Global Data Classification Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution & Services), By Type (Content-Based Classification, Context-Based Classification, User-Based Classification), By Application (Governance, Risk and Compliance, Access Control, Web, Mobile & Email Protection, Centralized Management, Auditing & Reporting & Others), By Vertical (BFSI, Healthcare, Government and Defense, Education, IT & Telecommunication, Media and Entertainment & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
Data Classification Market was valued at USD 572.1 Mn in 2021. The market is projected to grow USD 1,857.7 million in 2030, at a CAGR of 25.8%. Data classification is a strategy for locating, safeguarding, and managing information that has quickly evolved into best practice. When implemented as a layered security approach, it enables a company to protect itself from a range of risks, including untrained or well-intentioned employees and hostile outsiders, while releasing the full potential of its data to spur innovation and productivity.
Data classification improves data security and retrieval efficiency. Data duplications are removed from data classification using the data tagging approach, which also minimizes storage needs and backup expenses. Data classification's primary goals are to safeguard sensitive information from malware attacks and to preserve the integrity and accessibility of data kept in any storage system used by an organization. Due to the extensive features of data categorization services, industry verticals like BFSI, healthcare, and IT & telecommunication are currently adopting them, which stimulates market growth.
COVID-19 ANALYSIS
The COVID-19 has impacted severely on the global data classification market. The disease has expanded to nearly 180+ nations since the COVID-19 viral epidemic in December 2019, and the World Health Organization has declared a public health emergency. In 2020, the data categorization industry is anticipated to be considerably impacted by the global effects of the corona virus illness 2019 (COVID-19). Due to the lockdown, all businesses have switched to operating online, which has resulted in a massive volume of data being uploaded online. Companies are therefore expected to use data classification services, which will accelerate market growth and secure the data from any assault while speeding up the search process.
TREND
Growing Technological Advancements in Developing Regions
Market expansion is being fueled by rising instances of security breaches and the need for better tools for effectively classifying data. The use of advanced technology will make it easier to recognize and act on critical information.
DRIVERS
Surging Adoption of Data Classification Solutions Across Enterprises
Organizations can categorize stored information by sensitivity and influence on the business using the data categorization process. Assigning authentication and authorization to the user for data modification and control further helps with segregation. For managing the data gathered in the hyper-connected business paradigm, this is crucial.
Increasing Need for the Transformation to Structured Information
The transformation from converting unstructured data into structured information and analyze the results for practical applications. The results assist businesses in determining the best course of action to take in order to protect their private information and use it to make sales and managerial choices. In addition, as globalization and digitization progress, there are now many norms and regulations governing how information is disseminated and consumed.
RESTRAINT
Lack of Skilled Professionals May Hamper the Growth Market
The limited skilled expertise may hamper the market growth of the global data classification market. The lack of standardization of government is stricter than the private organizations which lead to the majority of circumstances, securing information that ranks significantly higher on the data classification scale should receive far more resources than protecting information that ranks far lower. One of the many effects of incorrect data labelling is the waste of resources.
SEGMENTATION INSIGHT
The global Data Classification market is segmented by Component (Solution & Services), By Type (Content-Based Classification, Context-Based Classification & User-Based Classification), By Application (Governance, Risk and Compliance, Access Control, Web, Mobile & Email Protection, Centralized Management, Auditing & Reporting & Others), By Vertical (BFSI, Healthcare, Government and Defence, Education, IT & Telecommunication, Media and Entertainment and Others) and Region. Based on the component, the market is categorized into solution & services. Based on type, the market is categorized into content-based classification, context-based classification & user-based classification. Based on application, the market is categorized into governance, risk and compliance, access control, web, mobile & email protection, centralized management, auditing & reporting & others. Based on vertical, the market is categorized into bfsi, healthcare, government and defence, education, it & telecommunication, media and entertainment and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Component
Based on component, is categorized into solution & services. The solution segment is expected to dominate the market share of global data classification market owing to adoption is also being boosted by the need to comply with regulations and analyses historical data for future decisions across major industries like BFSI, healthcare, government and defence, and telecom and IT. In order to remain ahead of the competition in the industry, vendors are also always creating innovative solutions.
By Application
Based on Application, the market is categorized into governance, risk and compliance, access control, web, mobile & email protection, centralized management, auditing & reporting & others. The governance, risk and compliance is expected to dominate the market share of global data classification market owing to the intricacy of regulatory compliance must currently be managed. Large businesses are highly susceptible to non-compliance problems, which can result in severe fines. For instance, numerous businesses have received fines for their negligence since the General Data Protection Regulation (GDPR) went into effect on May 25, 2018.
By Vertical
Based on vertical, the market is categorized into bfsi, healthcare, government and defence, education, it & telecommunication, media and entertainment and others. The BFSI segment is expected to dominate the market by 2030 owing to the its exposure to cyberattacks, data theft, and strict regulation. Regulations including BASEL III, EMIR, the Dodd Frank Act, MIFID II, and SEPA closely monitor and protect the industry.
The banking and financial institutions must adequately tag the sensitive information in order to comply with these regulations and to safeguard against information leakage and misuse. The need for the solution will therefore be further fueled by the discovery, classification, and protection of sensitive financial information via data sharing and other internal processes.
REGIONAL INSIGHTS
North America region is expected to dominate the market share of global data classification market owing to the presence of major players and technologically sophisticated industries present, which require the adoption of the categorization solution to handle and store the information. Due to the huge amounts of information that have been generated digitally and the abundance of regulations in place to protect the interests of clients and stakeholders, the region is predicted to maintain its dominance over other regions during the forecast period.
However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global data classification market due to the adoption of government regulations for both small and large businesses operating in the region, as well as the region's growing data-driven industrialization.
Since China is a highly controlled market, especially for international businesses doing business there, data classification is a highly favoured approach. Additionally, a rise in demand is anticipated in India as a result of the country's expanding IT and telecom sectors, which are producing a significant amount of sensitive data.
LIST OF KEY COMPANIES PROFILED:
- Amazon Web Services, Inc.
- Boldon James Ltd
- Google LLC
- HANDD
- IBM Corporation
- Innovative Routines International (IRI), Inc.
- Microsoft
- Netwrix Corporation
- Open Text Corporation
- PKWARE, Inc.
- SECLORE
- Digital Guardian
- Broadcom
- Titus
- Varonis
- Veritas
- Others
KEY INDUSTRY DEVELOPMENTS:
- May 2019- Seclore offers enhanced security, data classification, and data loss protection features for consumers by introducing an advanced email encryption solution compatible with Microsoft Office and 365.
SEGMENTATION:
By Component
- Solution
- Services
By Type
- Content-Based Classification
- Context-Based Classification
- User-Based Classification
By Application
- Governance, Risk and Compliance
- Access Control
- Web, Mobile & Email Protection
- Centralized Management
- Auditing & Reporting
- Others
By Vertical
- BFSI
- Healthcare
- Government and Defence
- Education
- IT & Telecommunication
- Media and Entertainment
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Data Classification Market Size
- July-2022
- 1 4 8
- Global
- Information-Technology-Communication-IoT
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