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The Data Classification market is undergoing dynamic changes, propelled by the escalating need for effective data management and security solutions across industries. Data classification involves categorizing and labeling data based on its sensitivity and importance, enabling organizations to implement targeted security measures and comply with regulatory requirements. The market dynamics are influenced by a range of factors, with one primary driver being the ever-increasing volume and complexity of data generated by businesses.
One significant influence on market dynamics is the growing concern for data privacy and security. As data breaches and cyber threats become more sophisticated, organizations are recognizing the critical importance of understanding and safeguarding their sensitive information. Data classification solutions provide a systematic approach to identifying and protecting sensitive data, helping companies mitigate risks and adhere to data protection regulations. With privacy laws such as GDPR and CCPA putting a spotlight on the responsible handling of data, the demand for robust data classification tools continues to rise.
The proliferation of cloud computing and the adoption of hybrid IT environments also contribute to the dynamics of the Data Classification market. With data residing in on-premises servers, cloud platforms, and various endpoints, organizations face the challenge of maintaining consistent data protection policies across diverse environments. Data classification solutions address this challenge by offering centralized control and visibility, allowing organizations to classify and protect data regardless of its location. As more businesses transition to cloud-based infrastructures, the market dynamics of Data Classification are shaped by the need for seamless and scalable solutions that span multiple environments.
Furthermore, the evolving regulatory landscape plays a crucial role in driving market dynamics. Governments and regulatory bodies worldwide are enacting stringent data protection laws that mandate organizations to implement measures to safeguard sensitive information. Data classification solutions assist in achieving compliance by automating the identification and classification of sensitive data, simplifying the enforcement of data protection policies. This alignment with regulatory requirements positions data classification as an essential component of an organization's overall compliance strategy, driving the market forward.
The rise of remote work and the increased use of mobile devices in the business landscape further impact the dynamics of the Data Classification market. With employees accessing and sharing data from various locations and devices, the risk of data exposure and loss intensifies. Data classification solutions provide a proactive approach to securing sensitive information by enabling organizations to classify data at the point of creation and enforce access controls consistently. This adaptability to the changing work environment contributes to the market dynamics as businesses prioritize securing their data in the era of remote work.
However, challenges such as the complexity of implementing data classification across diverse data sources and the need for user awareness and training persist. Vendors in the market are addressing these challenges by developing intuitive and automated solutions that integrate seamlessly into existing workflows. User education programs are also being emphasized to ensure that employees understand the importance of data classification and their role in maintaining data security.
Covered Aspects:
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Data Classification Market Highlights:
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 23.60% during the forecast period. It is estimated that the market value will further reach around USD 4.94 Billion during the forecast period 2022-2030. 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.
Market Dynamics:Market Drivers:
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.
Restraints:
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.
Opportunities:
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.
Challenges:
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.
Cumulative Analysis:
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 Segmentations:
The Data Classification Market is segmented into applications, types, and components. Based on types, the Data Classification Business is further classified into Content-Based, Context-Based, and User-Based.
In 2018, the global search engine Google announced the update of its tool called “Data Loss prevention” to understand and manage important data efficiently. It introduced new features such as masking, redaction, etc.
By Component:
Solutions:
By Type:
By Region:
- On the basis of application, the Data Classification Market Segments is bifurcated into Web, E-Mail and Mobile Protection, Centralised Management, GRC, and Access Control.
- Based upon Components, the market is divided into services and solutions. The Services segment is segmented into Integration service, Consulting Service, and Support and Maintenance Service. Then the solutions segment is again divided into Integrated Solutions and Standalone Solutions.
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-
- IBM Corporation (US)
- Coyata Ltd (Australia)
- Varonis Systems Inc (US)
- Amazon Web Services (US)
- Google LLC (US)
- Innovative Routines International Inc (US)
- Boldon James Ltd. (UK)
- Open Text Corporation (Canada)
- Microsoft Corporation (US)
- Digital Guardian (US)
- Netwrix Corporation (US)
- Softworks (AI)
- Forcepoint (US)
- Expert TechSpurce (India)
- Titus (Canada)
- PKWARE (US)
- Spirion LLC
- Sienna Group, Seclore (US)
- MinerEye (Israel)
- DataGuise Inc. (US)
Recent Developments:
In the year 2017, IBM launched its new product called “Power AI” to identify the challenges which were faced by developers and data scientists.
In 2018, the global search engine Google announced the update of its tool called “Data Loss prevention” to understand and manage important data efficiently. It introduced new features such as masking, redaction, etc.
Report Overview:
The overview of the Data Classification Market Research Report is as follows-
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Report Score and Segmentation:
- Study Period- 2021-2028
- Base Year-2021
- Forecast Period- 2021-2028
- Historical Period-2019-2020
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 Segmentation:By Application:
- Web, E-Mail and Mobile Protection
- Centralized Management
- GRC
- Access Control
By Component:
- Services
- Integration service
- Consulting Service
- Support and Maintenance Service
Solutions:
- Integrated Solutions
- Standalone Solutions
By Type:
- Content-Based
- Context-Based
- User-Based
By Region:
- Asia-Pacific
- Europe
- North America
- Rest of the World
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