The data governance market is projected to grow significantly in the coming five years. According to research from analysts at MarketsandMarkets, the sector’s market is poised to increase from $1.8 billion in 2019 to $4.8 billion by 2024. That’s a compound annual growth rate of 21.5%.
The data governance market consists of hardware, software, training, and other resources intended to aid corporations in guaranteeing appropriate access, use, and security of data resources.
The 189-page report segments the market into data governance solutions and services, the latter having a larger projected CAGR.
The prediction is based on the fact that many of the software solutions being offered by companies like IBM, Oracle, and SAP tend to have a steep learning curve, requiring additional employee training and professional implementation.
The manufacturing sector will be highly reliant on those services in order to meet a number of challenges, including quality control, labor laws and production maintenance.
The report predicts that the Asia-Pacific region’s economic growth and prosperity will cause its CAGR for the data governance market to be the highest in the world.