Information governance solutions (IGS) manage corporate information by applying controls, processes, retrievals, and metrics to the information stored on various premises. The objective of an information governance solution is to make data or information available to authentic users whenever required or requested to make informative business decisions. Information governance solution streamlines enterprise information management, ensures compliance, and reduces information storage costs. IGS enables organizations to be more agile to respond to the changing marketplace and reduces the legal risks associated with inconsistent or unmanaged information. Typically, information governance covers corporate information such as accounting and financial records, employee personal & financial information, and client & contract details. IGS enables an organization to ensure that information is handled efficiently, securely, and effectively to deliver best possible business decisions. Information governance solutions provide a framework to bring together all the legal aspects and organizational best practices to handle the information.
Growing need of advanced information management solutions and stringent regulations pertaining to data privacy and security are expected to drive the global information governance solutions market during the forecast period. The Foreign Corrupt Practices Act, 1977, of the U.S. ensures accounting transparency requisites under the Securities Exchange Act. The act mandates organizations to attest to the authenticity of their records. Information management solutions provide electronic integrity to the information by making it authentic for legal procedures. Furthermore, the Health Insurance Portability and Accountability Act (HIPAA) of the U.S. impacts healthcare organizations and providers with respect to protection of patient and consumer privacy. Significant rise in the number of online transactions in the banking sector is also projected to boost information governance solutions market growth in the next few years. Substantial mobile penetration and various digital onboarding initiatives by banking services providers is leading to growth in number of online transactions.
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The global information governance solutions market can be segmented based on component, type, end-use, and region. In terms of component, the information governance solutions market can be bifurcated into software and services. The software segment can be classified into cloud-based solutions and on-premise solutions. The services segment can be divided into professional services and managed services. Cloud-based information governance solutions help organizations improve productivity and efficiency by enabling users to access the solution anywhere, on any device. The cloud-based information governance solutions segment is projected to grow at a rapid pace during the forecast period. Based on type, the global information governance solutions market can be categorized into analytics, content management, information security, eDiscovery, information archiving, and others. In terms of end-use, the information governance solutions market can be classified into banking, financial services & insurance (BFSI), government, retail, manufacturing, IT & telecom, healthcare, and others. Regulated industries such as BFSI and healthcare have stringent rules pertaining to data security and data privacy. This is expected drive the two segments during the forecast period. Based on region, the global information governance solutions market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are anticipated to hold significant market shares during the forecast period due to high adoption and awareness of information governance solutions in the regions. Developing countries in Asia Pacific such as India and China are anticipated to present lucrative opportunities in the information governance solutions market during the forecast period from 2018 to 2026.
Regional players are expected to enter the global information governance solutions market due to rise in awareness about data security and data privacy. Major players operating in the global information governance solutions market are Ernst & Young LLP, Dell, Inc., Business Intelligence Associates, Inc. (BIA), Micro Focus International plc, Deloitte, IBM Corporation, AccessData, Microsoft Corporation, Symantec Corporation, and Amazon, Inc.