Market Overview:

Data governance involves defining and managing the availability, usability, integrity, and security of the data used in an organization. It establishes rules and best practices for accessing, interacting with, disseminating and managing data. Effective data governance helps in achieving data quality, security, privacy and compliance along with enabling data-driven decision making.

Market key trends:

The data governance market is witnessing high growth owing to increasing demand for data quality, compliance and security across organizations. With rising volume of data being generated every day, there is a growing need to establish governance and management of data to gain maximum value while maintaining data security. Moreover, privacy regulations like General Data Protection Regulation (GDPR) have mandated businesses to implement robust data governance processes. Additionally, the rapid adoption of advanced technologies like artificial intelligence, Internet of Things (IoT) and analytics is fueling huge volumes of data that require governance and management. This is expected to drive the demand for data governance solutions over the forecast period.

The global Data Governance Market Share is estimated to be valued at US$ 2.5 Mn in 2023 and is expected to exhibit a CAGR of 21 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as data governance market is very niche market and requires high level of expertise, however data analytics tools are becoming common which can potentially disrupt the market.

Bargaining power of buyers: The bargaining power of buyers is high as data governance solution providers must demonstrate tangible business value and return on investment to clients. Buyers can substitute data governance solutions with in-house tools as well.

Bargaining power of suppliers: The bargaining power of suppliers is low as data governance solution providers have many technology and consulting vendors to choose from and switching costs for suppliers are relatively low.

Threat of new substitutes: The threat of new substitutes is high as data virtualization and metadata management tools can potentially replace specialized data governance solutions.
Competitive rivalry: is intense as major players are focusing on product differentiation through continuous innovation.

SWOT Analysis

Strength: Data governance solutions help organizations address regulatory compliance needs and gain insights from data. strong domain expertise.
Weakness: High implementation and maintenance costs. Lack of skilled professionals for data governance.
Opportunity: Growing digital transformation and investments in data and analytics. Increasing regulatory pressures related to data privacy.
Threats: Shortage of data governance professionals. Disruption from niche players and open source alternatives.

Key Takeaways

The global data governance market is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing digital transformation initiatives across industries. Organizations are investing heavily in data-driven strategies and realizing the need for governing vast amounts of enterprise data in a centralized manner.

Regionally, North America is expected to dominate the market, with the largest share during the forecast period. This is attributed to stringent data privacy regulations such as GDPR and CCPA, and strong focus on data governance best practices from enterprises in the region. Asia Pacific is expected grow at the fastest pace owing to rapid digitalization and the emergence of technologies like AI and cloud in countries like China and India.

Key players operating in the data governance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. Major players are focusing on enhancing their data governance capabilities and offering unified solutions for privacy, security and inventory functions.

Read More: https://www.ukwebwire.com/avenues-for-data-governance-market-growth-trends-and-forecast-analysis/