According to report “Data Governance Market by Component (Solution and Service), Application (Incident Adjustment Management, Risk Management, Sales & Marketing Optimization), Deployment, Vertical, Business Function & Region – Global Forecast to 2021″, the data governance market size is estimated to grow from USD 863.2 Million in 2016 to USD 2234.7 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
The key forces driving the data governance market include the need to meet regulations & compliance deadlines and improve & sustain strategic risk management
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The managed services segment is expected to grow at the highest CAGR during the forecast period
Among services, the managed services segment is expected to grow at a rapid pace during the forecast period. The demand for consulting services is witnessing exponential growth, mainly because almost every technological domain requires well-delivered managed services. The services being offered must fit perfectly into the client’s environment. Technical expertise, service consistency, and flexibility must be provided by the vendors, regardless of the geographical location of the client. Managed services are considered crucial, as they are directly related to customer experience. These services help organizations sustain their positions in the market. Moreover, it has become difficult for companies to focus on core business processes and support various other functions, which can be resolved by implementing managed services.
Data governance solutions component is expected to contribute the largest market share in 2016
Among components, the solutions segment is expected to hold the largest market share in the data governance market in 2016. Data governance solutions ensure that the data fits a particular user- specific task and is accurate & timely.
Data governance solutions consist of data masking, data archiving, data catalog, data dictionary, access control, data collaboration, and compliance & policy management. The data governance vendors also provide standalone solutions, which are complete solutions for analyzing and acting on real-time business events. Based on the data, organizations could implement governance policies and plan the next steps accordingly in case a fault occurs.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow at the highest CAGR
North America is expected to hold the largest market share and dominate the data governance market from 2016 to 2021, owing to large investments in cloud-based solutions, early adoption of new & emerging technologies, and a large number of players present in this region. The APAC region is in the initial growth phase; however, it is expected to be the fastest-growing region for the global data governance market. The key reason for the high growth rate in APAC is the growing demand for cost-effective data governance platforms and tools among Small and Medium Enterprises (SMEs) in this region.
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The major vendors providing data governance are Collibra, Inc. (Brussels, Belgium), Informatica Corporation (California, U.S.), SAS Institute Inc. (North Carolina, U.S.), IBM Corporation (New York, U.S.), Oracle Corporation (California, U.S.), SAP SE (Walldorf, Germany), TIBCO Software Inc. (California, U.S.), Talend Inc. (California, U.S.), Information Builders (New York, U.S.), Varonis Systems Inc. (New York, U.S.), and Orchestra Networks (Paris, France).
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