DATA GOVERNANCE MARKET ANALYSIS

Data Governance Market, By Application (Incident management, Process management, Compliance management, Risk management, Audit management, and Others), By Deployment (Cloud and On-premise), By Organization Size (Large-scale Business and Small- and Medium-scale Business),By Industry Vertical (Banking, Financial Services, and Insurance, Government and defense, Retail and consumer goods , Telecommunications and IT, Construction and engineering, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024
Code : CMI5126
Pages :168
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges: Inconsistent Data Practices and Lack of Standardization

One of the major challenges in the data governance market is lack of clear strategies and policies across organizations. When various departments operate independently without standardized protocols, it becomes difficult to harmonize data practices. Additionally, gaining complete support from leadership and educating employees on following governance best practices can be an uphill task. Organizations may also find it challenging to justify the return on investment for data governance to top management and align various stakeholders with conflicting priorities. Lack of skilled professionals further exacerbates the problem of effective implementation of governance programs.

Market Opportunities: Monetizing Data as a Strategic Asset

The opportunities in the data governance market lie in organizations recognizing data as a valuable institutional asset now. As data volumes grow exponentially, the need to institutionalize processes around data collection, storage, usage, and deletion will rise exponentially. This presents a massive opportunity for data governance solution and service providers to assist organizations across industries in the market.