Market Trends of Data Governance Industry
This section covers the major market trends shaping the Data Governance Market according to our research experts:
Healthcare Sector Expected to Exhibit Significant Growth Rate
- Due to the increasing investments in healthcare, especially in IT infrastructure, there is an enormous surge in data generation. Hence, an information governance strategy is needed for these organizations to manage, control, and understand this vast amount of data produced in a streamlined manner.
- IoT includes many healthcare applications, from remote monitoring to medical device integration. It also can keep patients healthy and safe and improve how physicians deliver care. But, IoT also raises the data governance need in the healthcare sector. The industry needs help with the massive data produced by sensors, wearables, remote monitors, and other medical devices.
- There is also an increase in data breach incidences in the healthcare sector. Healthcare data breaches continue to significantly impact the healthcare sector, even as more firms implement updated security solutions to keep up with the flood of new cyber threats. For instance, the healthcare sector suffered about 337 breaches in the first half of the last year alone, according to Fortified Health Securities.
- Furthermore, many healthcare companies are planning for data-based technologies such as artificial intelligence, big data, and IoT. For instance, in a survey conducted by Optum, 40% of healthcare leaders plan to monitor IoT devices, while many plans for AI will create a need for data governance solutions.
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Asia Pacific to Witness Highest Growth
- Asia-Pacific is on the verge of becoming the digital innovation center for the world. Growing digital advancement in this region, such as cloud computing, Internet of Things (IoT), and Big Data analytics, will likely make Asia-Pacific occupy a substantial share of the data governance market.
- Increasing regulatory mandates in Asia-Pacific will also augment the data governance market growth. For instance, the China Banking and Insurance Regulatory Commission (CBIRC) issued the data governance guideline for banking financial institutions to improve the authenticity, accuracy, timeliness, and integrity of data and protect clients' privacy through enhanced data security measures.
- Moreover, China launched a global data security initiative outlining principles that should be followed in areas from personal information to espionage. The initiative, announced by Foreign Minister Wang Yi in Beijing, comes as the US continues to pressure China's largest technology companies and convince countries worldwide to block them.
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