Global Compliance Data Management Market Size, Trends and Growth Opportunity, By Component (Solutions, Services), Deployment Type (On-Premises, Cloud), Organization Size (Large Businesses, Small and Medium-Sized Businesses), Function (Information Technology, Finance, Human Resources), Vertical (Retail and Consumer Goods, Government, Banking, Financial Services and Insurance, Healthcare, Manufacturing, Telecom and IT, Energy and Utilities, Transportation and Logistics, Construction and Engineering, Mining and Natural Resources, Others) By Region and forecast till 2030.
Global Compliance Data Management Market
Global Compliance Data Management Market was valued at USD 3.07 billion in 2022 and is slated to reach USD 13.67 billion by 2030 at a CAGR of 20.52% from 2023-2030.
Conformity Data management is the practice of maintaining regulatory compliance on the data used within an organization or organization for it to keep its business practices following legal regulations. It is also the practice of ensuring the security and privacy of data. This compliance management includes data access, processing, and storage that is targeted to certain data types. Better decision-making, increased operational efficiency, improved data understanding and lineage, higher data quality, regulatory compliance, and more income are all benefits of compliant data management.
Market Drivers
A rise in data usage was also prompted by the pandemic. Government-imposed lockdowns have caused enterprises in a wide range of end-user industries, especially telecom companies in emerging countries, to experience an increase in data consumption. Organizations with a successful data governance program have fared much better during such times than those without one. According to Cisco, everyday data production is five quintillion bytes. It thus generates the need for a data governance solution to ensure that an organization's information assets are formally, accurately, pro-actively, and efficiently managed across the enterprise to preserve its trust and responsibility. As a result, systems for compliance data management have come under direct scrutiny. A rise in IoT use across a variety of industries, including IT & telecom, retail, and healthcare, is also projected to raise the requirement for the compliance data management market. Cisco estimates that there will be more than 50 billion smart-connected devices worldwide by the end of the year. The data so obtained from these devices can be used to analyze customer transaction trends. The productivity of a company's commercial items may be better understood with this data. Global market demand is predicted to increase with the adoption of IoT devices and applications across a variety of end-user sectors.
Market Restraints
The market's expansion will be severely hampered by a lack of uniform regulations and protocols as well as problems caused by inconsistent policy structures for integrating data from data silos. Data aggregation from many data sources can present challenges for organizations, particularly centralized enterprises when trying to monetize data assets. Organizations are using fewer personal computers and physical assets as a result of the growing bring your device (BYOD) trend on company property. The expense of cyberattacks related to such devices can therefore have a significant impact on firms as more and more people do work-related activities on their own devices.
Impact of COVID-19
Many organizations have expedited their digital transformation initiatives in response to the shift to distant work and the requirement for social distance. As businesses look to manage compliance-related tasks remotely, there is a rising demand for digital solutions and cloud-based platforms, including compliance data management systems. Organizations are navigating additional health and safety regulations, travel restrictions, supply chain interruptions, and other problems as a result of the pandemic, which has raised their attention on regulatory compliance. The adoption of compliance data management solutions to assure adherence to regulatory requirements may be prompted by this emphasis on compliance. Budget restrictions have been brought on by the pandemic's economic effects on numerous organizations. This can cause planned expenditures in compliance data management systems to be postponed or canceled, or it might cause people to favor less expensive options. Additionally, some businesses could prioritize expenditure on short-term operating requirements above long-term compliance measures. Depending on the industry, COVID-19 may have varying effects on the market for compliance data management. For instance, heightened regulatory requirements during the pandemic may result in increased demand for compliance data management solutions in industries like healthcare and pharmaceuticals. On the other side, sectors like hospitality and travel may experience difficulties as a result of scaled-back operations and budgetary restrictions.
Recent Development
Askdata, a company that offers search-driven analytics, was acquired by SAP in 2022. By acquiring Askdata, SAP expanded its ability to help organizations use AI-driven natural language searches to make better decisions. Users are given the flexibility to read, engage with, and contribute to real-time data to optimize business insights.
The partnership between IBM and SAP to facilitate clients' adoption of a hybrid cloud strategy and the migration of mission-critical workloads from SAP solutions to the cloud for regulated and unregulated industries was announced in 2022.
Market Segmentation
Global Compliance Data Management Market is segmented into By Component, Deployment Type, Organization Size, Function, and Vertical. By Components such as Solutions, Services. By Deployment Type such as On-Premises, Cloud. By Organization Sizes such as Large Businesses, Small and Medium-Sized Businesses. By Functions such as Information Technology, Finance, and Human Resources. By Vertical such as Retail and Consumer Goods, Government, Banking, Financial Services and Insurance, Healthcare, Manufacturing, Telecom and IT, Energy and Utilities, Transportation and Logistics, Construction and Engineering, Mining and Natural Resources, and Others.
Regional Analysis
Global Compliance Data Management Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. North America controlled the market. The growth in the demand for current, correct information as well as the requirement for risk management solutions can be attributed to the expansion of the regional market. Digital transformation is highly valued by many companies in the region, including IBM, Oracle, and Amazon Web Service, among others. These companies are typically recognized as early adopters of cutting-edge technologies. Due to the use of big data and the area's rising industrial verticals, the Asia-Pacific region is predicted to develop at the quickest CAGR over the forecast period. The increased popularity of cloud computing and the resulting desire to improve SMBs' and large companies' operational performance is also projected to stimulate demand.
Key Players
This report includes a list of numerous Key Players, namely Cisco Systems Inc., (U.S.), SAS Institute Inc. (U.S.), SAP SE (U.S.), Informatica Inc. (U.S.), Oracle (U.S.), Alex Solutions (Australia), Microsoft (U.S.), Open Text (U.K.), Collibra (U.S.), IBM (U.S.).
Market Taxonomy
By Component
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