Information Stewardship Application Market – Introduction
- Information stewardship application is used for data managing and profiling and supports information policy management that further helps in quantifying and analyzing the impact of data on business processes. Information stewardship application helps to increase the analytical, operational, and data governance initiative in enterprises, which enhances the overall efficiency of business operations.
- Information stewardship applications allow companies to improve the data quality of enterprise data assets with data management and profiling and also helps to reduce the application complexity by using a single data platform.
- This application solution reduces the overall IT cost on a data management platform and enhances the visibility of data quality by providing the scorecard and dashboard. Information stewardship application is used by data analysts, IT experts, and data stewards to improve collaboration and the overall data integrity process.
- Demand for information stewardship applications is increasing among different industries to reduce the overall expense on data management and analysis processes and it also helps drive the efficiency of the business process.
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Key Drivers of the Information Stewardship Application Market
- The increasing number of businesses across different regions has generated demand for advanced data management and the need to maintain the quality of data sources, which is expected to drive the growth of the information stewardship application market. Increasing adoption of data quality advisors solutions in different industries is also expected to boost the growth of the information stewardship application market.
- Companies are investing in data quality platforms, which is expected to create better business opportunities for solution providers of information stewardship applications.
Lack of awareness about solutions and lack of professional workforce in small and medium enterprises expected to hinder the market
- Lack of awareness about advanced solutions in data management and quality management platforms among small and medium-sized enterprises may restrain the growth of the information stewardship application market in SME sectors.
- Lack of professional workforce to adopt the new technology is also expected to hamper the growth of the information stewardship application market.
Impact of COVID-19 on the Global Information Stewardship Application Market
- The overall adoption rate of information stewardship applications decreased during the COVID-19 period due to the low adoption rate among new users and medium & large companies. Manufacturing, retail, and other industries have reduced technological investment in advanced data platforms to maintain their financial position during lockdown periods.
- Demand for information stewardship applications is expected to decrease during lockdown conditions, but demand is set to increase after the stabilization of global market conditions.
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North America to Hold Major Share of the Global Information Stewardship Application Market
- North America holds a prominent share of the information stewardship application market due to the presence of key solution providers and increasing investment by companies in advanced data tools to manage global business operations in the region.
- The information stewardship application market in Asia Pacific is expected to expand the fastest during the forecast period due to the increasing number of manufacturing and service providing companies and IT companies and also increasing investment by major players to provide information stewardship application solutions in the region.
Key Players Operating in the Global Information Stewardship Application Market
- IBM Corporation
IBM Corporation is a multinational company, manufacturing and marketing products including computer hardware, middleware, and software, besides providing hosting and IT consulting services. The company provides industry solutions in analytics, application infrastructure, e-commerce, DevOps, cloud computing, Big Data, and marketing.
- Collibra NV
Collibra NV provides data intelligence solutions to different industries. The company offers a wide range of products in data platforms, data catalog, data governance, data lineage, and data privacy. The company provides solutions in cloud-ready data, self-service-analytics, digital transformation, data intelligence, and financial services.
Other key players operating in the global information stewardship application market include Winshuttle, LLC, Global Data Excellence Ltd., Informatica LLC, Magnitude Software, Inc., Global IDs, Inc., Alation, Inc., and Syniti (BackOffice Associates, LLC).
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