Data Governance Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Data governance refers to the process of managing the availability, usability, integrity, and security of the information in enterprise systems, based on internal data standards and policies that control data usage.

Sizing and Forecast
The data governance market size has grown rapidly in recent years. It will grow from $3.73 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%.  The growth in the historic period can be attributed to regulatory compliance requirements, data quality and accuracy concerns, risk mitigation and security measures, business process optimization, increased awareness of data value.

The data governance market size is expected to see exponential growth in the next few years. It will grow to $9.76 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%.  The growth in the forecast period can be attributed to focus on data privacy and ethics, digital transformation initiatives, data democratization and access control, globalization and data sharing. Major trends in the forecast period include blockchain for data trust and transparency, data cataloging and metadata management, rise of chief data officers (CDOs), data governance for unstructured data, adoption of data governance frameworks and standards.

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Segmentation & Regional Insights
The data governance market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Model: On-Premise, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Incident Management, Process Management, Compliance Management, Risk Management, Audit Management, Data Quality And Security Management, Other Applications
5) By Industry Vertical: BFSI, Retail And Consumer Goods, Telecom And IT, Government, Healthcare, Manufacturing, Energy And Utilities, Transportation And Logistics, Other Industry Verticals

North America was the largest region in the data governance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Rapidly increasing growth in data volumes is contributing to the growth of the data governance market. The expanding number of data-generating devices, such as smartphones, wearable electronics, and a slew of other gadgets with sensors, the popularity of the Internet of Things, cloud computing, and the impending adoption of 5G are all contributing to the exponential growth of data volume. Data governance improves data quality, lowers data management expenses, and increases data scientists', other analysts', and business users' access to needed data. For instance, according to FinancesOnline, a US-based SaaS platform provider, there will be 74 zettabytes of total data in the world by the end of 2021. In addition, 1.145 trillion MB of data will be created every day in 2021. Therefore, the rapidly increasing growth in data volumes is expected to fuel the growth of the data governance market going forward.

Key Industry Players
Major companies operating in the data governance market report are Amazon.com Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Symantec Corporation, SAS Institute Inc., Micro Focus International plc, Informatica LLC, TIBCO Software Inc., Varonis Systems Inc., Talend Inc., Collibra Inc., Denodo Technologies, Ataccama Corporation, Magnitude Software Inc., Infogix Inc., Infogix Inc., Reltio Inc., erwin Inc., Alation Inc., Syncsort Incorporated, Orchestra Networks Inc., Orchestra Networks Inc., Global IDs Inc., Adobe Inc., TopQuadrant Inc., Information Builders Inc., Innovative Routines International Inc., Global Data Excellence SA, Datum LLC, Data Advantage Group Inc.

The data governance market report table of contents includes:
1. Executive Summary
2. Data Governance Market Characteristics
3. Data Governance Market Trends And Strategies
4. Data Governance Market - Macro Economic Scenario
5. Global Data Governance Market Size and Growth
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32. Global Data Governance Market Competitive Benchmarking
33. Global Data Governance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Governance Market
35. Data Governance Market Future Outlook and Potential Analysis
36. Appendix