by This includes software and services for data quality, data integration, master data management, metadata management, data archival and information access. Businesses across industries are generating huge volumes of structured and unstructured data through various digital channels. The need for organizing this data and deriving insights from it effectively is driving demand for data governance solutions. Data governance solutions help organizations to define how data is collected, stored, archived, used and shared across various internal and external stakeholders. This ensures data is accurate, consistent, accessible and meets regulatory and compliance requirements.
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.
With increasing adoption of cloud computing technologies, most organizations are shifting their data and applications to public and hybrid cloud environments. However, managing governance of data spread across hybrid IT environments poses several challenges. Data governance vendors are enhancing their solutions to ensure governance policies are applied uniformly across on-premises and cloud platforms. This is supporting the adoption of cloud-based data governance solutions.
Key Takeaways
Key players operating in the data governance market are 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., and Virica Biotech.
The growing volumes of structured and unstructured data across industries is driving demand for effective data governance solutions. Lack of proper governance leads to issues like data quality gaps, privacy breaches and non-compliance. This is supporting adoption of data governance products and services.
Major data governance vendors are focusing on enhancing their cloud offerings and capabilities. They are launching new SaaS-based solutions and partnerships with public cloud providers. This is helping organizations to implement consistent data governance controls across complex hybrid environments.
Market Key Trends
One of the key trends in the Data Governance Market Size is the growing focus on machine learning and artificial intelligence. Vendors are integrating AI and ML capabilities into their solutions to automate various data governance tasks. This includes automated data classification, risk assessment, compliance monitoring and policy implementation. AI assists in analyzing huge volumes of structured and unstructured data to identify patterns and errors. This helps organizations ensure governance with minimal manual efforts. Automation with AI is expected to be a major driver of growth in the data governance market during the forecast period.
Porter’s Analysis
Threat of new entrants: The data governance market has moderate threat of new entrants due to high implementation and compliance costs. However, opportunities exist for specialized software solutions.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but switching costs and training requirements mean businesses buy data governance solutions less frequently.
Bargaining power of suppliers: Suppliers have low-to-moderate bargaining power as the market has many software providers and technologies that perform similar functions.
Threat of new substitutes: Threat of substitutes is moderate as other automated solutions performing similar functions continuously emerge but may not provide comprehensive data governance capabilities.
Competitive rivalry: The data governance market sees moderate-to-high competitive rivalry due to many technology providers focusing on specialized solutions and capabilities.
Geographical Regions
North America accounts for the largest share of the global data governance market currently, with around 40% market share in terms of value. This is due to stringent data privacy regulations and an early adoption of data governance practices among organizations in the region.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. This is attributed to supportive government initiatives, increasing digital transformation initiatives, and a surge in data volumes across countries like China, India, Japan, and Australia. An emerging culture of data-driven decision making is further driving the need for proper data governance in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
