The Asia Pacific Data Governance Market would witness market growth of 21.3% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Data Governance Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,238.9 million by 2031. The Japan market is registering a CAGR of 20.5% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 22.1% during (2024 - 2031).
The adoption of governance has become increasingly prevalent across industries and organizations of all sizes due to several driving factors. For instance, with the proliferation of data sources, formats, and systems, organizations are grappling with the complexity of managing and governing their data effectively. Adopting governance helps organizations establish standardized processes, policies, and controls to manage data across its lifecycle, ensuring consistency, integrity, and reliability.
Furthermore, governance initiatives can lead to operational efficiencies and cost savings by streamlining data management processes, eliminating data redundancies, and reducing data-related errors and inefficiencies. Organizations can optimize data management operations and realize cost efficiencies across their data infrastructure by adopting data management practices such as standardization, integration, and quality management.
As the banking sector expands in China, regulatory authorities such as the China Banking and Insurance Regulatory Commission (CBIRC) impose stringent regulations to ensure financial stability and protect consumer data. Data management becomes essential for banks to comply with regulations. According to the National Financial Regulatory Administration, as of the end of 2023 Q3, the total renminbi (RMB) and foreign currency assets of China’s banking institutions at home and abroad reached RMB 409.8 trillion, up 9.5% yearly. Likewise, The expanding retail industry produces large volumes of data in India from various sources, including loyalty programs, e-commerce sites, point-of-sale (POS) systems, and CRM software. As per the National Investment Promotion & Facilitation Agency, the Indian retail sector is projected to develop at a 25% annual rate, reaching $1.1 trillion by 2027 and $2 trillion by 2032. In conclusion, the growing retail sector and increasing banking sector in the region drive the market’s growth.
Free Valuable Insights: The Global Data Governance Market is Predict to reach USD 15.4 Billion by 2031, at a CAGR of 20.5%
Based on Offering, the market is segmented into Solution and Services. Based on Application, the market is segmented into Risk Management, Process Management, Incident Management, Audit Management, Compliance Management, Data Quality & Security Management and Others. Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Vertical, the market is segmented into BFSI, Government, Energy & Utilities, Healthcare & Lifesciences, Transportation & Logistics, Manufacturing, Retail & Consumer Goods, Telecom & IT and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
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