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(MoneyNewsWire.Net, June 01, 2018 ) Data governance is the organizing framework for establishing strategy, policy, and objectives, to manage and change the way data assets are acquired, managed, maintained, and transformed into information shared across the company and leveraged to consistently improve business profitability. Major drivers of the market include need to meet regulations & compliance deadlines and to improve & sustain strategic risk management. The data governance market faces challenges, such as categorization of unstructured data and inconsistent business semantics. Major factor that is restraining the growth of the data governance market is varying structure of regulatory policies & data address validation & quality issues.
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The data governance market is estimated to grow from USD 863.2 Million in 2016 to USD 2,234.7 Million by 2021, at a high Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period. Due to the necessity to determine who owns the data, how sensitive the data is, and who should have access to it, will propel the growth of the market. The report provides detailed insights into the global market, which is segmented by component, application, deployment model, industry vertical, business function, and region. In component, data governance market solutions segment is expected to have the largest market share during the forecast period. In business function, Finance finds surplus applications which can benefit by adapting data governance technologies. Sales & marketing optimization application, which is applicable across all the major industry verticals is expected to have the largest market share. Considering today’s highly competitive environment, the need to promote and manage sales and marketing activities to help companies gain recognition among consumers and is also considered as a prime parameter to increase profits.
Cloud deployment model has a higher adoption, as compared to the on-premises deployment model. This is mainly because of it attributes, such as flexibility & scalability and privacy based enhancements being provided over the cloud at reasonable prices. The Baking, Financial Services, & Insurance (BFSI) segment has shown the largest market share in vertical segment, where solutions are used to tackle issues such as insufficient data modeling capabilities. It helps identify critical data and traps them with basic rules to help secure it. However, the retail & e-commerce is poised to grow at the highest rate during the forecast period, which will help them work with highly sensitive data being ingested in real-time from sensors and devices.
In organizations, among business functions, operations segment is expected to have the highest adoption rate of data governance solutions, due to the availability of low cost cloud deployments options. The ever-growing volume of sensitive data, because of the use of mobile applications, and high-end analytics software are the major factors for adoption of data governance solutions and services in operations.
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The report covers all the major aspects of the data governance market and provides an in-depth analysis across the regions of North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The market in North America is expected to hold the largest market share. The APAC region is projected to have great opportunities in this market and to grow at the highest CAGR by 2021. This is due to the massive growth of data through IoT and other connected devices.
Major vendors that offer data governance offerings globally are Collibra, Inc. (Brussels, Belgium), Informatica Corporation (California ,U.S.), SAS Institute Inc. (North Carolina, U.S.), IBM Corporation (New York, U.S.), Oracle Corporation (California, U.S.), SAP SE (Walldorf, Germany), TIBCO Software Inc. (California, U.S.), Talend Inc.(California, U.S.), Information Builders (New York, U.S.), Varonis Systems Inc. (New York, U.S.), and Orchestra Networks (Paris, France). These vendors adopted different types of organic as well as inorganic growth strategies such as new product launches, partnerships, and collaborations to expand their offerings in the data governance market.
The key Innovators considered in Data Governance Market report are Global Data Excellence (Geneva, Switzerland) Data3Sixty, Inc., (Massachusetts, U.S.) Alation Inc. (California, U.S.) Magnitude Software, Inc., (Texas, U.S.) and Reltio, Inc. (California, U.S.) for their unique offerings and applications catering across all the major industrial verticals.
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