Data Governance Market Value Could Exceed $5 Billion By 2025
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Jan. 21, 2021 /PRNewswire/ -- In spite of the recent global pandemic, the global data governance market has been growing and is expected to continue for years to come. Data governance is a set of processes that ensures the systematic management and protection of important and critical data throughout the organization. It ensures trusted information is used for accounting, decision-making, and other critical business processes. With the advent of several data regulations by governments, it has become more critical than ever to ensure data within an organization is stored, used, and discarded appropriately. Organizations wish to achieve data regulation compliance to observe international and national laws and standards, along with industry-specific regulatory data requirements. Several US states are developing legislation and passing laws about data privacy that are similar to the General Data Protection Regulation (GDPR). Data governance solutions enable business users across verticals to efficiently and effectively monitor, manage, and control data movement across organizations. The increased use of mobile devices among individuals within an organization and the easy availability and ubiquitous accessibility of data have enabled organizations and individuals to adopt data governance solutions. Active Companies from around the market with recent developments this week include: Data443 Risk Mitigation, Inc. (OTCPK: ATDS), Snowflake Inc. (NYSE: SNOW), Oracle Corporation (NYSE: ORCL), Cloudera, Inc. (NYSE: CLDR), Palantir Technologies Inc. (NYSE: PLTR).
The data governance market is expected to grow from USD 2.1 billion in 2020 to USD 5.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, according to a report from MarketsAndMarkets. Factors such as 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 are expected to drive the growth of the global data governance market. The report said: "COVID-19 would have an impact on all the elements of the technology sector. The global ICT spending is estimated to decline by 4–5% by the end of 2020. The hardware business is predicted to have the most impact on the IT industry. Due to the slowdown of hardware supply and reduced manufacturing capacity, the IT infrastructure growth has slowed down. The businesses providing solutions and services are also expected to slow down for a short span of time. However, the adoption of collaborative applications, analytics, security solutions, and AI is set to increase in the remaining part of the year. Many of the significant COVID-19 initiatives involve sensitive data, from patient data to personal banking data. There are great risks to data security posed by the swift influx of these new data sources into a company's data ecosystem."