Data Governance Market Production Analysis, Advancement Strategy And Forecast To 2030

Market Overview:

The market trends suggest that the Data Governance Market is expected to grow from USD 2.1 Billion in 2021 to USD 6.1 Billion by 2030, at a CAGR of 15.4% during the forecast period. Market factors such as the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and others like the ability to enhance strategic risk management and decision-making with the increasing business collaborations are expected to drive the growth of the global data governance market.

Recent developments in data governance have focused on improving the security, privacy, and compliance of data. This includes the implementation of data management systems, automated data privacy and security protocols, and increased oversight of data within an organization. Additionally, data governance frameworks such as the European Union's General Data Protection Regulation (GDPR) have been implemented to give individuals more control over their personal data. These frameworks have also made organizations more accountable for how they use and manage personal data, as well as making them legally liable for any data breaches or misuse. Finally, organizations have been using data governance to ensure that data is used responsibly, ethically, and in accordance with laws and regulations.

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Global ICT spending is estimated to decline by 4–5% by 2020. The dysfunctions of the hardware business are predicted to have the most impact on the IT industry. Due to the slowdown of hardware supply, the IT infrastructure growth has been reduced. The business owners are providing solutions and services are also expected to slow down for a short period. However, there has been an adoption of collaborative applications, analytics, security solutions, and artificial intelligence, which is set to increase in the remaining part of the year. Many significant COVID-19 initiatives involve sensitive data, from patient data to personal banking data. There are significant risks to data security posed by the swift influx of these new data sources into a company’s data ecosystem. 

Data governance is a set of processes that ensures the systematic management and protection of critical data. With the advent of several data regulations by governments, it has become more critical to ensure data within an organization is stored, used, and discarded appropriately. Organizations wish to achieve data regulation compliance to observe international and national laws and standards and industry-specific regulatory data requirements.

Market Segmentation:

The data governance market has the following segments to meet the rising needs of the global target audience.

By Application:

  • Incident management
  • Process management
  • Compliance management
  • Risk management 
  • Audit management
  • Data quality and security management
  • Others (Network management and Employee performance management)

By Industry vertical: