Data Governance Market Scenario:

According to Market Research Future (MRFR), the Data Governance Market is projected to grow from USD 2..88 Billion in 2023 to USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.4% during the forecast period (2022 - 2030). 

The research report offers a summary of the effect of COVID-19 on current/future market conditions. The report outlines some of the key market factors that will affect the growth of the industry, such as market share, the critical region, and key players. Data governance is a control system that ensures that data access by automated processes encounters exact standards, such as business rules and data integrity constraints in the data model.

In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.

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Competitive Outlook:

Notable players in the global data governance market are,

• Alation Inc. (U.S.)
• Data3Sixty Inc. (U.S.)
• Reltio Inc. (U.S.)
• Global Data Excellence (Switzerland)
• Magnitude Software, Inc.(U.S.)
• Informatica (U.S.)
• SAP SE(Germany)
• Alfresco Software Inc.(U.S.)
• International Business Machines(IBM)(U.S.)
• Symantec Corporation(U.S.)

Segmentation:

• By components, the global data governance market has been segmented into solutions, services, support maintenance. 
• By function, the global data governance market has been segmented into operations & IT, legal, finance. 
• By deployment, the global data governance market has been segmented into on-premise and on cloud. 
• By organization, the global data governance market has been segmented into applications sales and marketing, product and process management, risk management, and among others. 
• By application industry, the global data governance market has been segmented into IT and telecom retail, financial services, healthcare, government, and among others. 

Regional Analysis:

North America is expected to hold the largest market share and dominate the data governance market in the forecast period due to significant investments in cloud-based solutions, early adoption of new technologies, and a large number of players in the region.

The APAC market is expected to see exponential growth and is likely to be the most emerging region in the global market for data governance. This is due to the increasing need to follow compliance and the regulation being established by regulatory bodies and organizations in the region. The Operations & IT market led the Europe Data Governance Market by Function and would remain a leading market until the forecast period.=

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Data governance Industry Developments:

January: The European Union's General Data Protection Regulation (GDPR) comes into effect, requiring organizations to implement stricter data governance controls.

February: The United States Department of Commerce releases a new set of data governance principles for federal agencies.

March: The World Economic Forum releases a report on the future of data governance, calling for a more holistic approach to data management.

April: The International Organization for Standardization (ISO) publishes a new standard on data governance, ISO 38500.

May: The California Consumer Privacy Act (CCPA) goes into effect, giving California residents more control over their personal data.

June: The European Union's ePrivacy Directive is updated, requiring organizations to obtain consent before tracking users' online activity.

July: The United States Congress holds hearings on data governance, with a focus on the role of artificial intelligence in data management.

August: The United Nations releases a report on the ethical implications of data governance, calling for a human-centric approach to data management.

September: The World Economic Forum hosts a summit on data governance, bringing together leaders from business, government, and academia to discuss the future of data management.

October: The International Data Governance Institute releases its annual report on the state of data governance, finding that organizations are increasingly investing in data governance initiatives.

November: The United States Department of Commerce releases a new set of data governance guidelines for businesses, providing guidance on how to comply with the GDPR and other data privacy regulations.

December: The European Union's Data Governance Act is adopted, establishing a new framework for data governance in the EU.

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