The global Data Classification Market size is expected to grow from USD 536 million in 2018 to USD 1,661 million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period. Major factors fueling the market growth include regulatory compliance, growth in uncontrolled data volumes, and increased security risks. Increasing adoption of data classification solutions in data security applications could provide growth opportunities for vendors in the market.
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Integrated solutions segment to hold a larger market size during the forecast period
Many vendors offer data classification as an integrated functionality rather than developing a new standalone product. It drives the integrated solutions segment’s growth. Vendors offering data security solutions such as DLP and data discovery prefer to integrate the data classification functionality in these solutions rather than building a standalone capability. Integrated solution providers form partnerships with other standalone solution vendors to integrate data classification capabilities as a part of their wider data security product offering.
BFSI vertical to hold the largest market size during the forecast period
The BFSI vertical is leading in the adoption of the data classification solutions and services, due to the nature of the data, such as Personally Identifiable Information (PII), Personal Credit Card Information (PCI), intellectual property (IP) related financial systems, authentication and access control information, and company financial information. BFSI companies have to protect personal data to abide by stringent data privacy rules. Data classification enables the BFSI vertical to prioritize sensitive data and raise flags if the data is mishandled.
North America to hold the largest market size during the forecast period
North America is the major revenue generating region in the global data classification market. The region is witnessing major developments in the data classification space. Many security solution providers in North America are experimenting in the data classification space by either integrating data classification functionalities with their existing data security solutions, such as DLP and data discovery, are building standalone capabilities. They are adopting various growth strategies to strengthen their position in the data classification market.
Major vendors in the global data classification market include IBM (US), Google (US), Microsoft (US), AWS (US), Symantec (US), OpenText (Canada), Covata (Australia), Boldon James (England), Varonis (US), Innovative Routines International (IRI), Informatica (US), Dataguise (US), Spirion (US), Digital Guardian (US), Titus (Canada), Netwrix Corporation (US), PKWARE (US), GTB Technologies (US), Forcepoint (US), Sienna Group (US), MinerEye (Israel), SoftWorks AI (US), Expert TechSource (India), Clearswift (UK), Seclore (US), and Janusnet (Australia).
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The new research report titled "Data Classification Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the data classification market include AWS, Boldon James, Covata, Google, Innovative Routines International (IRI), Inc., Microsoft, Minereye, Opentext, Symantec, Varonis and Others.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Data Classification Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/data-classification-market/download-sampleMarket DynamicsThe growing uncontrollable data volume and increasing data security risk is driving market growth.
Whereas, integration of AI (Artificial Intelligence) into data classification and growing demand for data-driven decision-making process is expected to create potential opportunity over the forecast period.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
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.
OverviewThe data classification market is anticipated to grow by US$1,597.0 million by 2023 rapidly growing at a CAGR of 22.8% during the forecast period.
The global data classification market is driven by growing investment for research and development from key players as well as growing demand for data analysis in different industry verticals.
These factors have helped shape the data classification market and are expected to boost the growth.
The global market for data classification is also covered based on the application segment which is further split into GRC, access control, web, centralized management, and mobile & email protection.Factors like foreign direct investment as well as outsourcing of services in order to save costs, technical support from modern tools available support the data classification market growth.
The data classification market segmental analysis provided in the report offers major details about the data classification market based on the data and forecasts till 2023Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7378 Regional OverviewCompanies in the data classification market are spread across the world.
A detailed analysis of the data classification market across India, China, and Japan in the Asia-Pacific region is also presented in the report.Competitive LandscapeThe data classification market is supported by several factors including high demand, entry of new companies, organized IT environment in many countries, and availability of skilled professionals.
