Data Governance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Data Governance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Data Governance Market size is estimated at USD 2.73 billion in 2023, and is expected to reach USD 6.71 billion by 2028, growing at a CAGR of 19.72% during the forecast period (2023-2028).

The COVID-19 pandemic is an unprecedented and continued unpredictable state of emergency on many levels. In times of crisis, knowledge is power and data assists enterprises with better decision-making. Consistency is the only way to ensure the insights generated by analyses are valuable and actionable.

Key Highlights

• The pandemic also acted as a catalyst for data usage growth. Enterprises across various end-user industries, especially telecom companies across emerging nations, have witnessed a surge in data usage due to lockdowns imposed by the governments. In such times, organizations with an established data governance program have fared much better than those without one.
• According to Cisco, around five quintillion bytes of data are produced every day. It, in turn, drives the data governance solution needs to ensure that an organization's information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
• The growing adoption of IoT in various sectors, such as IT & telecom, retail, and healthcare, is further expected to boost the demand for the data governance market. Per Cisco's estimates, there will be more than 50 billion smart connected devices worldwide by last year. The data, thus collected from these devices, can be analyzed for customer transaction patterns. This information can help a company understand the productivity of its business products. Over the forecast period, deploying IoT devices and applications in various end–user industries is expected to drive the global market demand further.
• Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and loss. Moreover, data governance solutions help industries such as BFSI with enormous volumes of personal and confidential data to maintain an edge in the market, with constant updates to their policies and procedures. Moreover, because of the COVID-19 pandemic massive number of employees have started working from home by connecting remotely to their employers' IT systems. Even when the outbreak is over, the damage may never entirely heal. Data governance played an important role ever during COVID.
• The pandemic also acted as a catalyst for data usage growth. Enterprises across various end-user industries, especially telecom companies across emerging nations, have witnessed a surge in data usage due to lockdowns imposed by the governments. In such times, organizations with an established data governance program have fared much better than those without one.
• According to Cisco, around five quintillion bytes of data are produced every day. It, in turn, drives the data governance solution needed to ensure that an organization's information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
• The growing IoT adoption in various sectors, such as IT & telecom, retail, and healthcare, is further expected to boost the demand for the data governance market. Per Cisco's estimation, there was more than 50 billion smart connected devices worldwide in 2020. The data, thus collected from these devices, can be analyzed for customer transaction patterns. This information can help a company understand its business products' productivity. Over the forecast period, the deployment of IoT devices and applications in various end–user industries is expected to drive the demand for the global market further.
• Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and loss. Moreover, data governance solutions help industries such as BFSI with enormous volumes of personal and confidential data to maintain an edge in the market with constant updates to their policies and procedures.

Data Governance Market Trends

Healthcare Sector Expected to Exhibit Significant Growth Rate

• Due to the increasing investments in healthcare, especially in IT infrastructure, there is an enormous surge in data generation. Hence, an information governance strategy is needed for these organizations to manage, control, and understand this vast amount of data produced in a streamlined manner.
• IoT includes many healthcare applications, from remote monitoring to medical device integration. It also can keep patients healthy and safe and improve how physicians deliver care. But, IoT also raises the data governance need in the healthcare sector. The industry needs help with the massive data produced by sensors, wearables, remote monitors, and other medical devices.
• There is also an increase in data breach incidences in the healthcare sector. Healthcare data breaches continue to significantly impact the healthcare sector, even as more firms implement updated security solutions to keep up with the flood of new cyber threats. For instance, the healthcare sector suffered about 337 breaches in the first half of the last year alone, according to Fortified Health Securities.
• Furthermore, many healthcare companies are planning for data-based technologies such as artificial intelligence, big data, and IoT. For instance, in a survey conducted by Optum, 40% of healthcare leaders plan to monitor IoT devices, while many plans for AI will create a need for data governance solutions.

Asia Pacific to Witness Highest Growth

• Asia-Pacific is on the verge of becoming the digital innovation center for the world. Growing digital advancement in this region, such as cloud computing, Internet of Things (IoT), and Big Data analytics, will likely make Asia-Pacific occupy a substantial share of the data governance market.
• Increasing regulatory mandates in Asia-Pacific will also augment the data governance market growth. For instance, the China Banking and Insurance Regulatory Commission (CBIRC) issued the data governance guideline for banking financial institutions to improve the authenticity, accuracy, timeliness, and integrity of data and protect clients' privacy through enhanced data security measures.
• Moreover, China launched a global data security initiative outlining principles that should be followed in areas from personal information to espionage. The initiative, announced by Foreign Minister Wang Yi in Beijing, comes as the US continues to pressure China's largest technology companies and convince countries worldwide to block them.

Data Governance Industry Overview

As data governance is the key to delivering trust and compliance, every organization needs to derive real value from its data. The market is fragmented, with the companies entering into strategic mergers and acquisitions to leverage the growing demand for data governance solutions.

• September 2022 - Oracle and Teléfonos de México have announced an agreement to jointly offer Oracle Cloud Infrastructure (OCI) services to customers across Mexico. Under the partnership, Teléfonos de México will become the host partner for the second planned Oracle Cloud Region in Mexico.
• January 2022 - Ataccama partners with UST to transform enterprise data governance. The Ataccama ONE data quality fabric delivers high-quality data to relevant teams and algorithms, automatically ensuring management, quality, and compliance.

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• The market estimate (ME) sheet in Excel format
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