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Data Governance Market will grow at Highest Pace Owing To Increasing Regulatory Compliances

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ashwinicmi
Data Governance Market will grow at Highest Pace Owing To Increasing Regulatory Compliances

 

The data governance market comprises of tools and services that helps organizations in management of data through its entire lifecycle. This includes data acquisition, storage, protection, governance and analytics. With growing volume and complexity of data across organizations, data governance helps in establishing rules and guidelines for effective management and utilization of data. It ensures data quality, security, usability and data accessibility to authorized users. Data governance ensures compliance with regulations such as GDxP, HIPAA and GDPR. 

The Global Data Governance Market is estimated to be valued at US$ 2.88 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 To 2031.


Key Takeaways

Key players operating in the data governance market are Thermo Fisher Scientific Inc., Sirion-Biotech GmbH (Revvity), Vector Biolabs, OriGene Technologies, Inc., SignaGen Laboratories, Sino Biological, Inc., Takara Bio Inc., Cell Biolabs, Inc., GenTarget Inc., GENEMEDI, bluebird bio, Inc., Cellomics Technology, LLC., Virica Biotech, Oxford Biomedica, and ANDELYN BIOSCIENCES. Growing volume and complexity of data across organizations has increased the need for effective data governance solutions. Technological advancements such as automation, big data analytics and cloud computing have further supported improved data governance.


Market Trends

Data localization is one key trend being observed in the Data Governance Market Size. Many countries are introducing regulations around storage of citizen data within geographical boundaries due to privacy and security concerns. Another major trend is the growing adoption of self-sovereign identity solutions which helps in controlling access to personal data and enabling individuals to own and manage their identity credentials.


Market Opportunities

Growing regulatory pressures around the world presents significant opportunities for data governance solution providers. With GDPR and other local data privacy laws, there is increasing demand from organizations to establish robust governance programs to protect confidential data. Adoption of governance-as-a-service models where organizations can leverage external service providers expertise also presents new avenues of growth. Emerging technologies such as machine learning and blockchain can further enhance capabilities of data governance solutions.


Impact of COVID-19 on Data Governance Market Growth

The outbreak of the COVID-19 pandemic has impacted the growth of the data governance market in both pre and post COVID scenarios. In the pre-COVID era, the market was growing at a steady pace owing to increasing data volumes and rising awareness about data privacy compliance. However, during the pandemic, there has been a surge in remote working and digital transformation across various industries. This has resulted in a massive spike in data generation across all sectors.


With decentralization of workforce, it has become even more crucial for organizations to implement robust data governance practices to ensure privacy, security and proper management of data located across multiple locations and endpoints. Compliance with various regulations around privacy and consent has also become challenging in this distributed environment. This has accelerated the demand for AI-driven data governance solutions that can automate processes of cataloguing, classification, risk assessment and policy creation. Comprehensive data governance has been pivotal for organizations to derive meaningful insights from dispersed datasets.


Looking forward, as remote and hybrid work models become the new normal, data governance will play an integral role post pandemic as well. Organizations will need to invest in tools, processes and training to institutionalize governance across their broader IT ecosystem. Regulatory changes around privacy and cross-border data flows are also likely to further strengthen the need for centralized governance platforms. The market is expected to witness strong growth in the coming years, backed by increasing digital transformation initiatives of enterprises and rising volumes of sensitive consumer data.


In terms of geography, North America currently holds the largest share of the data governance market in terms of value, owing to stringent compliance regulations and early adoption of cloud and analytical technologies in the region. However, Asia Pacific is projected to emerge as the fastest growing regional market owing to increasing digitization, growing data privacy awareness and rising investments by technology companies in countries like India, China and Japan. Europe is also expected to showcase significant growth due to strong data protection laws like the GDPR compliance mandate.


While North America leads in terms of current market size, Asia Pacific has shown potential to become the newest hub for data governance solutions. Countries such as China, Japan and India have demonstrated rising digital transformation initiatives across sectors like banking, manufacturing, retail and healthcare. Young demographic and increasing internet and smartphone penetration have also augmented data generation in the region. Furthermore, evolving regulations around data privacy and sovereignty are compelling organizations in Asia Pacific to focus on centralized governance practices. This makes Asia Pacific one of the most opportunistic markets for data governance vendors globally.

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