Data Classification Market Analysis, Segments, Current Trends and Regional Overview By Key Companies
- ehteshampeerzade
- Sep 15, 2020
- 3 min read
Market Highlights
The various mandates prompting adherence to regulatory compliances, expanding volume of unstructured data, rising issues with regard to cyber security, and the growing requirement for data management are some of the significant growth boosters in the market for data classification. The solution helps support data management in detecting the risks as well as the impact of mishandled data. Also, classified data is ideal for processing, safeguarding, and complying with data security policies.
The global market for data classification 2020 was estimated at USD 475.4 million in 2017 and exhibits a high potential of reaching a valuation of USD 1,597.0 million by 2023-end, asserts Market Research Future (MRFR). MRFR also expects the market to achieve a striking growth rate of 22.8% between 2018 and 2023 (forecast period).
The vendors providing data classification solutions provide an integrated solution rather than standalone solution such as data security, and data loss prevention solution integrated with other data analysis, or data processing solutions. These solutions are also often integrated with data center software infrastructure.
With the mounting need for converting unstructured data into structured information, the need to analyze the outcome has become extremely important. This outcome helps decide that course of action needs to be taken in order to safeguard the enterprise’s confidential and sensitive information and also make use of it for managerial and sales decisions. Additionally, surge in globalization as well as digitalization has led to the emergence of various rules and regulations with respect to the distribution as well as consumption of the information.
With the emergence of machine learning and big data in the modern technology era is touted to be a game-changer for various sectors around the world. Big data makes high demand for data classification to deliver top quality information to reach management decisions. The rising need to classify data is characterized by its huge volume, velocity as well as various types of information present in either a structured or an unstructured manner. Likewise, machine learning can benefit the data classification market given its capacity to gain an understanding of the tags for all the types of information set within the system.
Regional Insight
The market for data classification is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of data classification market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). The market is dominated by North America owing to major developments by key players in the data classification market. Nearly 70% of the data classification companies have their presence in the US.
On the other hand, Europe closely follows North America and is estimated to be the second largest region by revenue by 2023. Asia-Pacific is expected to be the highest fastest growing region with highest CAGR during the forecast period since due to growth in the semiconductor industry, and digital infrastructure. The BFSI and IT sector in Asia-Pacific is growing at a rapid pace and countries such as India, and Japan are expected to be among the top IT regions by 2025.
Top Companies
Symantec Corporation (US), Microsoft Corporation (US), Google LLC (US), Innovative Routines International Inc (US), OpenText Corporation (Canada), Amazon Web Services (US), Boldon James Ltd (UK), Varonis Systems Inc (US), IBM Corporation (US), Covata Ltd (Australia) are some of the top companies listed in the MRFR report. These companies are constantly on the lookout for growth opportunities in the market, with the adoption of strategies like mergers and acquisitions, collaborations and product launch.
Segmentation:
As per the MRFR report, the data classification market size can be classified into component, type and application.
The various components discussed in the report include solution, as well as services. Solution types are standalone solution, along with integrated solution. The types of services covered in the report are integration service, maintenance & support service and consulting service.
The type-dependent segments in the market are content-based, user-based and context-based.
The main applications of data classification solutions are GRC, access control, mobile & e-mail protection, centralized management and web.
Comments