Information management has become crucial for every corporate and government organization with the rising cloud market and social media governance. This has been the key factor driving the growth of the cloud-based information governance market and is anticipated to grow at a CAGR of 21.8% during the forecast period (2024-2031). The market growth is fueled by factors such as technological advancements, the need for advanced information management solutions, rising legal threats for data protection among enterprises, and increased demand for cloud-based solutions. However, awareness about the benefits of cloud-based information governance is still low among users hindering the market growth.
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Key Trends in the Global Cloud-Based Information Governance Market
- Global market giants are acquiring various small players to improve and strengthen their existing data and information protection technologies. For instance, in June 2023, IBM agreed to purchase Apptio, a specialist in cloud cost control, for $4.6 billion from private equity firm Vista, which has owned Apptio since 2018. IBM plans to integrate Apptio’s offerings into its IT automation portfolio, including AIOps, Instana, and Turbonomics, enabling enterprises to optimize application cost and performance through a centralized control center.
- Businesses across the globe are trying to boost their existing cloud capabilities to strengthen their cloud-based information governance system driving the growth of the market. For instance, DigitalOcean, a prominent player in cloud hosting, has announced its acquisition of Paperspace, a New York-based cloud computing and AI development startup, in a cash deal worth $111.0 million. This acquisition strengthens DigitalOcean’s position in the cloud computing landscape.
- The integration of various technologies such as AI, IoT, and Big Data is fueling the cloud-based information governance market’s growth. For instance, in June 2023, Google Cloud partnered with Singapore’s smart nation and digital government office (SNDGO) to launch an artificial intelligence government cloud cluster (AGCC). The AGCC platform is hosted in a ‘dedicated’ cloud computing environment and will allow government agencies to leverage the vendor’s AI technology stack and its channel partners to deploy ‘scalable’ AI applications ‘quickly’ and in a ‘cost-effective’ manner.
- Global brands are collaborating to provide seamless customer experience by improving productivity and performance is driving the market growth. For instance, in August 2023, OpenText announced an expansion of its partnership with Google Cloud to deliver AI-powered integrations that will help organizations unlock the power of their data on Google Cloud to their competitive advantage. The co-innovation of OpenText’s information management solutions and Google Cloud’s AI capabilities will accelerate how organizations of all sizes surface insights quickly, boost productivity, and transform customer experiences.
- The widespread adoption of Software as a Service (SaaS) solutions increases the demand for cloud-based information governance to assure data security and compliance in cloud-hosted applications. For instance, in May 2023, IBM, unveiled IBM Hybrid Cloud Mesh, a SaaS offering that is designed to enable enterprises to bring management to their hybrid multi-cloud infrastructure. It provides application connectivity between public and private clouds, allowing modern companies to operate their infrastructure across hybrid multi-cloud and heterogeneous environments.
The market players dominating the global cloud-based information governance market are Ernst & Young, EMC Corporation, BIA, HP Autonomy, Deloitte, IBM, AccessData, Symantec Corporation, Microsoft Corporation, and Amazon, among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2023, Cisco announced its acquisition of Lightspin Technologies, a leading Israeli cloud security software company. Lightspin’s cutting-edge solution specializes in comprehensive cloud security posture management (CSPM) for cloud-native resources. Leveraging advanced graph-based technology, Lightspin delivers crucial context, prioritization, and actionable remediation recommendations for cloud security. This strategic acquisition is anticipated to involve an investment ranging from $200.0 million to $250.0 million by Cisco.
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