Data Governance Market Size

Data Governance Market Analysis

The Data Governance Market size is estimated at USD 2.73 billion in 2023, and is expected to reach USD 6.71 billion by 2028, growing at a CAGR of 19.72% during the forecast period (2023-2028).

The COVID-19 pandemic is an unprecedented and continued unpredictable state of emergency on many levels. In times of crisis, knowledge is power and data assists enterprises with better decision-making. Consistency is the only way to ensure the insights generated by analyses are valuable and actionable.

• The pandemic also acted as a catalyst for data usage growth. Enterprises across various end-user industries, especially telecom companies across emerging nations, have witnessed a surge in data usage due to lockdowns imposed by the governments. In such times, organizations with an established data governance program have fared much better than those without one.
• According to Cisco, around five quintillion bytes of data are produced every day. It, in turn, drives the data governance solution needs to ensure that an organization's information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
• The growing adoption of IoT in various sectors, such as IT & telecom, retail, and healthcare, is further expected to boost the demand for the data governance market. Per Cisco's estimates, there will be more than 50 billion smart connected devices worldwide by last year. The data, thus collected from these devices, can be analyzed for customer transaction patterns. This information can help a company understand the productivity of its business products. Over the forecast period, deploying IoT devices and applications in various end–user industries is expected to drive the global market demand further.
• Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and loss. Moreover, data governance solutions help industries such as BFSI with enormous volumes of personal and confidential data to maintain an edge in the market, with constant updates to their policies and procedures. Moreover, because of the COVID-19 pandemic massive number of employees have started working from home by connecting remotely to their employers' IT systems. Even when the outbreak is over, the damage may never entirely heal. Data governance played an important role ever during COVID.
• The pandemic also acted as a catalyst for data usage growth. Enterprises across various end-user industries, especially telecom companies across emerging nations, have witnessed a surge in data usage due to lockdowns imposed by the governments. In such times, organizations with an established data governance program have fared much better than those without one.
• According to Cisco, around five quintillion bytes of data are produced every day. It, in turn, drives the data governance solution needed to ensure that an organization's information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
• The growing IoT adoption in various sectors, such as IT & telecom, retail, and healthcare, is further expected to boost the demand for the data governance market. Per Cisco's estimation, there was more than 50 billion smart connected devices worldwide in 2020. The data, thus collected from these devices, can be analyzed for customer transaction patterns. This information can help a company understand its business products' productivity. Over the forecast period, the deployment of IoT devices and applications in various end–user industries is expected to drive the demand for the global market further.
• Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and loss. Moreover, data governance solutions help industries such as BFSI with enormous volumes of personal and confidential data to maintain an edge in the market with constant updates to their policies and procedures.