Data Classification Market Research Report- Forecast till 2023
The global market for data classification 2020 was estimated at USD 475.4 million in 2017 and exhibits a high potential of reaching a valuation of USD 1,597.0 million by 2023-end, asserts Market Research Future (MRFR). MRFR also expects the market to achieve a striking growth rate of 22.8% between 2018 and 2023 (forecast period).
Top Growth Boosters and Main Barriers
The various mandates prompting adherence to regulatory compliances, expanding volume of unstructured data, rising issues with regard to cyber security, and the growing requirement for data management are some of the significant growth boosters in the market for data classification. The solution helps support data management in detecting the risks as well as the impact of mishandled data. Also, classified data is ideal for processing, safeguarding, and complying with data security policies.
With the mounting need for converting unstructured data into structured information, the need to analyze the outcome has become extremely important. This outcome helps decide that course of action needs to be taken in order to safeguard the enterprise’s confidential and sensitive information and also make use of it for managerial and sales decisions. Additionally, surge in globalization as well as digitalization has led to the emergence of various rules and regulations with respect to the distribution as well as consumption of the information.
With the emergence of machine learning and big data in the modern technology era is touted to be a game-changer for various sectors around the world. Big data makes high demand for data classification to deliver top quality information to reach management decisions. The rising need to classify data is characterized by its huge volume, velocity as well as various types of information present in either a structured or an unstructured manner. Likewise, machine learning can benefit the data classification market given its capacity to gain an understanding of the tags for all the types of information set within the system.
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As per the MRFR report, the market for data classification market can be classified into component, type and application.
The various components discussed in the report include solution, as well as services. Solution types are standalone solution, along with integrated solution. The types of services covered in the report are integration service, maintenance & support service and consulting service.
The type-dependent segments in the market are content-based, user-based and context-based.
The main applications of data classification solutions are GRC, access control, mobile & e-mail protection, centralized management and web.
The data classification market can expect to note robust growth at a significant pace from 2018 to 2023, across the primary regions of Europe, North America, Asia Pacific (APAC), and the rest of the world which is made of regions like the Middle East and Africa, as well as Latin America.
The global data classification market is dominated by North America, as estimated in 2017. The regional market shows a lot of promise and can possibly retain its top position even during the forecast timeframe. The United States (US) is on track to become the highest revenue generator in the market, thanks to the intense efforts given by renowned companies. Close to 70% of the regional companies are located in the US, who are increasing their investments in the development of software resources, as well as algorithms that can offer effective data classification solution.
Asia Pacific can be the fastest progressing market in the coming years, on account of the growth in data-driven industrialization coupled with the surge in government rules for small and large organizations.
Symantec Corporation (US), Microsoft Corporation (US), Google LLC (US), Innovative Routines International Inc (US), OpenText Corporation (Canada), Amazon Web Services (US), Boldon James Ltd (UK), Varonis Systems Inc (US), IBM Corporation (US), Covata Ltd (Australia) are some of the top companies listed in the MRFR report. These companies are constantly on the lookout for growth opportunities in the market, with the adoption of strategies like mergers and acquisitions, collaborations and product launch.
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