The global data classification market size is expected to reach USD 2.44 billion by 2025, expanding at a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing stringency on regulatory compliance, generation of large data volume, and the introduction of big data and machine learning technology are some of the major growth drivers for the market. Moreover, the data-driven decision-making for sales, rising product launch, and increasing number of enterprises are some of the factors providing impetus to the growth.
Data classification offered as a standalone and integrated solution is changing the way the information is generated, stored, and processed. The homogeneously tagged information with industry defined classification is vital in generating actionable insights. Hence, enterprises are inclined to opt for integrated data security platform for data classification as well as protection. Moreover, repercussion of non-compliance can lead to huge financial and reputational losses. Hence, the adoption of data classification solution is vital to address the data security concerns of the organizations as it classifies the information based on the nature of content.
Data classification solution is anticipated to witness high adoption across major developed countries such as U.S., Canada, Germany, and Japan. The developed countries emphasize on adopting emerging technologies and automation solution to reduce error and to improve production. Vendors in the data classification market offer product upgrades and adopting expansion strategies to strengthen their foothold in the market. This is anticipated to intensity the competition among existing and emerging market players in near future.
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Further key findings from the study suggest:
- The content-based classification type segment accounted for over 34% of the revenue share in 2018
- Revenue from telecom and IT segment is expected to reach approximately USD 488.5 million by 2025, attributed to the need for protecting large volume of confidential customer information as per data privacy laws
- Web, mobile and email protection application segment is estimated to expand at a CAGR of over 26% from 2019 to 2025, driven by the demand for classifying vulnerable enterprise information created and shared over digital medium
- North America is expected to dominate the global market by 2025 owing to the expansion of BFSI, telecom and IT, and healthcare industries that are bound by regulations and thus need precise classification of the generated information
- Some of the major data classification market players are IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation. These vendors lead the market with their integrated data security platform, upgraded solution, reliable services, and worldwide presence
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