Data Classification Market Overview:
In the year 2017, the Data Classification Market was valued at USD 475.7 Million. The Data Classification Market is projected to grow at a CAGR of 22.8% during the forecast period. It is estimated that the market value will further reach around USD 1.5 Billion during the forecast period 2018-2023. Data Classification is the process to sort a different type of data according to its properties. It is done according to the requirement of customers and types of businesses.
There are various processes to manage and sort data which are from the raw data through software and other processes. Data classification is used in several fields such as email protection, mobile, and web. It also helps to understand the security controls and enhance the protection of data. The providers of data security solutions focus on providing customized solutions instead of standard solutions. Hence, Data Classification helps to reduce storage and lower costs as well.
Some major drivers such as classification tools and cloud-based data will improve the market growth in the upcoming years. Also, the growing technological advancements and growing demand to adopt data classification solutions will enhance the growth. In the past few years, the market has observed notable growth due to improved internet services and government initiatives. Even the developing countries such as China, India, and Brazil are expected to grow at a significant rate.
The impact of coronavirus has led several businesses to shift to the online platform. This is also one of the main factors that will push the Data Classification Industry in the upcoming years. Even the rising developments by the key players will also have a positive effect on the industry. However, several factors are still expected to hamper the market growth. Hence, the Data Classification Industry has a great scope to flourish during the forecast period.
Data Classification Market COVID-19 Analysis:
Since the COVID-19 outbreak began in December 2019, every market in more than 180 countries in the world suffered a huge loss. Several countries went under lockdown to prevent the spread of the disease. As a result, the economy was highly impacted as the markets and factories were shut down for months. However, online platforms emerged as a great alternative to continue the businesses. As a result, the need for data security and data classification significantly rose. Also, to provide better technology to customers, the key players stepped forward to invest and improve the Data Classification Industry.
The various driving factors will improve Data Classification Market Profit during the forecast period. Increasing cases of security breaches and the demand for better solutions to categorize data efficiently are promoting market growth. Advanced technology will help to identify important information and take important information accordingly. Also, a cloud-based system will lead the Data Classification Business towards growth.
Certain factors are speculated to restrict the Data Classification Market Growth in the upcoming years. One of the major restraining factors is the data standardization of the solutions. It is very important to provide customized solutions to customers to solve their problems accordingly. Without that, it is very difficult for the market to grow. Also, the lack of experts in this field will slow down the growth rate.
The rising cases of cyber threats in the past few years have become huge concerns among enterprises. To mitigate the cyber risks, it is important to build security layers for outsourcing, migrating the data carefully. As a result, it will be beneficial for the market to thrive during the forecast period.
As the market is expected to have lucrative growth in the upcoming years, some challenges are still there. Because of the growing competition among the key players, it will be difficult to choose the best options for the customers. Also, the high prices of the solutions will be challenging for the market players to increase their business revenue.
As per the MRFR analysis, the Data Classification Industry is projected to grow at a significant rate during the forecast period. The projected Compound Annual Growth Rate (CAGR) of the market is estimated to reach around 22%. Thus, the market value will reach up to USD 1.5 Billion during the forecast period 2018-2023.
Value Chain Analysis:
With the growing cases of cybersecurity and data categorization, the Data Classification Market Sales will rise. Also, the shift towards digitalization and improvement in technologies will fuel the market value to a great extent. Also, the impact of COVID-19 diseases will lead to having a significant effect on the market during the forecast period.
Data Classification Market Regional Analysis:
The Data Classification Business on the basis of region is divided into North America, Asia-Pacific, Europe, and the Rest of the World. Due to growing adoption and rising Data Classification Market Trends, North America is projected to dominate the market during the forecast period. Also, the European region will have a significant share of the escalating growth in the upcoming years.
The Asia-Pacific region is also projected to experience rapid growth during the forecast period. Countries such as India, China, South Korea, etc. are driving the market towards growth. Hence, the markets will overall grow at a gradual pace.
Data Classification Market Competitive Landscape:
The key players play a crucial role to improve the market growth significantly. To improve their business, they use different strategies such as acquisitions, market analysis, mergers, collaborations, product launches, etc.
Such as IBM Corporation which is a major key player in the Data Classification Business, is now improving its services by organics strategies such as identifying problems and fixing them, customization, etc. These are the major Data Classification Market Players-
In the year 2017, IBM launched its new product called “Power AI” to identify the challenges which were faced by developers and data scientists.
The overview of the Data Classification Market Research Report is as follows-
Report Score and Segmentation:
The score of the Data Classification Market is projected to have exponential growth in the upcoming years. This report highlights the market potential and upcoming positive factors that will promote market growth. It also covers the opportunities, challenges, and recent developments by the key players. The information provided in this report is collected from primary and secondary sources.
|Market Size||USD 1.5 Billion (2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amazon Web Services (US), IBM Corporation (US), Microsoft Corporation (US), Google LLC (US), Symantec Corporation (US), OpenText Corporation (Canada), Covata Ltd (Australia), Boldon James Ltd (UK), Varonis Systems Inc (US), and Innovative Routines International Inc (US).|
|Key Market Opportunities||The data set selected is seprated from the actual data, and subsequently the management process is applied on it.|
|Key Market Drivers||The global market for data classification is estimated to grow at a significant rate during the forecast period from 2018 to 2023.|
The data classification market is expected to reach a signficant market value of USD 1.5 billion by 2023.
The global data classification market is maturing at a whopping 22.8% CAGR over the review period of 2017 to 2023.
A few significant players of the global data classification market are Cisco Systems Inc., IBM Corporation, Amazon Web Services, Microsoft Corporation, Dell Technologies, among others.
The service segment is expected to drive market growth over the review period.
The user-based segment is likely to witness the highest demand in the data classification market.