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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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.
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.
Market HighlightsThe data classification market is anticipated to grow by US$1,597.0 million by 2027 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.
Analysts studying the data classification market have also shared growth projections in the report and have suggested data classification market players to plan business strategies accordingly.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7378Market SegmentationThe global data classification market has been segmented based on component, application, and type.
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 2027.Key PlayersThe 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.
