The data governance market is growing at a faster pace, owing to the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and enhancing strategic risk management and decision-making with the increasing business collaborations. The global data governance market size is expected to grow from USD 2.1 billion in 2020 to USD 5.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
The risk management application segment is expected to have the largest market share during the forecast period.
The solution providers of the risk management application deliver significant value to businesses by ensuring their important financial data assets are formally managed throughout enterprises. These vendors provide automated risk management solutions to mitigate risks and align critical-business processes with the help of functions, such as managing IT security-based compliance mandates, including ISO 27001, and providing automated risk notifications. Risk management application and solution providers have the potential to deliver significant outcomes and reshape organizations’ businesses by providing automated solutions across multiple industry verticals.
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The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to dominate the market, whereas the retail and consumer goods industry vertical is expected to grow at the highest CAGR during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) industry vertical has realized the significance of data management and governance, which help govern and secure multiple transactions in organizations. Financial institutions constantly face challenges, such as data quality and accessibility, and data security. Data governance solutions help these institutions and banks handle such challenges with effective data management solutions that can prevent data duplication and data loss. Moreover, data governance solutions help BFSI firms maintain an edge in the market, with constant updates to their policies and procedures.
The major global vendors of data governance solutions and services include Talend, Innovative Routines International, Inc. (IRI), Collibra, IBM Corporation (IBM), Ataccama, MetricStream Inc., (MetricStream), Informatica, SAS Institute (SAS), SAP SE (SAP), Oracle Corporation (Oracle), Magnitude Software, Inc. (Magnitude Software), Denodo Technologies (Denodo), Varonis, Infogix, Inc. (Infogix), TopQuadrant, Inc. (TopQuadrant), Information Builders, TIBCO Software (TIBCO), Syncsort, Reltio, Data Advantage Group, Alation, erwin, Inc. (erwin), Global IDs, and Global Data Excellence (GDE). These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to accomplish development and sustain in the competitive market. Apart from these strategies, new product launches and product upgradations, and business expansions are some of the other significant strategies embraced by these market players to grow in the data governance market.
IBM adopted new product launches and product upgradations as its major development strategy to create a competitive edge in the market. As a part of its organic growth strategies, in June 2017, IBM announced new data governance solutions and tools, machine learning advancements, and the formation of the Open Data Governance Consortium for Apache Atlas dedicated to advancing the open framework for data governance. These new solutions and services would enable organizations to gain the deeper understanding of data and control it. They would also help them adhere to the General Data Protection Regulation (GDPR) and other strict data regulations.
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Collibra caters to Small and Medium-sized Enterprises (SMEs) and large enterprises in different industry verticals, such as financial services, and healthcare and life sciences. The company majorly operates in North America and Europe. In June 2017, Collibra partnered with Syncsort, a global leader in data liberation, and integrity and integration solutions for next-generation analytics, to integrate its industry-renowned solutions and expertise in data quality and data governance. This partnership would focus on integrating Syncsort’s Trillium data discovery and quality software with Collibra’s data governance platform to provide improved data quality.
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