Global Data Governance Market Report 2022: Market to Reach $6 Billion by 2026 - Data Governance to Play a Pivotal Role Buoyed by Machine Learning and AI
DUBLIN, Jan. 14, 2022 /PRNewswire/ -- The "Data Governance - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Data Governance Market to Reach US$6 Billion by the Year 2026
Global market for Data Governance estimated at US$1.8 Billion in the year 2020, is projected to reach a revised size of US$6 Billion by 2026, growing at a CAGR of 22% over the analysis period. On-Premise, one of the segments analyzed in the report, is projected to grow at a 22.9% CAGR to reach US$5.6 Billion by the end of the analysis period.
Data governance is a set of tools, which defines roles, standards, policies, metrics, and processes for information within an organization. These tools ensure that data is used responsibly, efficiently, and effectively to further the organization's functions. Data governance market is being driven by many factors.
The deluge of data from various sources and the valuable insights than can be gleaned from such data is pushing businesses to opt for advanced IT systems, which is driving the demand for data governance solutions. In addition, risk management and regulatory compliance are also driving the growth of data governance solutions.
The increasingly stringent data privacy laws as well as the local storage mandates are forcing organizations to manage data more efficiently, which is ensured by data governance solutions. The increasing cross-border and cross-company collaborations are also aiding growth of data governance as it ensures that data is available for all the stakeholders while being monitored with a safe structure.
The advent of Artificial Intelligence (AI) applications also promotes data governance. In addition, the increasing trend of Bring Your Own Device (BYOD), and the associated security risks, is also driving the growth of data governance solutions.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cloud segment is readjusted to a revised 19.1% CAGR for the next 7-year period. This segment currently accounts for a 27% share of the global Data Governance market. On-premise deployment is the most popular deployment method for data governance solutions as it ensures complete control over various aspects of the data such as security and metadata.
The Data Governance market in the U.S. is estimated at US$722.9 Million in the year 2021. The country currently accounts for a 34.27% share in the global market.
Within Europe, Germany is forecast to grow at approximately 21.1% CAGR while Rest of European market (as defined in the study) will reach US$467.8 Million by the end of the analysis period. Data governance market is being led by the developed regions such as North America (including USA and Canada) and Europe.
The consistent expansion of the North American market is credited to robust IT infrastructure, technological advances and increasing application of data governance in various industries, from telecommunication and finance to media. The regional market is driven by technological advancements along with increasing use of cloud platforms, smart devices and IoT for streamlining operations, which is resulting in generation of exponential volumes of metadata.
The Asia-Pacific region has emerged as a hub of digital innovation. In addition, governments within the region are also concentrating on strengthening their data privacy laws as concerns grow over data privacy. As a result, the Asia-Pacific region offers the highest growth potential for data governance solutions.
2. FOCUS ON SELECT PLAYERS (Total 163 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/5v5sjo
Research and Markets
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SOURCE Research and Markets
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