According to a new report, published by KBV research, The Global Data Governance Market size is expected to reach $15.4 billion by 2031, rising at a market growth of 20.5% CAGR during the forecast period.
The Solution segment is showcasing a CAGR of 19.8 % during the forecast period. With the swift growth of data generated from various sources, such as IoT devices, social media platforms, and enterprise systems, organizations face challenges in managing, storing, and analyzing data effectively. Data governance solutions offer comprehensive platforms and tools to address these challenges by providing data discovery, classification, lineage tracking, and metadata management capabilities.
The Risk Management segment is leading the Global Data Governance Market by Application in 2023; thereby, achieving a market value of $4.5 billion by 2031. Risk management processes rely heavily on accurate, reliable, and timely data to effectively identify, assess, and mitigate risks. Data governance ensures the quality and integrity of data used in risk management activities by establishing standards, policies, and procedures for data management, validation, and verification. By implementing data governance practices, organizations can improve the accuracy and reliability of risk data, enabling more informed decision-making and risk assessment.
The Cloud segment is registering a CAGR of 21.4 % during the forecast period. Scalability and flexibility are provided by cloud-based data governance solutions, enabling enterprises to adjust their infrastructure in response to shifting business requirements and data volumes. Cloud platforms provide on-demand resources, such as storage and computing power, enabling organizations to quickly adapt to fluctuations in data governance requirements without upfront investment in hardware or infrastructure.
The Large Enterprises segment is generating the maximum revenue in the Global Data Governance Market by Organization Size in 2023; thereby, achieving a market value of $10.3 billion by 2031. Large enterprises typically operate in complex and diverse data ecosystems, encompassing multiple data sources, systems, and business units. Managing data across such complex environments requires robust data governance frameworks to ensure data quality, consistency, and compliance with regulatory requirements.
The BFSI segment is growing at a CAGR of 18.1 % during the forecast period. BFSI organizations handle vast amounts of sensitive and confidential data, including customer financial information, personal identification data, and transactional records. Data governance enables BFSI organizations to implement robust data security measures, access controls, and fraud detection mechanisms to safeguard against data breaches and fraudulent activities.
Full Report: https://www.kbvresearch.com/data-governance-market/
The North America region is generating maximum revenue in the Global Data Governance Market by Region in 2023; thereby, achieving a market value of $5.3 billion by 2031. The Europe region is anticipated to grow at a CAGR of 20% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 21.3% during (2024 - 2031).
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