The North America Data Governance Market would witness market growth of 19.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Data Governance Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,815.1 million by 2031. The Canada market is experiencing a CAGR of 22.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 21.3% during (2024 - 2031).
The market refers to the ecosystem of products, services, and solutions aimed at helping organizations manage, protect, and leverage their data assets effectively. It includes a range of platforms, technologies, and services designed to tackle the ever-increasing complexity and difficulties of risk mitigation, compliance, and data management. The market serves organizations across various industries and sectors, including finance, healthcare, manufacturing, retail, telecommunications, and government.
Data stewardship finds applications across various industries and organizational functions critical in managing, protecting, and effectively leveraging data assets. For example, one of the primary applications of governance is to ensure data quality. By implementing governance practices, organizations can improve their data’s accuracy, completeness, consistency, and reliability, enhancing decision-making, operational efficiency, and customer satisfaction.
As per the Government of Canada, with a total budget of $250 million over three years (until March 31, 2024), the Aerospace Regional Recovery Initiative (ARRI) was delivered by Canada’s regional development agencies (RDAs). It complemented support for the aerospace industry provided through Canada’s COVID-19 Economic Response Plan and by Industry, Science and Economic Development (ISED) through the Strategic Innovation Fund. Likewise, as the IT industry in Mexico grows, there may be increased regulatory focus on data localization, requiring companies to store and process data within the country’s borders. According to the International Trade Administration (ITA), the Mexican IT industry had a 9.4 percent growth in 2022. The Mexican IT industry is expected to accelerate in 2023, driven by higher private sector investment and the current peso appreciation. As a result, aerospace companies will face the challenge of managing and governing large volumes of data effectively to derive actionable insights and ensure regulatory compliance. Hence, the increasing IT industry and rising budget of the aerospace sector In the region are driving the market’s growth.
Free Valuable Insights: The Data Governance Market is Predict to reach USD 15.4 Billion by 2031, at a CAGR of 20.5%
Based on Offering, the market is segmented into Solution and Services. Based on Application, the market is segmented into Risk Management, Process Management, Incident Management, Audit Management, Compliance Management, Data Quality & Security Management and Others. Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Vertical, the market is segmented into BFSI, Government, Energy & Utilities, Healthcare & Lifesciences, Transportation & Logistics, Manufacturing, Retail & Consumer Goods, Telecom & IT and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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