by The global Data Governance Market is estimated to be valued at US$ 154.9 Bn in 2021 and is expected to exhibit a CAGR of 4.4% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The global data governance market is witnessing significant growth due to the increasing need for organizations to effectively manage and protect their data assets. With the exponential growth of data generated by businesses, it has become crucial for companies to implement strong data governance strategies in order to ensure data integrity, privacy, and compliance with regulations.
One of the major obstacles in the market is the lack of awareness and understanding about data governance among organizations. Many companies struggle to grasp the concept and benefits of data governance, which hinders the adoption of effective strategies.
B) Market Key Trends:
One key trend in the data governance market is the growing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to automate various data governance processes such as data classification, metadata management, and data quality monitoring. For example, AI algorithms can be used to analyze data patterns and identify potential data quality issues, allowing organizations to proactively address them.
C) Segment Analysis:
The Data Governance Market Size is segmented based on the type of organization, industry vertical, and region. Among these segments, the industry vertical segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for data governance solutions in industries such as banking, healthcare, retail, and telecommunications.
D) Key Takeaways:
Market size related content: The global data governance market is expected to witness high growth, exhibiting a CAGR of 4.4% over the forecast period. This growth can be attributed to the increasing need for organizations to ensure data privacy and compliance with regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Regional analysis: North America is expected to be the fastest-growing and dominating region in the data governance market due to the presence of major players and the early adoption of data governance solutions. The region has strict data privacy regulations, which drive the demand for robust data governance strategies.
Key players: Key players operating in the global data governance market include Amcor plc, Anchor Glass Container Corporation, Ball Corporation, Berry Global Inc., Crown Holdings, Inc., Graham Packaging Company, Graphic Packaging International LLC, Plastipak Holdings, Inc., and Printpack. These players are focusing on partnerships, acquisitions, and product innovations to strengthen their market position.
In conclusion, the global data governance market is witnessing significant growth due to the increasing need for organizations to effectively manage and protect their data assets. The adoption of AI and ML technologies, along with the strong demand from various industry verticals, is driving the market. North America is expected to be the leading region in terms of market growth. Key players are actively involved in strategies such as partnerships and acquisitions to gain a competitive edge in the market.
