by Data governance involves managing, monitoring and enforcing the usage and storage of data across various systems and applications in an organisation. It ensures there is a single source of truth for critical data and enables transparency, accuracy and security of sensitive information. With growing reliance on data-driven decision making, data governance helps businesses derive maximum value from their data assets while minimizing risks of security breaches, inconsistencies and non-compliances.
The global data governance market is estimated to be valued at US$ 2.88 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the data governance market include Thermo Fisher Scientific Inc., Sirion-Biotech GmbH (Revvity), Vector Biolabs, OriGene Technologies, Inc., SignaGen Laboratories, Sino Biological, Inc., Takara Bio Inc., Cell Biolabs, Inc., GenTarget Inc., GENEMEDI, bluebird bio, Inc., Cellomics Technology, LLC., Virica Biotech, Oxford Biomedica, and ANDELYN BIOSCIENCES. Key players are focusing on developing advanced data governance solutions to help organizations deploy a unified view of critical assets across disparate systems.
The growing need among organizations to ensure data quality, privacy and security offers significant opportunities in the Data Governance Market Size . Technologies like cloud, big data and AI are generating massive volumes of data daily, necessitating robust data governance practices. Advances in machine learning and analytics are also enabling more automated and intelligent data governance platforms.
Technological advancements in data analytics, management and storage are driving demand for data governance. Tools to catalog, report and monitor data through its entire lifecycle are helping organizations address regulatory compliances, reduce costs and gain deeper insights. Platforms ensuring data lineage, quality and standardized definitions are improving transparency, compliance and strategic decision making.
Market Drivers
– Increasing regulatory pressures around data privacy and security due to norms like GDPR are compelling businesses to adopt stringent data governance protocols.
– The shift towards decentralized and remote work models during the pandemic has highlighted the need for centralized data governance for enhanced collaboration and productivity.
– The proliferation of cloud computing and availability of affordable storage solutions are facilitating cost-effective deployment of data governance solutions.
Current Challenges in Data Governance Market
The data governance market is facing many challenges currently which restrict its growth. Lack of alignment between business and IT on data governance strategies and policies is a major challenge. Defining ownership and accountability for data is also an issue as data is spread across the organization in different systems. Ensuring data quality and accuracy is difficult due to redundant, inaccurate and outdated data. Integrating legacy systems with modern data platforms is another challenge for organizations. Lack of skills and expertise in data governance among employees is restricting effective implementation of data governance programs. Ensuring compliance with regulatory guidelines on data privacy and security like GDPR is testing organizations. High initial investment and operational costs associated with data governance solutions is also a barrier.
SWOT Analysis
Strength: Data governance provides single source of truth and visibility across organizational data. It helps improve data driven decision making. Weakness: Requires cultural and organizational change management which is difficult. Lack of top management buy-in and support hampers initiatives. Opportunity: Growth in data volumes and types of data across industries increases need for data governance. Emerging technologies like AI can strengthen data governance. Threats: Stricter regulatory policies on data privacy and security increases compliance requirements negatively impacting organizations. Skills shortage remains a challenge.
Geographical Regions
North America holds the largest share in the global data governance market currently, valued at around US$ 1 Bn in 2024. Presence of major players and early adoption of best practices drives the region. Asia Pacific is expected to be the fastest growing region during the forecast period. Increasing digitization of economies and rapid growth in data volumes across countries like India, China boosts demand.
Europe is also a concentrated market for data governance in terms of value owing to stringent privacy regulations like GDPR and focus on data driven businesses. Middle East and Africa are emerging markets where awareness is growing on data governance for obtaining actionable insights from organizational data assets.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
