Analysis of the Data Governance Software Market 2018 and its Growth
With an expected growth from USD 1.31 Billion in 2018 to USD 3.53 Billion by 2023, the data governance market is at a Compound Annual Growth Rate (CAGR) of 22 percent during the forecast period.
The segments of the market include application, business function, component, organization size, deployment model, industry vertical, and region. The risk management application segment is anticipated to rule the market during the forecast period, with more financial institutions struggle with multiple compliance reporting requirements, like FATCA and FDSF. Another application segment which would grow at the fastest rate is the compliance management.
The highest CAGR growth is expected in the retail and eCommerce industry which can use data governance solutions to handle large volumes of data generated. Since the high-quality and managed data is essential for decision-making in the industry, the data governance solutions in this vertical will help administrators in regard to product pricing, risk management, sales optimization, and product management.
In terms of market share, large enterprises will dominate the market since there is a continuous investment in their R&D activities to boost their overall performance. Yet, the SMEs are expected to showcase a higher CAGR, since the cloud-based data governance solutions are available at an affordable cost.
Due to the early adoption of technologies and the presence of a large number of solution providers, North America is expected to dominate the market. APAC will grow at the highest CAGR, the report says, as it is witnessing an increase in demand for cloud-based solutions alongside the growing size of SMEs.
Dramatically increasing data volumes, improving strategic risk management and decision making with the business collaborations, and the rising regulatory and compliance are expected to drive global market’s growth. Furthermore, key players will have a competitive edge in the overall market, with the help of increasing AI applications and the growing importance of effective data governance.