Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) — The “Data Governance Market Size & Share Analysis – Growth Trends & Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
This analysis of the global Data Governance Market reveals a flourishing future with an estimated market size of USD 2.73 billion in 2023, expected to surge to USD 6.71 billion by the end of 2028. This significant growth, characterized by a compound annual growth rate (CAGR) of 19.72% during the forecast period from 2023 to 2028, mirrors the escalating demand for sophisticated data governance across diverse industries. The market is further bolstered by a sharp increase in IoT device implementation, necessitating stringent data oversight to extract meaningful insights and safeguard sensitive information.
In the era of digital transformation, the urgency for robust data governance frameworks has been magnified by the ongoing COVID-19 pandemic. This crisis has highlighted the pivotal role of data in steering enterprises towards informed decision-making, especially as they grapple with the impacts of remote workforces and heightened data usage. Organizations equipped with mature data governance strategies are emerging as frontrunners in the quest for resilience, accountability, and trust in their data assets.
Key Market Trends and the Rise of Healthcare Data Governance
The healthcare sector is poised to witness a substantial growth rate within the Data Governance Market, propelled by surging investments in IT infrastructure which have led to an overwhelming increase in data generation. The integration of technology such as the Internet of Things (IoT) in healthcare practices necessitates the adoption of rigorous governance policies to manage the vast streams of data produced by medical devices, wearables, and remote monitoring tools.
Amidst the proliferation of data breaches within the health sector, data governance assumes a critical role in fortifying cybersecurity defenses and fostering adherence to updated compliance regulations. The sector’s growing inclination towards AI and big data technologies further underscores the indispensable need for governance solutions that can adeptly navigate the complex data landscape.
Asia Pacific: The Fastest Growing Region in Data Governance
Asia Pacific is rapidly emerging as a leading hub for digital innovation, with significant advancements in cloud computing, IoT, and big data analytics. This regional market is experiencing robust growth in the Data Governance Market, driven by escalating regulatory mandates coupled with technological progress. Notably, the region’s financial epicenter, China, has intensified efforts to enhance data governance within its banking sector, whilst also spearheading global data security initiatives.
The heightened digital activities in Asia-Pacific are paving the way for a prominent share in the data governance arena, with more companies likely to leverage the advanced infrastructure and evolving legal frameworks to scale their data governance capabilities.
Competitive Landscape and Market Innovations
- The Data Governance Market is characterized by a competitive and fragmented landscape, with key players employing mergers, acquisitions, and strategic partnerships to capitalize on the burgeoning demand for data governance solutions.
- Recent collaborations, such as Oracle’s partnership with Teléfonos de México, aim to extend cloud services and reinforce data governance offerings across Mexico, signifying the market’s dynamic nature.
- Innovations in the field, epitomized by Ataccama’s partnership with UST to revolutionize enterprise data governance, underscore the forward momentum of the market, driven by cutting-edge solutions that promise enhanced data quality and compliance.
As the global market for data governance continues its upward trajectory, organizations across various sectors, particularly in regions like Asia-Pacific and sectors such as healthcare, stand to gain immensely from the effective management of their burgeoning data assets. The market trends point towards an era where data security, quality management, and compliance are not luxuries, but fundamental components of any successful and resilient business entity.
A selection of companies mentioned in this report includes:
- Collibra NV
- SAS Institute Inc.
- TIBCO Software Inc.
- SAP SE
- Alation Inc.
- Alfresco Software Inc.
- Informatica Inc.
- Microsoft Corporation
- Symantec Corporation (Norton Lifelock)
- IBM Corporation
- Oracle Corporation
- Talend SA
- Varonis Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mqyobe
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