Major players in the data governance market are IBM Corporation, Oracle, Collibra, Informatica, Talend, TopQuadrant, Alation, TIBCO Software Inc. , Varonis, Data Advantage Group, Ataccama, Global Data Excellence, Global IDs, Microsoft Corporation, Adobe Inc, Datum LLC, Infosys Limited, Microfocus, Denodo Technologies, and Amazon Web Services Inc.
New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Data Governance Global Market Report 2022" - https://www.reportlinker.com/p06284143/?utm_source=GNW
The global data governance market is expected to grow from $2.62 billion in 2021 to $3.28 billion in 2022 at a compound annual growth rate (CAGR) of 24.9%. The data governance market is expected to grow to $7.42 billion in 2026 at a CAGR of 22.7%.
The data governance market consists of sales of data governance solutions and services by entities (organizations, sole traders, and partnerships) that refer 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.Data governance describes the people, processes, and technologies that are required to manage and protect the company’s data assets to ensure that corporate data is generally understandable, correct, complete, trustworthy, secure, and discoverable.
Data governance ensures that roles associated with data are clearly defined so that responsibility and accountability are being specified across the enterprise.
The main types of components in data governance are solutions and services.Data governance solutions refer to a strategic, ongoing, and collaborative practice that enables organizations to discover and track data, understand what it means within a business context, and maximize its security, quality and value.
Data governance solutions and tools help organizations understand, secure, and trust their data.The solutions are deployed through on-premise and cloud mode by small and medium-sized enterprises (SMEs), large enterprises.
The various applications include incident management, process management, compliance management, risk management, audit management, data quality and security management, and other applications that are used by BFSI, retail and consumer goods, telecom and it, government, healthcare, manufacturing, energy, and utilities, transportation and logistics, other industry verticals.
North America was the largest region in the data governance market in 2021.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, and Africa.
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 were 74 zettabytes of the total data in the world by the end of 2021.
In addition, 1.145 trillion MB of data is 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.
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the data governance market.The development of an effective data governance program will require collaboration and cooperation across several organizations in the enterprise.
The foremost among these are 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 which 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 modeling 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.
In January 2021, Quest Software, a US-based software company acquired Erwin for an undisclosed amount.This acquisition will broaden Quest’s presence in the developing data management and DataOps sectors.
Erwin is a US-based company that provides data modeling, data governance, and business process modeling software.
The countries covered in the data governance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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