The data governance market is set to grow by 2027, driven by regulatory compliance and cybersecurity needs, impacting IT and telecom sectors.
According to the latest report by IMARC Group, titled “Data Governance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global data governance market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.
Data governance involves a set of processes, policies and roles to manage and protect crucial information formally. Its deployment ensures data consistency and reliability while providing clarity on conflicting data, solving analytical data and reporting issues. The demand for data governance has gradually increased to ensure data safety in light of stringent regulatory compliance.
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Global Data Governance Market Trends:
The global market is majorly driven by a considerable rise in data generation. This, in confluence with the rising implementation of strict data regulatory compliance across numerous industries, is providing an impetus to the market growth. Furthermore, the extensive usage of data governance across the telecom, information technology (IT) and retail sectors has significantly contributed to the market growth. Moreover, efficient data governance forms an integral part of the government sector as it enables greater data access and increases overall efficiency and accountability, thereby driving the market growth. In addition to this, the increasing incidences of data misuse by multiple private organizations and the rising cyber security threats have escalated the requirement for data governance, which is expected to create a favorable market outlook.
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Global Data Governance Market 2022-2027 Analysis and Segmentation:
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The article discusses the growth and trends of the global data governance market from 2022 to 2027.
The market is driven by increased data generation, regulatory compliance, and cybersecurity needs.
The IT, telecom, retail, and government sectors are significantly impacted by data governance.
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