Market Size of Data Governance Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.27 Billion |
| Market Size (2029) | USD 8.03 Billion |
| CAGR (2024 - 2029) | 19.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Data Governance Market Analysis
The Data Governance Market size is estimated at USD 3.27 billion in 2024, and is expected to reach USD 8.03 billion by 2029, growing at a CAGR of 19.72% during the forecast period (2024-2029).
The aim of data governance is to promote the availability, quality, as well as security of an organization’s data through various policies and standards.
- According to Cisco, around five quintillion bytes of data are produced every day. It, in turn, drives the data governance solution needs to ensure that an organization's information assets are formally, properly, proactively, and efficiently managed throughout the enterprise to secure its trust and accountability.
- Big data and digital transformation efforts are among the primary drivers of data governance programs. With the increase in the volume of data from new data sources, such as the Internet of Things (IoT) technologies, organizations are reconsidering their data management practices to scale their business intelligence.
- Moreover, data governance solutions help institutions handle different challenges with effective data management solutions that can prevent data duplication and 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.
- The COVID-19 pandemic has acted as a catalyst for data usage growth. Enterprises across various end-user industries, especially telecom companies across emerging nations, witnessed a surge in data usage due to lockdowns imposed by the governments. In such times, organizations with an established data governance program fared much better than those without one.
- However, lack of control over data has emerged as a common data governance challenge. Lack of control can result in non-compliance when data is processed unlawfully. Moreover, personal, healthcare, payments, and other sensitive data are tightly regulated.
