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 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.
The major global vendors of data governance solutions and services include Talend, Innovative Routines International, Inc. (IRI), Collibra, IBM Corporation (IBM), Ataccama, MetricStream Inc., (MetricStream), Informatica, SAS Institute (SAS), SAP SE (SAP), Oracle Corporation (Oracle), Magnitude Software, Inc. (Magnitude Software), Denodo Technologies (Denodo), Varonis, Infogix, Inc. (Infogix), TopQuadrant, Inc. (TopQuadrant), Information Builders, TIBCO Software (TIBCO), Syncsort, Reltio, Data Advantage Group, Alation, erwin, Inc. (erwin), Global IDs, and Global Data Excellence (GDE). 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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IBM adopted new product launches and product upgradations as its major development strategy to create a competitive edge in the market. As a part of its organic growth strategies, in June 2017, IBM announced new data governance solutions and tools, machine learning advancements, and the formation of the Open Data Governance Consortium for Apache Atlas dedicated to advancing the open framework for data governance. These new solutions and services would enable organizations to gain the deeper understanding of data and control it. They would also help them adhere to the General Data Protection Regulation (GDPR) and other strict data regulations.
Collibra caters to Small and Medium-sized Enterprises (SMEs) and large enterprises in different industry verticals, such as financial services, and healthcare and life sciences. The company majorly operates in North America and Europe. In June 2017, Collibra partnered with Syncsort, a global leader in data liberation, and integrity and integration solutions for next-generation analytics, to integrate its industry-renowned solutions and expertise in data quality and data governance. This partnership would focus on integrating Syncsort’s Trillium data discovery and quality software with Collibra’s data governance platform to provide improved data quality.
Data Governance Market by Component, Deployment Model, Organisation Size, Application (Risk Management, Incident Management, and Compliance Management), Vertical (Manufacturing, Healthcare and BFSI), and Region - Global Forecast to 2025
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