Press release
Data Governance Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Data Governance
How Large Will the Data Governance Market Size By 2025?
Rapid expansion has been evident in the data governance market size in the last few years. The market is projected to increase from a value of $4.35 billion in 2024 to $5.11 billion in 2025, representing a compound annual growth rate (CAGR) of 17.7%. Regulatory compliance demands, concerns over data quality and accuracy, risk mitigation and security efforts, business process enhancement, along with greater recognition of data value are factors contributing to the growth seen during the historic period.
How Big Is the Data Governance Market Size Expected to Grow by 2029?
The size of the data governance market is anticipated to experience significant expansion in the upcoming years. Forecasts predict a growth to $12.38 billion by 2029, at a compound annual growth rate (CAGR) of 24.7%. This growth during the predicted period can be credited to factors such as focus on data privacy and ethics, initiatives for digital transformation, control and democratization of data access, globalization, and data sharing. Key trends during this forecast period will be data trust and transparency through blockchain, metadata management and data cataloging, the rise of chief data officers (CDOs), governance for unstructured data, and the incorporation of data governance frameworks and standards.
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Which Key Market Drivers Powering Data Governance Market Expansion and Growth?
The surge in data volumes is playing a significant role in propelling the data governance market. The continuous proliferation of data-producing devices like smartphones, sensor-equipped gadgets, wearable technology, coupled with the growing acceptance of the Internet of Things, cloud computing, and the forthcoming integration of 5G, are responsible for the tremendous increase in data volume. Data governance boosts the quality of data, reduces the cost of data management, and amplifies access to crucial data for data scientists, other analysts, and business users. For instance, a December 2022 report by The Linux Foundation underscored a considerable data growth in average end-user organizations, hitting 2,208 TB-an increase of 215.43% from the 700 TB noted in 2021. Consequently, the surging data volumes are projected to further stimulate the growth of the data governance market in the future.
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Which Fast-Growing Trends Are Poised to Disrupt the Data Governance Market?
The approach of forming strategic alliances is being embraced by leading corporations in the data governance market to augment technology integration and broaden their market presence. A strategic partnership is essentially an alliance where multiple organisations pool their resources, skills, and endeavours to realize shared aims or objectives. For example, in May 2024, CG Infinity, a technology firm based in the United States, entered into a partnership with BigID for an undisclosed sum. The key objective of this partnership is to revolutionize data discovery and intelligence through delivering high-level AI governance, data safety, privacy compliance, and actionable data protection to increase data value. They're merging CG Infinity's almost three-decade experience with BigID's superior solutions to help clients optimize their data value and respond to evolving market conditions. As a fresh service partner, CG Infinity will offer advisory, implementation, technical, and procurement services, all the while focusing on a 'people first + driven to transform' strategy for tailor-made solutions.
What Are the Emerging Segments in the Data Governance Market?
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
Subsegments:
1) By Solutions: Data Quality Management Tools, Data Catalogs, Metadata Management Solutions, Data Privacy And Compliance Solutions, Master Data Management (MDM) Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Who Are the Global Leaders in the Data Governance Market?
Major companies operating in the data governance market include Amazon.com Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, 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., TopQuadrant Inc., Information Builders Inc., Innovative Routines International Inc., Global Data Excellence SA, Datum LLC, Data Advantage Group Inc.
Which are the Top Profitable Regional Markets for the Data Governance Industry?
North America was the largest region in the data governance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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