Kenneth Research, in its repository of market research reports, has recently added a report on Data Governance Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Data Governance Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Data Governance Market products.
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The Global Data Governance Market was valued at USD 879.25 million in 2016 and is projected to reach USD 5,130.05 million by 2025, growing at a CAGR of 21.65% from 2017 to 2025.
Data governance is the overall management of the availability, usability, integrity and security of data used in an enterprise. Data governance encompasses elements of data use, storage and maintenance, including security issues and the way data flows from one point to another in an overall IT architecture. Benefits of data governance include – data consistency, improving data quality, data accuracy, improves business planning, improving financial performance, maximizing the use of data to make decisions, maximizing profits for the company.
Market Dynamics:
1. Market Drivers
1.1 Automation of governance policies
1.2 Need to have regulations and compliances deadlines
1.3 Increasing demand to improve risk management
1.4 Need for tools to increase data access and data convergence
2. Market Restraints
2.1 Issues with categorization of unstructured data
2.2 Rising inconsistency in business semantics
2.3 Changing regulation policies
2.4 Data quality issues and data address validation
Market Segmentation:
The Global Data Governance Market is segmented on the application, component, deployment model, vertical, and region.
1. Application:
1.1 Risk management
1.2 Incident adjustment management
1.3 Network management
1.4 Sales and marketing optimization
1.5 Product and process management
2. By Component:
2.1 Solutions
2.2 Services
2.2.1 Managed services
2.2.2 Professional services
2.2.2.1 Support and maintenance services
2.2.2.2 Consulting services
3. By Deployment Mode:
3.1 On-cloud
3.2 On-premises
4. By Vertical:
4.1 Healthcare
4.2 Government and Defense
4.3 IT and Telecom
4.4 Banking, Financial Services, and Insurance (BFSI)
4.5 Energy and Utilities
4.6 Retail and e-commerce
4.7 Manufacturing
4.8 Others
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5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. SAP
3. Tibco Software
4. Collibra
5. Informatica
6. Varonis Systems
7. SAS Institute
8. Information Builders
9. Orchestra Networks
10. Syncsort
11. Oracle
12. Talend
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Data Governance Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team
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