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The information governance in social business market size is forecast to increase by USD 6.78 billion, at a CAGR of 13.5% between 2023 and 2028. The market growth is contingent upon various factors, chief among them being the escalating regulatory compliance demands concerning it, heightened data security apprehensions, and the widespread adoption of social media platforms. The surge in regulatory requirements reflects a growing emphasis on data protection and privacy standards, urging businesses to adopt robust governance frameworks. Concurrently, the rising concerns regarding data security underscore the critical need for advanced cybersecurity measures across social business landscapes. Moreover, the exponential growth in social media usage further fuels market expansion, creating new avenues for engagement, marketing, and customer interactions. These intertwined dynamics emphasize the intricate balance between regulatory adherence, cybersecurity fortification, and leveraging social media's potential for driving business growth and innovation.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Flatworld Solutions Pvt. Ltd., FTI Consulting Inc., Gimmal, Informatica Inc., International Business Machines Corp., Iron Mountain Inc., Kroll LLC, Kyocera Corp., MetricStream Inc., Mitratech Inc., Open Text Corp., Oracle Corp., Salesforce Inc., Spirion LLC, Sprout Social Inc., Talkwalker Sarl, and Veritas Technologies LLC. Additionally, Accenture Plc offers information governance solutions to manage, govern, and catalog data while creating trust and ensuring compliance.
In the market, Information Governance plays a crucial role in ensuring development plans align with legal compliance. Operational transparency is achieved through the implementation of a comprehensive framework that includes employees, data processing, and technological innovation. Performance optimization and carbon neutrality are key performance indicators that are monitored and improved through information governance solutions. Social media platforms are integral to customer interaction and market participation. Information governance ensures the protection of sensitive information and adherence to policies and procedures. Data analytics is used to gain insights into market trends and business strategies, while social business and marketing tools are utilized to engage with customers and minimize switching costs. Trading Enterprises and Financial Institutions rely on software to manage data and information. Information governance solutions provide the necessary policies, procedures, microblogs, forums, and other communication channels to facilitate effective information management. Data processing and information governance go hand in hand, ensuring the secure and ethical use of data. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Rising regulatory compliance requirements related to information governance in social business is notably driving the market. Information governance in the social business market is witnessing substantial development plans due to the increasing legal compliance requirements. Governments globally are implementing stringent data protection regulations to safeguard individuals' privacy rights and mitigate risks associated with the misuse of personal data on social media platforms.
For instance, the European Union's GDPR, which came into effect in 2018, mandates strict guidelines for the collection, processing, and storage of data and information by businesses, irrespective of their geographical location if they target EU citizens. These regulations impose significant fines for non-compliance, compelling organizations to adopt comprehensive information governance frameworks. Employees must adhere to policies and procedures regarding data processing, and technological innovation is essential for performance optimization and carbon neutrality. Hence, such factors are driving the market during the forecast period.
Expanding the digital transformation landscape is a primary trend in the market. In the evolving digital landscape, social business activities are driving the expansion of the global information governance market. As organizations implement development plans to adapt to the business environment, they utilize social media platforms for communication and marketing. The generation of digital content from these activities poses challenges in managing, securing, and ensuring legal compliance with data.
Moreover, to address these issues, organizations implement information governance frameworks that ensure operational transparency, alignment with business objectives, and protection of sensitive information. Leading market participants offer customized information governance solutions to tackle the unique challenges of data processing in social business settings. These solutions encompass policies and procedures for microblogs, forums, and other social media platforms. Hence, such factors are driving the market during the forecast period.
Integration and interoperability issues related to information governance in social business a major challenges hindering the market. In the social business market, the development and implementation of information governance frameworks are essential for ensuring legal compliance, operational transparency, and effective data processing. Technological innovation and performance optimization are key drivers for businesses in various sectors, including trading enterprises, financial institutions, community organizations, non-government organizations, and charities, as they expand their geographical reach and embrace digital transformation.
Moreover, social media platforms have become integral to business strategies, enabling customer interaction and marketing tools. However, integrating information governance solutions with these platforms and third-party applications can be complex due to the lack of standardization and compatibility between different systems and data formats. Hence, such factors are hindering the market during the forecast period.
The software segment is estimated to witness significant growth during the forecast period. In the social business market, information governance plays a pivotal role in development plans, ensuring legal compliance and operational transparency. This framework encompasses various aspects, including data processing, security, and risk management for employees and customers engaging on social media platforms. Technological innovation and performance optimization are integral to effective information governance solutions, enabling businesses to analyze data and adhere to policies and procedures on microblogs, forums, and other digital channels.
The software segment was the largest segment and was valued at USD 2.36 billion in 2018. Cloud-based solutions facilitate geographical expansions and technological advancements within the technology ecosystem, allowing market participants to manage sensitive information and mitigate risks associated with data misuse or unauthorized access. Information governance is essential for trading enterprises, financial institutions, community organizations, non-government organizations, and charities, as they navigate marketing tools and investment projects. Switching costs can be high when implementing new software, making it crucial to evaluate feasibility and seek guidance from industry experts before making significant investments. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.
The growing utilization by large enterprise segments will increase the market growth. Information governance plays a pivotal role in the social business market as enterprises grapple with managing and securing vast amounts of data generated through social media platforms. According to research conclusions, effective information governance practices enable social businesses to maintain data integrity, safeguard sensitive information, and adhere to regulatory requirements. Strategic developments in this area include new product launches focused on advanced data classification and access control solutions. Mergers and acquisitions, agreements, collaborations, and joint ventures have also driven the need for robust information governance frameworks. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Research conclusions indicate a significant growth trajectory for Information Governance in the Social Business Market in North America. Strategic developments, such as new product launches and collaborations, are driving this expansion. Vendors are responding to the increasing use of social media by enterprises by offering advanced information governance solutions. Mergers and acquisitions, as well as regional growth, are also contributing factors.
However, production costs and supply chain dynamics can pose challenges for market participants. Raw materials and business market obstacles are areas requiring careful consideration for strategic planning. Despite these challenges, the Market in North America is poised for robust expansion due to the importance of social media as a business communication platform for enterprises. Hence, such factors are driving the market in North America during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Exterro Inc: The company offers information governance solutions such as tools for monitoring, archiving, and managing social media content to ensure compliance with regulatory requirements and internal policies.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Information Governance plays a crucial role in social business marketing as organizations increasingly leverage digital channels to engage with customers and stakeholders. With the proliferation of data from various sources, it is essential to implement effective Information Governance practices to ensure data security, privacy, and compliance. Social media platforms provide valuable insights into consumer behavior and preferences. However, the collection, storage, and usage of this data require careful consideration. Information Governance frameworks help organizations manage social media data in a structured and compliant manner. Policies and procedures for data retention, access, and disposal are essential components of the market.
Additionally, training employees on data security best practices and implementing data loss prevention measures are crucial to mitigate risks. The market landscape depends on statistics, direction, marketing channels, and new product launches. The use of technology, such as data analytics tools and social media monitoring software, can aid in implementing Information Governance practices. However, it is essential to ensure that these technologies are used in a compliant and ethical manner. Marketing teams must collaborate with IT and legal departments to establish Information Governance policies and procedures tailored to their specific needs. This collaboration ensures that social business marketing initiatives align with organizational goals and comply with relevant regulations. In conclusion, Information Governance is a critical aspect of social business marketing. Effective implementation of Information Governance practices helps organizations manage social media data securely, ethically, and in compliance with regulations.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.5% |
Market Growth 2024-2028 |
USD 6.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.16 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Exterro Inc., Flatworld Solutions Pvt. Ltd., FTI Consulting Inc., Gimmal, Informatica Inc., International Business Machines Corp., Iron Mountain Inc., Kroll LLC, Kyocera Corp., MetricStream Inc., Mitratech Inc., Open Text Corp., Oracle Corp., Salesforce Inc., Spirion LLC, Sprout Social Inc., Talkwalker Sarl, and Veritas Technologies LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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