In the enterprise data management ecosystem, data quality is a broad term which refers to the quality, integrity, and consistency of data and/or process etc. Data quality also implies the degree of data accuracy and consistency. On the other hand, data governance focusses on the management of data assets by assigning authority, control, and responsibility of data and encompasses three key areas: people, process, and technology.
Data quality and data governance are closely related and go hand in hand in the enterprise data management ecosystem. In today’s competitive world, data quality and data governance practices is anticipated to evolve rapidly backed by growth in Master Data Management tools and technology. In recent years it is observed that enterprises with an enterprise resource planning (ERP) or customer relationship management (CRM) application have struggled owing to the absence of built-in data quality and data governance capabilities.
The global data quality and data governance solutions market is anticipated to grow in the coming years as these solutions assists enterprises and professionals to address major challenges arising out of an enterprise’s applications and transactional data, data types and formats, data cleansing and validation, and hybrid environments. Furthermore, cloud, big data and machine learning is anticipated to push the demand for global data quality and data governance solutions.
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However, factors such as ever changing policies and regulations, categorization of unstructured data, and inconsistent business semantics are anticipated to restrain the growth of the global data quality and data governance solution market.
The global data quality and data governance solution market can be segmented on the basis of deployment model, business function, and industry verticals. Deployment model can be further segmented as on-premise and cloud based. Based on business function, the market can be classified into finance, information technology, legal, operations and others. On the basis of industry vertical, the global data quality and data governance solution market can be classified into Banking, Financial Services and Insurance (BFSI), telecom and IT, healthcare, retail and e-commerce, healthcare, manufacturing, government and defense, energy and utilities, construction and engineering, and others (research, education, BPO, and travel & hospitality)
Geographically, the global data quality and data governance solution market is segmented into Middle-East and Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America.
North America is expected to dominate the global data quality and data governance solution market during the forecast period 2017 – 2025, owing to large investments in cloud-based machine learning and Big Data technologies, and presence of large number of vendors in this region.
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The Asia Pacific (APAC) region is anticipated to be the fastest-growing region for the global data quality and data governance solution market. The region is currently in its initial growth phase. The high growth rate in Asia Pacific is driven by Small and Medium Enterprises (SMEs) demand for cost-effective data quality and data governance solutions.
Europe is anticipated to contribute a significant share in the global data quality and data governance solution market after North America. Europe is also anticipated to witness a steady growth rate during the forecast period from 2017 – 2025.