DUBLIN–(BUSINESS WIRE)–The “Global Data Intelligence & Governance Market (By Segment, Deployment, Application, & Region): Insights and Forecast (2022-2026)” report has been added to ResearchAndMarkets.com’s offering.
Due to a data-driven strategy, the amount of data available has drastically expanded in recent years. There is a huge demand for big data training, analytics technologies, and services. Businesses have increased their demand for data intelligence software because without the skills and resources to analyze it, data is useless. This software helps organizations grow their businesses by empowering business analysts to locate, access, comprehend, and trust their data so they can make important business decisions.
Moreover, as consumers become more cautious about sharing data and governments strengthen privacy regulations, leading companies are discovering that data protection and privacy can provide a competitive edge. This factor has increased and will continue to raise global demand for data intelligence and governance solutions.
The global data intelligence & governance market is anticipated to reach US$24.73 billion in 2023, growing at a CAGR of 13.62% during the forecast period.
By Segment: The data governance segment held the maximum share in global data intelligence & governance market, owing to data is the most significant factor in making corporate decisions and in many other fields such as research and analytics.
By Deployment: On-premise segment held largest share in data intelligence & governance market, as many businesses implement precautions to safeguard their data from being accessed by unauthorized persons, which is commonly done by inside traders in the company.
By Application: IT & Telecom segment is the fastest growing segment with highest CAGR during forecast period, as data intelligence & governance solutions help to improve their services and make their customers happier.
Top Impacting Factors
- Rising Regulatory Compliance Mandates
- Growth of Data Volume
- Digital Transformation
- Adoption of Business Intelligence (BI) And Analytics
- Maintenance of Metadata Silos
- Multiple Data Storages
- Artificial Intelligence
- Rising Adoption of Cloud Integration
- Increased Focus on Establishing a Single Source Of Truth (SSoT)
- Metadata Driven Data Fabric
Key Driver, Challenges and Trends Analysis
Driver: Rising Regulatory Compliance Mandates
Regulatory compliance is a set of guidelines that companies must follow in order to safeguard sensitive information and human safety. Regulatory compliance applies to any business that interacts with digital assets, consumer data, health regulations, employee safety, or private conversations. Violations of regulatory compliance are frequently punished by law, including federal fines. As more social and economic activity move online, the necessity of privacy and data protection has become more widely recognized. The mandate of regulatory compliance helps companies to attain Financial security, protects companies’ sensitive data from a data breach by hackers, malware, misuse, and insider threats, and also helps with the integrity and reliability of data. This how the benefits of regulatory compliance mandates has driven the data intelligence and governance market in recent years.
Challenge: Multiple Data Storages
The ability to access data when necessary without worrying that it has somehow been deleted, altered, stolen, or corrupted is one of the primary functions of a data storage platform. This often pose as a threat for the data when stored in multi data storages. With the sheer amount of data being processed by most companies today, data governance is a monumental challenge in any environment. When you use a multi cloud strategy, this challenge increases exponentially. Ensuring that multi cloud data is accessible to the applications, processes, and users who need it while keeping it secure requires robust data governance strategies. The multiple data storage pose as a challenge to the data intelligence and governance market owing to the advancing hacker techniques to acquire unauthorized data available. The challenge of tackling such advanced hacker techniques would require frequent updates which would cost a lot of investment in R&D. Therefore, multiple data storage is a challenge to the overall market.
Trend: Rising Adoption of Cloud Integration
With the data and apps en-routed towards cloud Analytics and data intelligence can’t be far behind. The presence of cloud everywhere is nothing new for those who stays up-to-date with data intelligence & governance trends. With time fear of moving crucial business data online is reducing and entrepreneurs learned how to embrace the power of cloud analytics, migrating most of the elements- data sources, data models, processing applications, computing power and data storage to the cloud. Data intelligence & governance solutions are blending with cloud computing which is assuring attaining relevant data with adhering to data privacy and data protection norms. This trend would help in increasing the trust of organization over working via cloud computing.
Analysis of Key Players
- Cisco Systems
- TIBCO Software
For more information about this report visit https://www.researchandmarkets.com/r/hji5kt
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