Data governance refers to the overall management of the availability, usability, integrity and security of the data used in an organization. It involves establishing clear policy, standards and responsibilities to ensure appropriate behaviors in valuing, creating, maintaining and using data as an asset. With increased data volumes and concerns around data privacy, data governance helps organizations establish control and trust over their data resources through improved quality, consistency and security of data across the entire lifecycle.
Data has become central to business operations for most organizations in order to gain insights, automate processes and create new products and services. However, the challenges of collating data from various internal and external sources, protecting confidential customer information and complying with regulations have increased risks. Data governance ensures a well-defined framework and consistent processes for classifying, storing and maintaining data to uphold its quality and security. It also facilitates effective data sharing across departments and with partners while respecting privacy policies. This helps maximize the value of data assets and minimizes liability through adherence to compliance protocols.
The global Data Governance Market is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
With growing analytics and the volume of data being generated each day, establishing strong data governance practices has become critical for organizations.
Some of the key trends in the data governance market include:
– Privacy regulations: Strict data privacy laws like GDPR and CCPA have increased the need for centralized governance and controls around individual customer records to avoid penalties for non-compliance. This is driving adoption of data governance solutions.
– Multi-cloud environments: As businesses rely on multiple cloud platforms for scalability and flexibility, governance solutions help track data movement and enforce policies across hybrid cloud infrastructures.
– Self-service analytics: User-friendly data governance tools that support self-service data access and discovery are gaining traction to accelerate analytics without compromising security or quality of data assets.
– Machine learning: Application of ML and AI for automated data classification, profiling, quality checks and policy enforcement is an emerging trend to simplify and optimize data governance processes.
Threat of new entrants: Regulations and compliance requirements in the data governance market present high barriers for new entrants. Bargaining power of buyers: Large enterprises and organizations have significant bargaining power due to the high volume of data they handle. Bargaining power of suppliers: A few major players dominate the global data governance market, giving them significant bargaining power over buyers. Threat of new substitutes: There are limited product substitutes for data governance as it fulfills a unique need for managing corporate data assets effectively. Competitive rivalry: Competition is high among major data governance solution providers to gain more customer share and market leadership.
The global Data Governance Market Growth is expected to witness high growth.
North America dominates the global data governance market currently due to stringent regulatory standards and early adoption of data governance solutions across various industries in the US and Canada. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing investments in emerging technologies like AI and big data analytics across industries in countries like China and India.
Key players operating in the data governance market are Thermo Fisher Scientific Inc., Sirion-Biotech GmbH (Revvity), Vector Biolabs, OriGene Technologies, Inc., SignaGen Laboratories, Sino Biological, Inc., Takara Bio Inc., Cell Biolabs, Inc., GenTarget Inc., and GENEMEDI.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it