The data governance market is expected to register a CAGR of over 21.44% during the forecast period (2020 - 2025) and expected to reach a value of USD 5.28 billion by 2025. The amount of data created by devices is nearly 100 times greater than the amount of data stored, according to the Cisco Global Cloud Index. According to Forbes, there are 2.5 quintillion bytes of data created each day at the current pace, but that pace is only accelerating with the growth of the Internet of Things (IoT).
- According to Aureus Analytics report, the world's data volume is expected to grow by 40% per year, and 50 times by 2020. Human and machine-generated data is experiencing an overall 10 times faster growth rate than traditional business data. With the growing new technologies, such as IoT and artificial intelligence companies, such as Walmart are adopting data governance solutions to ensure enterprise data is authorized and organized in a database with as few errors as possible while maintaining, both privacy and security.
- Growing regulatory and compliance mandates are also expected to boost the demand for data governance market. One such example is GDPR (General Data Protection Regulation), which is passed into UK law through the Data Protection Act 2018, that strengthens data protection provisions for all European Union data subjects. The regulation was enforced in May 2018.
- According to EOL IT Services, the biggest challenges in Data Governance for 2018 is employee compliance, ie, ensuring that employees comply with overall data strategy, something often borne out by a lack of understanding rather than a lack of desire.
Scope of the Report
Financial institutions constantly face challenges related to data quality and accessibility and data security. Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and data loss. Moreover, data governance solutions help BFSI firms maintain an edge in the market, with constant updates to their policies and procedures. Apart from finance, other businesses like Operation and IT, Legal also make use of these solutions.
Key Market Trends
Healthcare Sector Leads the Market in Europe and North America Region
- IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the potential to not only keep patients healthy and safe but to improve how physicians deliver care as well.
- But, IoT also arises the need for data governance for the healthcare sector, as the industry struggle with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices.
- According to European Telecommunications Network Operators' Association (ETNO), the number of IoT units in healthcare in the European Union (EU) is expected to increase year on year.
- The US healthcare regulation HIPAA provides protection over patient data. Securing patients’ private medical history and health records is of the utmost importance within the healthcare market.
Asia-Pacific to be the Fastest Growing Market
- Asia-Pacific is projected to be the fastest growing region for data governance market, owing to the growing technology expenditures in economies, such as China, India, Singapore, and Australia. The demand for cost-effective data management and governance solutions and services among small- and medium-sized enterprises (SMEs) is further driving the demand for data governance market in the region.
- Solidatus, a provider of a data lineage and business relationship mapping solution, opened an office in Singapore to address the market demand in Asia-Pacific markets.
- With vast amounts of data being created every day, Japanese Prime Minister Shinzo Abe declared in February 2019 that the next G-20 summit should wrestle with how to manage that digital information.
- The General Data Protection Regulation (GDPR) is causing Asia-Pacific to reassess their data strategy and ensure they can earn the trust of consumers who are increasingly wary of how their data is being used.
As data governance is the key to delivering trust and compliance, every organization needs to derive real value from its data. The market is fragmented with companies entering into strategic mergers and acquisition to leverage the growing demand for data governance solutions.
- April 2019 - Computer scientists from the ADAPT Centre, an SFI Research Centre, are partnering with Collibra, a leader in enterprise data governance and catalog software, to develop innovative ways to estimate and monitor the value of data to a business.
- April 2019 - TIBCO Software Inc., a global leader in integration, API management, and analytics, announced its collaboration with Singapore Polytechnic (SP) to expand data analytics and Internet of Things (IoT) knowledge in the region, supporting Singapore’s mission to nurture local entrepreneurs.
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