Data Governance Global Market Report 2024

The data governance market size has grown rapidly in recent years. It will grow from $3.73 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth observed in the historical period can be attributed to the necessity to comply with regulatory standards, concerns regarding data quality and accuracy, the implementation of risk mitigation and security measures, the optimization of business processes, and an enhanced awareness of the value of data.

The data governance market size is expected to see exponential growth in the next few years. It will grow to $9.76 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. Anticipated growth in the forecast period is expected to be driven by a heightened focus on data privacy and ethical considerations, widespread digital transformation initiatives, efforts towards data democratization coupled with stringent access controls, and the global expansion of data sharing practices.

Rapidly increasing data volumes are contributing to the growth of the data governance market. This surge, attributed to various data-generating devices, IoT, cloud computing, and the impending 5G adoption, drives the need for data quality improvement and cost reduction. FinancesOnline reported an estimated 74 zettabytes of global data by the end of 2021, highlighting the escalating data creation rates.

The increasing embrace of cloud-based solutions is poised to propel the growth of the data governance market. Cloud-based solutions, delivering applications and resources over the internet, have seen significant uptake across small and medium-sized enterprises. According to Cloudzero in December 2023, these enterprises allocated 47% of their IT expenditure to cloud services in 2022, marking a 67% surge from the previous year. This accelerated adoption of cloud-based solutions drives the expansion of the data governance market.

Strategic collaborations play a pivotal role. Companies, such as Axtria and Reltio, formed partnerships in 2021 to leverage expertise in enhancing sales processes through competitive insights and predictive analytics. These collaborations among entities such as Erwin Inc. and Mikan Associates further strengthen data governance solutions, emphasizing the significance of coordinated efforts, especially between security and analytics teams.

AI-based applications, also known as AI-powered applications, are software programs and systems that use AI technology to do activities that generally require human intellect. September 2021 saw the launch of Alation Inc.'s Data Governance App, utilizing machine learning and AI to establish autonomous, continuous data governance. Designed for multi-cloud environments, it integrates with Snowflake Data Cloud, facilitating seamless data regulation management and policy compliance for heightened transparency and industry adherence.

In January 2021, Quest Software, a US-based software company, acquired Erwin for an undisclosed amount. This acquisition will broaden Quest's presence in the developing data management and dataops sectors. Erwin is a US-based company that provides data modeling, data governance, and business process modeling software.

Major companies operating in the data governance market report are Amazon.com Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Symantec Corporation, SAS Institute Inc., Micro Focus International PLC, Informatica LLC, TIBCO Software Inc., Varonis Systems Inc., Talend Inc., Collibra Inc., Denodo Technologies, Ataccama Corporation, Magnitude Software Inc., Infogix Inc., Infogix Inc., Reltio Inc., erwin Inc., Alation Inc., Syncsort Incorporated, Orchestra Networks Inc., Orchestra Networks Inc., Global IDs Inc., Adobe Inc., TopQuadrant Inc., Information Builders Inc., Innovative Routines International Inc., Global Data Excellence SA, Datum LLC, Data Advantage Group Inc.

North America was the largest region in the data governance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data governance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the data governance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data governance encompasses two primary components such as solutions and services. Data governance solutions represent a strategic and collaborative practice enabling organizations to discover, track, comprehend, and optimize data within a business context, enhancing its security, quality, and value. These solutions and associated tools aid organizations in comprehending, securing, and establishing trust in their data. They are deployable in both on-premises and cloud-based modes, catering to small and medium-sized enterprises (SMEs) as well as large enterprises. Applications of data governance solutions span across incident management, process management, compliance, risk and audit management, data quality and security management, among others. These applications serve diverse industry verticals such as BFSI, retail, telecom and IT, government, healthcare, manufacturing, energy and utilities, transportation and logistics, and various other sectors aiming to enhance data management and governance practices.

The data governance market research report is one of a series of new reports that provides data governance market statistics, including data governance industry global market size, regional shares, competitors with a data governance market share, detailed data governance market segments, market trends and opportunities, and any further data you may need to thrive in the data governance industry. This data governance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The data governance market includes revenues earned by entities by providing solutions and services to provide systematic, ongoing, and collaborative practice that enables organizations to find and track their data, understand what it means in a business context, and maximize the security, quality, and value of that data.The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.