The global Data Governance Market size is expected to grow from USD 1.8 billion in 2019 to USD 4.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. The growing regulatory compliance and privacy concerns for data security is one of the major drivers of the data governance market.
Large enterprises segment to hold a larger market size during the forecast period
The data governance market is segmented into large enterprises and Small and Medium-sized Businesses (SMBs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period due to large volumes of data being generated by large enterprises and increasing demand for real-time data governance software and services. However, the SMBs segment is expected to grow at a higher CAGR during the forecast period. Owing to the high availability of cost-effective cloud solutions, data governance software and services are expected to witness a prominent growth rate among SMBs during the forecast period. Moreover, easy availability of data governance solutions, as well as real-time support services, are factors projected to drive the demand for such solutions across SMBs.
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Based on verticals, the manufacturing vertical to grow at the highest CAGR during the forecast period
The data governance market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), construction and engineering, energy and utilities, government, healthcare, manufacturing, mining and natural resources, retail and consumer goods, telecom and IT, transportation and logistics, others (education, research, travel and hospitality, and real estate). The manufacturing vertical is projected to grow at the highest CAGR during the forecast period, due to the emerging need to keep an eye on various factors, such as quality, risks related to non-compliance with EHS regulations, labor laws, and quality mandates, and risks pertaining to the supply chain, production maintenance, and so on.
Major data governance vendors include IBM (US), Oracle (US), SAP (US), SAS (US), Collibra (US), Varinos (US), Talend (US), Informatica (US), Information Builders (US), Alation (US), Ataccama (Canada), TIBCO (US), TopQuadrant (US), Infogix (US), Magnitude Software (US), Denodo (US), Syncsort (US), Data Advantage Group (US), erwin (US), Global IDs (US), Global Data Excellence (Switzerland), Reltio (US), and IRI (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global data governance market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2017 to 2019, which has helped them innovate their product offerings and broaden their customer base.
IBM (US) was founded in 1911 and is headquartered in New York, US. As of December 2017, the company had 350,600 employees, globally. The company’s major operating sector consists of 5 business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. The company has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, IoT, industry solutions, systems, mobile, security, social, and Watson technologies. IBM’s product portfolio includes analytics cloud platform, blockchain platform, Watson IoT platform, and Watson Customer Engagement. In the data governance market, the IBM InfoSphere Information Server Suite (ISS) comprises various components, each providing distinct capabilities for information integration. ssform the building blocks necessary to deliver trusted information across the enterprise platform. IBM’s data governance solutions help organizations catalog, protect, and govern sensitive data, trace data lineage, and manage data lakes, so companies can be ready to deploy AI and ML at scale.
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SAS (US) is a US-based leading provider of data management and analytics solutions. The company was founded in 1976 and is headquartered in North Carolina, US. At present, the company has established itself as one of the leading players in the analytics and big data management space. Some of its prominent offerings include cloud analytics, BI, in-memory analytics, data management, decision management, and risk and compliance management solutions. The company offers data governance solutions under its data management segment. SAS’s data governance solutions enable organizations to control their data as per policies and parameters. The solutions deliver a standard-issue glossary and help companies to flag issues, route them to the right person, and fix them with SAS’s integrated SAS Visual Analytics reporting engine. Furthermore, they help business users keep their data up-to-date and accurate, even though the data has been stored using Hadoop or Impala.
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