(I-BusinessNews.Com, July 14, 2020 ) According to market research report “Data Governance Market by Component, Deployment Model, Organization Size, Application (Risk Management, Incident Management, and Compliance Management), Vertical (Manufacturing, Healthcare, and BFSI), and Region – Global Forecast to 2024″, published by MarketsandMarkets, 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.
Major factors fueling the market growth are growing regulatory compliance and privacy concerns for data security and improving Business Intelligence (BI) and analytics to decrease customer risks.
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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.
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.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global data governance market. The region is witnessing significant developments in the data governance market. Several data governance solution providers in North America are realizing the demand to ensure high data quality and lineage throughout an organizationÃ‚Â’s data life cycle. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major svendors in the data governance market are IBM (US), Oracle (US), SAP (US), SAS (US), Collibra (US), Varinos (US), Talend (US), Informatica (US), Information Builders (US), Alation (US), TIBCO (US), TopQuadrant (US), Infogix (US), Magnitude Software (US), Denodo (US), Syncsort (US), Data Advantage Group (US), erwin (US), Global IDs (US), Reltio (US), and IRI (US).
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