Data Governance Market Analysis 2024-2033: Market Size, Top Segments, Leading Region Forecast | Amazon.com Inc., Microsoft Corporation, International Business Machines Corporation

"The data governance market size has grown rapidly in recent years. It will grow from $3.73 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to regulatory compliance requirements, data quality and accuracy concerns, risk mitigation and security measures, business process optimization, increased awareness of data value.

The data governance market size is expected to see exponential growth in the next few years. It will grow to $9.76 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to focus on data privacy and ethics, digital transformation initiatives, data democratization and access control, globalization and data sharing. Major trends in the forecast period include blockchain for data trust and transparency, data cataloging and metadata management, rise of chief data officers (CDOs), data governance for unstructured data, adoption of data governance frameworks and standards.

Market Overview -
Data governance refers to the process of managing the availability, usability, integrity, and security of the information in enterprise systems, based on internal data standards and policies that control data usage.

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Exponential Growth In Data Volumes Drives The Data Governance Market
Rapidly increasing growth in data volumes is contributing to the growth of the data governance market. The expanding number of data-generating devices, such as smartphones, wearable electronics, and a slew of other gadgets with sensors, the popularity of the Internet of Things, cloud computing, and the impending adoption of 5G are all contributing to the exponential growth of data volume. Data governance improves data quality, lowers data management expenses, and increases data scientists', other analysts', and business users' access to needed data. For instance, according to FinancesOnline, a US-based SaaS platform provider, there will be 74 zettabytes of total data in the world by the end of 2021. In addition, 1.145 trillion MB of data will be created every day in 2021. Therefore, the rapidly increasing growth in data volumes is expected to fuel the growth of the data governance market going forward.

Competitive Landscape -
Major companies operating in the data governance market report are Amazon.com Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Symantec Corporation, SAS Institute Inc., Micro Focus International plc, Informatica LLC, TIBCO Software Inc., Varonis Systems Inc., Talend Inc., Collibra Inc., Denodo Technologies, Ataccama Corporation, Magnitude Software Inc., Infogix Inc., Infogix Inc., Reltio Inc., erwin Inc., Alation Inc., Syncsort Incorporated, Orchestra Networks Inc., Orchestra Networks Inc., Global IDs Inc., Adobe Inc., TopQuadrant Inc., Information Builders Inc., Innovative Routines International Inc., Global Data Excellence SA, Datum LLC, Data Advantage Group Inc.

Strategic Partnerships And Collaborations Propel Advancements In The Data Governance Market
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the data governance market. The development of an effective data governance programme will require collaboration and cooperation across several organizations in the enterprise. The foremost among these are the 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 will be able to harness Axtria's experience to strategically alter its sales and marketing processes through competitive insights and predictive analytics. Reltio is a US-based company that provides a cloud-native multi-tenant, multi-domain MDM platform that delivers real-time data at scale. Moreover, in June 2020, Erwin Inc., a US-based company that provides data modeling, data governance, and business process modelling software, partnered with Mikan Associates for an undisclosed amount. This partnership helps organizations adopt data governance solutions. Mikan Associates is a US-based company that provides measurable, impactful data, analytics, and AI-based solutions.

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Key Segments -
The data governance market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment Model: On-Premise, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Incident Management, Process Management, Compliance Management, Risk Management, Audit Management, Data Quality And Security Management, Other Applications
5) By Industry Vertical: BFSI, Retail And Consumer Goods, Telecom And IT, Government, Healthcare, Manufacturing, Energy And Utilities, Transportation And Logistics, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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