The need for data governance is observing exponential progress, principally because nearly every technological domain necessitates well distributed managed services. The services being provided must fit seamlessly into the customer’s location. IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the prospective to not only keep patients healthy and safe but also to improve how physicians deliver care, as well. But, IoT also brings along with it the need for data governance for the healthcare sector, as the industry fight with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices. The requirement to meet the regulations and agreement has influenced the market for the data governance, organizations needs to improve and endure the planned risk management. Major driving factors for the growth of the market are the growing demand to ensure high data quality and lineage through an organization’s data life cycle and the growing regulatory compliance and privacy concerns for data security. The data governance needs the fluctuating structure of regulatory policies and data address validation which are the major restraint of the data governance solution and services. The issues associated to the quality is also the major impeding factor of the data governance.
According to a report by Market Research Future (MRFR), the global data governance market is expected to witness a market valuation of USD 2 Billion by 2022, growing from USD 800 billion in 2016, at a CAGR of 18% over the review period of 2017 to 2022.
On the basis of region, the market has been segmented in North America, Europe, Asia Pacific, and Rest of the World. North America is accountable for the major market share and lead the data governance market in the review period, owing to huge investment in cloud-based solutions, initial adoption of developing technologies, and a huge number of players present in this region. The APAC market is poised to see exponential growth and is predictable to be the most promising region for the data governance market. This is attributed to the rising necessity to follow compliance and regulations being defined by regulatory authorities and organizations region. The operations & IT market led the Europe data governance market by function and would sustain its leading market till the end of the review period.
The prospective players in the market of Data Governance market are SAP SE(Germany), Alation Inc.(U.S.), Data3Sixty Inc.(U.S.), Magnitude Software, Inc.(U.S.), Informatica (U.S.), Alfresco Software Inc.(U.S.), Reltio Inc. (U.S.), International Business Machines(IBM)(U.S.), Global Data Excellence (Switzerland), and Symantec Corporation(U.S.) among others are profiled in MRFR Analysis and are at the vanguard of competition in the Global Data Governance Market. The global data governance market is fragmented and the major players have used various strategies such as new product launches, agreements, expansions, joint ventures, acquisitions, partnerships, and others to surge their footprints in the global market in order to sustain in long run.
The global data governance market size has been analyzed on the basis of components, function, deployment, application industry. On the basis of components, the data governance market is segmented as, services, solution, and support maintenance. data governance segmented on the basis function the market has been segmented into legal, operations & IT, finance. data governance segmented on the basis of deployment includes on premise and on cloud. on the basis of the organization data governance market is divided by applications sales and marketing, risk management, product and process management, and others. on the basis of industry data governance market segmented into IT and telecom retail, healthcare, financial services, government and among others.