Market outlook of information governance in social business market
Technavio’s market research analysts estimate the global information governance in social business market to reach over USD 5 billion by 2019, growing at CAGR of over 12% during the forecast period. The rigorous regulatory environment is one of the prominent factor driving the need for information governance in social business in government organizations. The ever-tightening global business regulatory environment and rising number of regulations are pushing enterprises to adopt information governance platform solutions to reduce risk and improve the way they operate.
Why is information governance important in social business market?
The increasing presence of corporates on social media channels is no longer a marketing phenomenon but is an essential element of business expansion. More than 75% of the organization around the world are using at least one of the social channels to improve their presence on the web. Furthermore, today's workforce spends a substantial amount of the time on social media sites at home, work and mobile devices. This is driving the massive growth in the volume of information being consumed through non-traditional means, including social opinion and collaboration sites. With the continued rise in the use of social business technologies, the risk of data loss and exposure of a company’s legal liabilities is also increasing over the years.
Organizations are taking proactive tactics to address the risks by building a secure strategy and well-defined social media privacy policies as a component of an organization's overall social business strategy and information governance.
Information governance is crucial when organizations evaluates, selects and migrate to a cloud provider. It provides a structure for organizations to take control and monitor their information and to benefit from the opportunities that the cloud offers.
Segmentation by products and further analysis on -
- Information governance software in social business - Services segment comprises revenue generation from on-premise, SaaS, and hosted information governance platform services.
- Information governance services in social business - Software is categorized by on-premises and off-premises segments.
Segmentation by geography and further analysis on-
Global information governance (IG) in social business market is dominated by the Americas, accounting 68% of the market in 2014; the growth rate for the forecast period however, is not very promising. Americas is a mature market in term of the deployment of IG services because of a proactive government body. The EMEA and APAC are far behind, and are in the early stages of adoption. Americas is followed by EMEA holding 25% of market in 2014. Although the APAC is the fastest growing region, it contributes a modest market share of 7% in 2014.
Key drivers and trends in the information governance in social business
The volume of data at the enterprise level is rising exponentially and is accentuated by the use of third platform consisting of mobile, cloud, social media and analytics. The need for managing information is not merely focused on records management but has become more complex because of the growth of legal and regulatory requirements such as financial Dodd-Frank regulations. Similarly, legal establishments are becoming stricter with standardization of documents and is leading to rise in e-discovery requirements. Information governance has become a business imperative to reduce cost, extract value, mitigate risk and increase revenues.
The increasing number of smartphone users at workplace and rapid adoption of mobility are likely to play a bigger role in transformation of information governance services in the coming years.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the information governance in social business market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Competitive landscape and leading companies in the IG in social business market
There are quite a few players in the market that have been providing information governance solutions for many years. In the current scenario, companies are choosing to develop an economical cost structure by adopting a comprehensive and holistic GRC solution to understand enterprise-wide risks.
In March 2015, ASG Software Solutions expanded its data governance suite with the release of ASG-METARDM that eliminates inefficiencies in reference data management.
Leading vendors of IG in social business market | Other prominent vendors of IG in social business market |
Accenture | Intelex Technologies | AABYY |
ASG Software | Mega International | EMC |
Autonomy | Resolver | Exterro |
FTI Consulting | Gimmal | Metric Stream |
IBM | KCura | CMO Software |
Iron Mountain | OpenText | Enablon |
| Oracle | |
Key questions answered in this report
• What will the market size be in 2019 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?