Cloud-based Information Governance Market Size Will Worth USD 15.5 Bn by 2032
Updated · Apr 10, 2023
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Published Via 11Press: The Cloud-Based Information Governance Market is experiencing rapid growth due to an ever-increasing need for efficient and secure digital data management. Information governance refers to the set of policies, procedures, and technologies organizations use to safeguard their data – both structured and unstructured – throughout its lifecycle.
Cloud-Based Information Governance Market is expected to increase from USD 2.3 billion in 2022 to USD 15.5 billion by 2032, at a compound annual growth rate (CAGR) of 20.8% during the forecast period. The primary drivers behind this growth include an increasing volume of digital data, rising demands for privacy and security measures, as well as growing adoption of cloud-based solutions.
North America is expected to hold the largest market share during the forecast period, due to the presence of major players and the high adoption of cloud-based technologies in this region. On the other hand, Asia-Pacific will experience the highest growth rate due to the rising demand for information governance solutions from emerging economies such as China and India.
Some of the leading players in cloud-based information governance include IBM Corporation, Microsoft Corporation, Google LLC, Micro Focus International plc, Symantec Corporation, Box Inc., OpenText Corporation, AWS Inc., Dell Technologies, and Veritas Technologies LLC.
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- The cloud-based information governance market is expanding rapidly due to the growing volume of digital data, the growing need for data privacy and security, and the rising adoption of cloud-based solutions.
- Cloud-based Information Governance Market is expected to experience a compound annual growth rate of 20.8% between 2022 and 2032, rising from USD 2.3 billion in 2022 to USD 15.5 billion by 2032, at an impressive CAGR of 20.8% during this forecast period.
- North America is forecast to hold the largest market share during this forecast period, while Asia-Pacific is anticipated to experience the highest growth rate.
- Some of the major players in this cloud-based information governance market include IBM Corporation, Microsoft Corporation, Google LLC, Micro Focus International plc, Symantec Corporation, Box, Inc., OpenText Corporation, AWS Inc., Dell Technologies, and Veritas Technologies LLC.
- North America is expected to dominate the cloud-based technology market during the forecast period, due to the presence of major players and high adoption rates within the region.
- Europe is anticipated to experience rapid growth in the cloud-based information governance market, spurred by increasing adoption of cloud-based solutions and regulations such as GDPR.
- The Asia-Pacific region is expected to experience the highest growth rate, driven by increasing demand for information governance solutions from emerging economies such as China and India.
- Growing Volume of Digital Data: Organizations are facing an ever-increasing amount of digital data, driving demand for cloud-based information governance solutions that can efficiently and securely manage and protect this information.
- Rising Need for Data Privacy and Security: As cyberattacks continue to evolve, organizations are increasingly realizing the necessity for robust information governance solutions that protect sensitive data while complying with regulations.
- Growing Adoption of Cloud-based Solutions: As cloud adoption continues to spread across industries, organizations are seeking cloud-based information governance solutions that offer cost-effective and scalable data management options.
- Data sovereignty concerns: Some organizations may be reluctant to adopt cloud-based information governance solutions due to concerns about data sovereignty, particularly in regions with stringent privacy regulations.
- Lack of Awareness and Expertise: Some organizations may lack the necessary expertise to implement and manage cloud-based information governance solutions, or may simply not be aware of their potential advantages.
- Integration with Legacy Systems: Organizations may experience difficulties integrating cloud-based information governance solutions with their existing legacy systems, potentially compromising the effectiveness of these solutions.
- Growing Demand for AI and Machine Learning Technologies: With the rising interest in these technologies, cloud-based information governance solutions can provide enhanced efficiency and effectiveness when managing data security.
- Emerging Economies: The rapid rise of emerging economies such as China and India provides significant opportunities for cloud-based information governance solutions, as these regions continue to embrace digital technologies and value data management and protection.
- Collaboration and Partnerships: Collaboration and partnerships between information governance solution providers and other technology firms can present unique opportunities for innovation and the integration of complementary technologies.
- Security and Compliance Issues: Cloud-based information governance solutions may present security and compliance risks to organizations, especially in highly regulated industries like healthcare or finance. To effectively mitigate these risks, organizations need to understand how best to manage them.
- Data Fragmentation: The growing volume and variety of digital data sources present organizations with challenges when it comes to managing and protecting their information, which could ultimately compromise the performance of cloud-based information governance solutions.
- Integration with Existing Systems: Adopting cloud-based information governance solutions can present a challenge for organizations, particularly those with complex legacy systems. However, integration is possible and should be taken into consideration as part of the transition process.
- In January 2022, Microsoft announced the launch of a new cloud-based data governance solution called Microsoft Cloud Data Governance, which is designed to help organizations manage and protect their data across multiple cloud platforms.
- In December 2021, OpenText Corporation announced the launch of its new information governance solution, OpenText Managed Services for Microsoft 365, which provides managed services for Microsoft 365 data governance and compliance.
- In October 2021, Box, Inc. announced the launch of Box Shield, a new set of security and compliance controls for enterprise customers, which includes new features for data classification, retention, and deletion.
- In September 2021, IBM Corporation announced the launch of its new Watson Discovery for Box, which uses AI and machine learning to help organizations classify and manage their unstructured data stored in Box.
Key Market Segments
- Simple Storage And Retrieval
- Basic Document Management
- Complex Document Management
- Functional Applications With Document Storage
- Social Networking Applications With Document Storage
- IT And Telecom
Key Market Players
- HP Autonomy
- Ernst & Young
- Guidance Software
- Index Engines
- Iron Mountain
- Konica Minolta
- Kroll Ontrak
|The market size value in 2022||USD 2.3 Bn|
|Revenue forecast by 2032||USD 15.5 Bn|
|Growth Rate||CAGR Of 20.8%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
Frequently Asked Questions
Q: What is cloud-based information governance?
A: Cloud-based information governance refers to the set of policies, procedures, and technologies that organizations use to manage and protect their digital data stored in the cloud.
Q: What are some of the key drivers of the cloud-based information governance market?
A: The key drivers of the cloud-based information governance market include the increasing volume of digital data, the rising need for data privacy and security, and the growing adoption of cloud-based solutions.
Q: Which regions are expected to witness the highest growth in the cloud-based information governance market?
A: The Asia-Pacific region is expected to witness the highest growth rate, owing to the increasing demand for information governance solutions from emerging economies such as China and India.
Q: Who are some of the key players in the cloud-based information governance market?
A: Some of the key players in the cloud-based information governance market include IBM Corporation, Microsoft Corporation, Google LLC, Micro Focus International plc, Symantec Corporation, Box, Inc., OpenText Corporation, AWS Inc., Dell Technologies, and Veritas Technologies LLC.
Q: What are some of the challenges associated with cloud-based information governance solutions?
A: Some of the challenges associated with cloud-based information governance solutions include security and compliance concerns, data fragmentation, and integration with existing systems
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