A report by Marker Research Future (MRFR) estimates the global data classification market to rise at a CAGR of 22.8% during the forecast period from 2018 to 2023. At this pace, the opportunities in the worldwide data classification market are estimated to swell up USD 1,597.0 million by the end of the year 2013, where it was USD 475.4 million back in 2017.
Key Market Drivers & Barriers
The consent for adhering to regulatory compliances, the mounting volume of unstructured data, concerns over cybersecurity, and the need for data management are some of the foremost factors supporting the rapid growth of the global data classification market. The solution plays a pivotal role in supporting data management to spot the risk and impact of mishandled data. Moreover, classified data is also indeed convenient to process, safeguard, and comply with data security policies. Even the advent of big data and machine learning in this new era of data will attest to be a game-changer for the industries in the forthcoming years.
Data classification, as the name suggests, is a process to categorize into public, internal, confidential, and private classification. These classifications are usually done based on customer’s requirements and the availability of data sets present for various businesses. Such information is crucial for enterprises and is required to be categorized using tags. All these aspects are making the data classification accessible across the world in enterprises, thus resulting in the growth of the data classification market in the forecast period.
Some more factors leading the market growth are attributed to the growing need to transform unstructured data into structured information, which becomes crucial. An outcome throughout helps enterprises to decide the course of action to be taken for safely guarding the private information of a company and to use it for sales and managerial decisions in the future. With this, the rising globalization and digitalization have simultaneously resulted in the formation of multiple rules and regulations about the distribution and consumption of the information. All these factors are profoundly affecting the market’s growth and promising to bring an array of opportunities in the market during the forecast period.
The global data classification market size has been segmented among various segments, such as component, type, application.
In terms of components, the market gets segregated into solutions and services. Wherein, the solution segment is further segmented into a standalone solution and integrated solution. Service is also further segmented into integration service, consulting service, and maintenance & support service.
In terms of type segment, the market is categorized into content-based, context-based, and user-based.
In terms of application, the market gets segregated into GRC, access control, centralized management and web, mobile & e-mail protection.
Europe, North America, the rest of the world (including the Middle East, Africa, and Latin America) and Asia-Pacific are the critical regions among which the study of the market has been conducted.
North America region might lead the market owing to the existence of major and technologically advanced industries that are required with the adoption of the classification solution to manage and store the information. The region is also estimated to continue demonstrating its leadership over other regions during the estimated period as digitally generated large volumes of information, and a plethora of regulation are becoming popular to safeguard client and stakeholder interests.
The region of Europe is also estimated to record a significant CAGR of approximately 25% over the forecast period. Such a rise in the adoption of data classification solutions in this region is owing to the current implementation of the General Data Protection Regulation (GDPR) that mainly focuses on protecting the right to data privacy.
Market Key Players
The well-known players in the data classification market are listed as Amazon Web Services (US), Microsoft Corporation (US), Symantec Corporation (US), Google LLC (US), IBM Corporation (US), Covata Ltd (Australia), OpenText Corporation (Canada), Varonis Systems Inc (US), Boldon James Ltd (UK), and Innovative Routines International Inc (US).
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