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Global Data Classification Market – Industry Analysis And Forecast
Global Data Classification Market was valued US$ 490 Mn in 2017 and is expected to reach US$ 1,900 Mn by 2026, at CAGR of 18.46 % during forecast period.Global Data Classification Market by ComponentData classification in web, mobile, and email protection is playing a vital role, as the classification of data is helping in determining baseline security controls for the protection of data. Data classification solution providers are offering tools that provides a classification label on an email or document immediately alerts the user to the sensitivity of the information they are dealing with, immediately reducing the chance of accidental loss or mishandling. By providing users with simple-to-use tools that allow them to classify sensitive information and empower people across the organization to proactively improve information security.
BFSI vertical is leading in the acceptance of data classification solutions and services, because of the nature of data like Personal Credit Card Information (PCI), intellectual property (IP) related financial systems, Personally Recognizable Information (PII), authentication and access control information, and company financial information. BFSI companies need to protect personal data to accept by strict data privacy rules. Data classification enables BFSI vertical to prioritize sensitive data and rise flags if the data is mistreated.
Regulatory compliance, growth in uncontrolled data volumes, and increased security risks are major factors fueling the growth of market. Increase in adoption of data classification solutions in data security applications which are providing growth opportunities for vendors in the market.
North America is anticipated to hold the largest market share in global data classification market, while APAC is expected to grow at the highest CAGR during forecast period. In APAC, highest growth rate can be recognized to the heavy investments made by private and public sectors for improving their marketing technologies, resulting in rising demand for data classification solutions for data security and privacy.
North America is projected to be the leading region in terms of adoption and development of the data classification solutions. Growth in investments in data management strategies, increasing government spending on analytics-based technologies, presence of maximum number of data classification solution providers are probable to contribute to the market growth during the forecast period.
Key players operated in market include Google, Microsoft, AWS, Symantec, Opentext, Boldon James, Covata, Varonis, Innovative Routines International (IRI), Inc., Minereye ,Pkware, Inc., Informatica, Dataguise, Spirion, Clearswift, Seclore, Digital Guardian, Titus, Netwrix Corporation, GTB Technologies, Inc., Forcepoint , Sienna Group, LLC., Softworks AI, Expert Techsource, Janusnet
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