The Data Governance Market was valued at USD 1.10 billion in 2017 and is projected to register a CAGR of 22.0% between 2018 and 2023.
Why effective data governance would provide an opportunity for market growth?
Organizational data is spread across a variety of systems and is prone to duplication, generating problems in creating a complete, up-to-date view of the data. Such data poses many challenges about data accessibility, data authenticity, and data convergence. Organizations implement custom-built rules, policies, and standards to increase data access and data convergence by incorporating data governance into it. Moreover, different organizations have different perspectives to drive their businesses with regards to the diversity of the clients they serve. Solutions, such as data quality, MDM, and data security, help improve working functionalities, sustainability, and performance. Such tools help gain an up-to-date unified view of the product, customer, and supplier data to manage clients and their demands. The dedicated data governance solutions and services facilitate organizations to make client-centered decisions and gain an edge over their competitors.
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Are complexities in governing security across BYOD and cloud platforms challenging the data governance market growth?
The growing BYOD trend has led to a decline in the number of personal computers and fixed assets across organizations globally. According to a market survey assessment conducted by Symantec, more than 50% of respondents reported that mobile device security, data breach security, mobile data security, and mobile application security are the 4 areas that require prompt attention from the BYOD perspective. Therefore, as employees increasingly operate their own devices for work-related activities, the costs associated with cyber-attacks on these employee devices can have a sizable impact on businesses. Though this works in favor of data governance solution providers in terms of the growing demand, the complexities associated with securing these devices can be painstakingly intricate as well as expensive to deploy and maintain. Additionally, inconsistent risk and compliance practices present a greater complication to the business setting. This further enhances the inherent risks associated with the functioning of an organization.
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The major vendors of data governance solutions and services include Alation (US), Ataccama (Canada), Collibra (Belgium), DATUM LLC (US), Data Advantage Group (US), Denodo Technologies (US), erwin, Inc. (US), Global Data Excellence (Switzerland), Global IDs (US), IBM Corporation (US), Infogix (US), Informatica LLC (US), Information Builders (US), IRI (Australia), Magnitude Software (US), Oracle Corporation (US), Orchestra Networks (France), Reltio (US), SAP SE (Germany), SAS Institute (US), Syncsort (US), Talend (US), TIBCO Software (US), TopQuadrant (US), and Varonis Systems (US).
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