Growth prospects of the cloud-based information governance market
The global cloud-based information governance market will grow at a CAGR of more than 27% through 2020, according to Technavio.
Cloud-based information governance involves the delivery of managed information governance solutions and services such as policy services, legal feed services, discovery services, classification services, enforcement services, audit services, analytics and reporting services, and IT-related services from within a cloud.
the following three factors are contributing to the growth of the global cloud-based information governance market:
- Increased need to comply with regulatory requirements
- Quick and easy deployment of information governance policies
- Inherent advantages of cloud computing.
Increased need to comply with regulatory requirements
Organizations are subject to follow regulatory requirements to manage corporate data. Governments worldwide are enforcing acts and policies such as Sarbanes–Oxley Act (SOX) in the US, the Health Insurance Portability and Accountability Act (HIPAA) in the US, and data breach notification laws that companies need to comply with for conducting business effectively.
Enterprises in the banking, insurance, and healthcare sectors develop information governance policies that comply with external regulations as they deal with sensitive information. Cloud-based information governance reduces the costs when compared with isolated regulation-specific compliance programs.
Deployment of information governance policies
Cloud-based information governance helps organization in quick deployment of policies across all applications and systems. Policies include business and jurisdictional requirements that control the use of sensitive information. Policies change constantly due to new business requirements, increasing costs, and regulatory demands.
Cloud centralizes all information governance policies across information sources, such as databases and data warehouses, desktops and shared services, email systems, ECM systems, and cloud-based applications, thereby creating a single policy engine. Thus, policy update or enforcement is centrally done without disrupting regular business operations at reduced costs. Cloud-based information governance helps organizations to remain competitive by quickly deploying updated policies across all business operations and technical controls.
Inherent advantages of cloud computing
The introduction of cloud computing has enhanced and simplified information governance and management capabilities. It provides a central administration and control for all resources, Service-level agreement (SLA) backed agreements, and vendor managed infrastructure. Cloud computing eliminates the need for users to update and maintain IT infrastructure necessary to store information.
The service provider takes care of all maintenance services. The user need not install any additional software to access applications and services. SLA ensures reliable delivery, management, and maintenance of information governance policies.
Organizations worldwide use cloud computing technologies to cut costs in information management. Also, with cloud computing services, end-users can concentrate more on the organizations core activities rather than on managing applications related to information governance. Further, enterprises can establish the rapid deployment model that enables information governance solutions to be scaled quickly to match changing requirements.
The cloud has evolved as an ideal model to serve as a core platform and integration fabric for many enterprise applications with configuration flexibility, integrated security, and choice of access mechanisms.