Global Data Governance Market Share, Segmentation, Opportunities and Forecast to 2023

The data governance market is expected to grow from USD 1.31 Billion in 2018 to USD 3.53 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0%

(EMAILWIRE.COM, June 07, 2018 ) The data governance market is expected to grow from USD 1.31 Billion in 2018 to USD 3.53 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period. Factors such as the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and enhancing strategic risk management and decision-making with the increasing business collaborations are expected to drive the growth of the global market.

The report provides detailed insights into the global data governance market that has been segmented by application, business function, component, organization size, deployment model, industry vertical, and region. Among applications, the risk management application segment would continue to dominate the market during the forecast period, as financial institutions grapple with multiple compliance reporting requirements, such as Foreign Account Tax Compliance Act (FATCA) and Firm Data Submission Framework (FDSF), which increase the importance of the risk management application in organizations. The compliance management application segment is expected to grow at the fastest rate during the forecast period.

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The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period. Data governance solutions can be used by the retail and eCommerce industry vertical to handle large volumes of data generated across the vertical. In addition to this, high-quality, properly managed data is crucial for decision-making across organizations, therefore data governance solutions in this industry vertical help decision makers with product pricing, campaign management, sales optimization, risk management, and product management.

For instance, in June 2017, IBM announced new data governance solutions and tools, machine learning advancements, and the formation of the Open Data Governance Consortium for Apache Atlas dedicated to advancing the open framework for data governance. These new solutions and services would enable organizations to gain the deeper understanding of data and control it. They would also help them adhere to the General Data Protection Regulation (GDPR) and other strict data regulations. In June 2017, Collibra introduced the new 5.1 version of the Collibra data governance platform that facilitates enterprises to perform self-service analytics. This solution also facilitates massive shift to self-service business intelligence for enterprises.

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