Data Governance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Data Governance Market was valued at USD 1.81 billion in 2020, and it is projected to be worth USD 5.28 billion by 2026, registering a CAGR of over 20.83% during the forecast period (2021 - 2026). COVID-19 pandemic has been an unprecedented and continued unpredictable state of emergency on many levels. In times of crisis, knowledge is power and data has been assisting enterprises with better decision-making. Having consistency is the only way to ensure that insights generated by analyses are useful and actionable.

• The pandemic has also acted as a catalyst to the growth of data usage. 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 that have an established data governance program in place have fared much better than those without.
• According to Cisco, around 5 quintillion bytes of data is produced every day, which, in turn, drives the need for a data governance solution to ensure that an organization’s information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
• Growing adoption of IoT in various sectors, such as IT & telecom, retail, and healthcare, is further expected to boost the demand for data governance market. As per the estimates by Cisco, there will be more than 50 billion smart connected devices in the world by 2020. 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, deployment of IoT devices and applications in various end–user industries are expected to further drive the demand for the market studied, globally.
• Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and data 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.

Scope of the Report

The study on data governance is structured to track the revenues accrued from software tools and solutions that are involved throughout all stages of the data governance - discovery, process definition and data validation.

The functions performed by the data governance solutions under consideration include setting data management parameters, the creation of processes to resolve data issues, and helping businesses in making decisions with high-quality data.

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Key Market Trends

Healthcare Sector Expected to Exhibit Significant Growth Rate

• Due to the increasing investments in healthcare, especially in IT infrastructure, there has been an enormous surge in data generation. Hence, an information governance strategy is needed for these organizations for managing, controlling, and understanding this enormous amount of data being produced in a streamlined manner.
• IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the potential to keep patients healthy and safe and improve how physicians deliver care as well. But, IoT also raises the need for data governance for the healthcare sector. The industry struggles with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices.
• There has also been an increase in the number of data breach incidences in the healthcare sector. For instance, recently, in January 2020, Chicago-based Sinai Health System reported a cybersecurity incident that occurred in the fall of 2019, which possibly exposed the personal health information of more than 12,500 people. Such incidences are also encouraging organizations to adopt data governance solutions.
• Furthermore, many healthcare companies are planning for data-based technologies such as artificial intelligence, big data, and IoT. For instance, in a recent survey conducted by Optum in 2020, 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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