6.1.7 Informatica Inc.
6.1.8 Microsoft Corporation
6.1.9 Symantec Corporation (Norton Lifelock)
6.1.10 IBM Corporation
6.1.11 Oracle Corporation
6.1.12 Talend SA
6.1.13 Varonis Systems Inc.
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Data Governance Industry Segmentation
Data governance solutions perform crucial functions such as establishing data management guidelines, implementing protocols to address data discrepancies, and empowering businesses to make informed decisions by leveraging top-tier data quality.
The data governance market is segmented by deployment (cloud and on-premise), organization size (large-scale business and small- and medium-scale business), component (software and service), business function (operation and IT, legal, finance, and other business functions), end-user industry (IT and telecom, healthcare, retail, defense, BFSI, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| Deployment | |
| Cloud | |
| On-premise |
| Organization Size | |
| Large-scale Business | |
| Small- and Medium-scale Business |
| Component | |
| Software | |
| Service |
| Business Function | |
| Operation and IT | |
| Legal | |
| Finance | |
| Other Business Functions |
| End-user Industry | |
| IT and Telecom | |
| Healthcare | |
| Retail | |
| Defense | |
| BFSI | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Data Governance Market Research Faqs
How big is the Data Governance Market?
The Data Governance Market size is expected to reach USD 3.27 billion in 2024 and grow at a CAGR of 19.72% to reach USD 8.03 billion by 2029.
What is the current Data Governance Market size?
In 2024, the Data Governance Market size is expected to reach USD 3.27 billion.
Who are the key players in Data Governance Market?
Collibra Inc., TIBCO Software Inc., Alation Inc., Microsoft Corporation and IBM Corporation are the major companies operating in the Data Governance Market.
Which is the fastest growing region in Data Governance Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Data Governance Market?
In 2024, the North America accounts for the largest market share in Data Governance Market.
What years does this Data Governance Market cover, and what was the market size in 2023?
In 2023, the Data Governance Market size was estimated at USD 2.63 billion. The report covers the Data Governance Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Data Governance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What future trends are expected in the Data Governance Market?
Future trends that are expected in the Data Governance Market include a) Increased cloud adoption b) Rise of privacy-enhancing technologies c) Greater emphasis on data ethics d) Integration of AI for predictive governance
What future trends are expected in the Data Governance Market?
Future trends that are expected in the Data Governance Market include a) Increased cloud adoption b) Rise of privacy-enhancing technologies c) Greater emphasis on data ethics d) Integration of AI for predictive governance
Data Governance Industry Report
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Data Governance Market Report Snapshots
