Data Governance Market Projected to surpass $3.53 billion by 2023 at a CAGR of 22.0%

(IT-NEWSWIRE.COM, October 25, 2019 ) The data governance market is growing at a faster pace, owing to the rapidly increasing growth in data volumes, rising regulatory and compliance mandates, and enhancing strategic risk management and decision-making with the increasing business collaborations. The global data governance market size is expected to grow from USD 1.31 billion in 2018 to USD 3.53 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.

Among various applications, the compliance management application segment is expected to grow at the fastest growth rate, due to the fact that compliance management applications enable organizations to test, remediate, attest, and manage their corporate structure. Moreover, these applications enable organizations to implement, manage, monitor, and measure the effectiveness of their governance and compliance strategies.

In addition to this, cloud-based compliance management solutions provide organizations with all the necessary tools for creating an effective internal management system. The collaborative workspace helps process managers in determining organizations’ compliance level.

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The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period, as it is creating large volumes of data which is ultimately driving the need for efficient data governance solutions in the industry vertical. The increasing demand for cross-border eCommerce and a high internet penetration in different regions are driving the retail and eCommerce industry vertical to adopt data governance technologies.

The Small and Medium-sized Enterprises (SMEs) is expected to achieve the fastest growth rate during the forecast period, primarily due to the surge in the adoption of customer data and product data applications across all regions. SMEs are focusing on deploying data governance solutions to secure their data and govern its usage as per the regulatory aspects. Companies launch cost-effective data governance solutions to cater to SMEs and meet their requirements.

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The major global vendors of data governance solutions and services include Alation (US), Ataccama (Canada), Collibra (Belgium), DATUM LLC (US), Data Advantage Group (US), Denodo Technologies (US), erwin, Inc. (US), Global Data Excellence (Switzerland), Global IDs (US), IBM Corporation (US), Infogix (US), Informatica LLC (US), Information Builders (US), IRI (Australia), Magnitude Software (US), Oracle Corporation (US), Orchestra Networks (France), Reltio (US), SAP SE (Germany), SAS Institute (US), Syncsort (US), Talend (US), TIBCO Software (US), TopQuadrant (US), and Varonis Systems (US).
These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to accomplish development and sustain in the competitive market. Apart from these strategies, new product launches and product upgradations, and business expansions are some of the other significant strategies embraced by these market players to grow in the data governance market.

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Data Governance Market Projected to surpass $3.53 billion by 2023 at a CAGR of 22.0%