Technavio analyzes that the Data Governance Market is expected to grow at a CAGR of 21.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5387.7 million.There are various factors that contribute to the growth of the market. In today's data-driven business landscape, stricter regulations and compliance requirements for data have become mandatory. Organizations must adhere to these regulations to ensure the security, privacy, and accuracy of their data. Data governance plays a crucial role in achieving this goal. It provides a framework for managing the availability, usability, integrity, and security of data, ensuring compliance with various data protection laws and industry standards. Effective data governance helps organizations mitigate risks, enhance data quality, and make informed decisions based on reliable data.
In the dynamic business landscape, ensuring data completeness, security, and effective management have become imperative for organizations, given the escalating demand for meaningful insights and the data deluge from remote patient monitoring and IoT device implementation. Risk management is a vital segment within the global data governance market, offering comprehensive solutions to help businesses identify, analyze, and mitigate operational risks. Notable offerings, such as IBM OpenPages Operational Risk Management (ORM) and SAS risk management frameworks, lead the way in streamlining risk management processes. IBM OpenPages ORM is specifically designed to enhance operational risk analysis, management, and mitigation within enterprises. It integrates document and process management with a robust monitoring and decision support system, automating risk measurement and oversight. This unified solution consolidates various risk data, including risk and control self-assessments (RCSAs), loss events, scenario analyses, and key risk indicators (KRIs), to provide a holistic approach to risk management and effective risk mitigation.
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Data Governance Market Segmentation
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In today's digital transformation era, robust data governance is crucial for managing high-quality and secure information assets. Policies and standards ensure trust and accountability in handling sensitive data, particularly in sectors like healthcare with patient records and medical research. Big data, IoT technologies, and data volumes bring a data deluge, necessitating sophisticated data governance for data accuracy, completeness, and security. Data management strategies, business intelligence, and data oversight provide meaningful insights while addressing data duplication and IoT device implementation.
In the data governance market, businesses prioritize high-quality, secure data as essential assets. Robust data governance policies and standards ensure trust and accountability in handling sensitive information. With the digital transformation and increasing adoption of big data, companies require effective data management strategies to leverage valuable business insights. Data sourcing and collection involve identifying and evaluating various internal and external sources for cost, coverage, and quality. Establishing long-term relationships with suppliers and implementing advanced systems for inventory management and metadata description are crucial aspects of the data processing and outsourced services market. The labor force, including management and marketing executives, plays a pivotal role in overseeing these operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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