Data Governance Market Size to Grow USD 5543 Million by 2029 at a CAGR of 17.6% | Valuates Reports

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Jan 04, 2023, 11:00 ET

BANGALORE, India, Jan. 4, 2023 /PRNewswire/ -- The Global Data Governance Market is Segmented by Type (Software, Services), by Business Function (Operation and IT, Legal, Finance), by Deployment Mode (Cloud, On-Premise), by Organization Type (Large Enterprises, Small and Medium-sized enterprises), by End User (BFSI, IT & Telecom, Retail, Healthcare): Opportunity Analysis and Industry Forecast, 2022–2028.

The global data governance market will grow from USD 1,845 Million in 2021 to USD 5,543 Million by 2028, achieving a CAGR of 17.6 percent, according to the latest edition of the Global Data Governance Market Report.

Major Factors Driving the Growth of the Data Governance Market:

Growing concerns about maintaining good data quality and heritage throughout an organization's data life cycle as well as dangers associated with BI and analytics for consumers are anticipated to emerge as important drivers of the data governance market expansion.

Additionally, a number of reasons, including the growing demand to eliminate client risks, increasing regulatory enforcement along with data protection concerns, and expanding AI applications, may hinder the growth of the data governance market throughout the course of the aforementioned research period.

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TRENDS INFLUENCING THE GROWTH OF THE DATA GOVERNANCE MARKET:

Increasing IoT use across a number of industries, including IT & telecom, retail, and healthcare, is also anticipated to drive demand for the data governance market. Customer transaction trends can be determined by analyzing the data gathered from these devices. and The deployment of IoT devices and applications in numerous end-user sectors is anticipated to further fuel demand for the market under study globally throughout the course of the projected year.

Additionally, data governance solutions aid banks and financial institutions in increasing operational effectiveness, automating procedures, increasing customer happiness, detecting fraud more accurately, and fostering corporate expansion. These institutions are assisted by data governance solutions in addressing these issues with efficient data management techniques that can reduce data loss and duplication. Additionally, data governance solutions aid businesses like the BFSI, which deal with massive amounts of private and confidential data, in maintaining a competitive advantage in the market by ongoing modifications to their rules and procedures. This factor will in turn drive the growth of the data governance market.

Furthermore, in hospitals, the production of data has greatly increased as a result of rising investments in healthcare, particularly in IT infrastructure. Therefore, these hospitals require an information governance plan in order to efficiently manage, monitor, and comprehend the vast amounts of data being produced. This factor will in turn drive the growth of the data governance market.

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DATA GOVERNANCE MARKET SHARE ANALYSIS:

During the forecast period, North America will have the largest market size. According to estimates, North America is the region that has contributed the most to the market size for data governance. In terms of the use of cybersecurity technologies and global security, it is a developed region. Recent years have seen an increase in government action as a result of the ongoing need to secure crucial communication infrastructure and sensitive data.

Based on components, The software segment held the largest share of the global data governance market in 2021 and is anticipated to hold its share during the forecast period.

Based on business functions, the finance segment made up the largest share of the data governance market.

Based on type, The cloud-based segment was the largest contributor to the global data governance market in 2021.

Based on the enterprise, The large enterprise segment is estimated to account for the largest share of the global data governance market.

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SIMILAR REPORTS:

- AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1%.

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- Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4%.

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- Enterprise Resource Planning (ERP) Software market size is projected to reach USD 60110 Million by 2027, from USD 40830 Million in 2020, at a CAGR of 5.7%.

- Electronic Health Records (EHR) market size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.

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