The opportunities for market growth in Data Classification have shown great promise around the world with tremendous growth potential in terms of revenue generation. The global demand for data classification is projected to hit USD 3,628.5 million by 2028, with a CAGR of 28.2%. The mandate to adhere to regulatory enforcement, the increasing amount of unstructured data, cybersecurity issues and data storage requirements are some of the key factors that drive rapid growth. The way to recognize the risk and effect of malicious data is critical in helping data protection. Besides, it is easy to store, protect, and stick to data protection standards in sensitive data.
The classification of the data is primarily classified as public, internal, confidential, and private. Cyber is extremely at risk from private, internal, and sensitive information such as personnel, confidentiality arrangements, strategic strategies, plans, planning records, intra-staff registry information, internal financial reporting, confidential client information, information on mergers and acquisitions, contracts, and customer information, insider information, and regulatory information This knowledge is essential for businesses and must be classified with tags.
These Tags discriminate between each data type and support the management of data and protection applications to assess the course of action for each data collection and Data Loss Prevention (DLP). Due to the advancement of data classification systems to tackle cyber-attacks the demand is rising. This paves the way for the demand growth of data classification. In other countries including the UK, the US, Germany, and Singapore, increasing focus is put on data privacy laws that promote data classification adoption rates. Besides, incorporation into data classification tools of sophisticated technology such as machine learning and artificial intelligence would accelerate the efficiency and competitiveness of the whole company.
Big technology and machine learning can prove to be a game-changer for business in the modern age of data fueling. Big data require data classification to carry out the mission of making management decisions with quality information. The need to define data depends on its broad volume, speed, and various types of information, which are organized or unstructured. Machine learning further improves the data recognition industry when it can learn the tags for any form of data in the system.
The data classification method helps the company, through sensitivity, to distinguish the stored information. The distinction also allows us to delegate the data changing and managing authentication and authorization to the user. This is important for the management of the knowledge acquired in the hyper-related business model. However, some of the reasons obstruct the application of these solutions are a lack of knowledge of the advantages of data classification, the complicity of the data pattern, and the use of complicated schemes and terminology.
The global demand for Data Classification is split geographically into North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The data classification industry in 2019 was dominated by North America. Another consideration stimulating the scale of data security in the region is the establishment of HIPAA in the US.
The obligatory HIPAA rules environment and the security of large data when classifying them into many tabs for rapid judgment raises the need for data classification. The use of the Data Classification & Data Exploration Tools is gaining in importance with ongoing technical development, such as machine learning and the usability of big data. To ensure the proper security of records, BSI, retail, healthcare, IT & telecommunications companies support continued enforcement.
The global market for Data Classification is made up of a large number of influential players. Market players such as Amazon Web Services, Inc.; Covata; Symantec Corporation; Varonis; Google, Inc.; IBM Corporation; Boldon James; Microsoft; Open Text Corporation; Innovative Routines International (IRI), Inc.; Veritas dominate the worldwide data classification market.
Segment Overview of Global Data Classification Market
Component Overview, 2018-2028 (USD Million)
Classification Type Overview, 2018-2028 (USD Million)
- Content-Based Classification
- Context-Based Classification
- User-Based Classification
Industry Vertical Overview, 2018-2028 (USD Million)
- Telecom & IT
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America