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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.
Figure 1: Data Classification Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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:
August 2023: Forcepoint enhanced its data classification tools to include more structured control and better integration with existing security infrastructure, targeting remote and hybrid work environments.
July 2023: Spirion introduced new AI-driven data classification features, which help organizations better manage and secure sensitive information across heterogeneous data environments.
June 2023: Varonis introduced some new features for automating classifications of data as well as mitigating risks; these are meant to reduce the risk of data breaches and ensure compliance with regulations.
March 2023: IBM increased the scope of its Guardium Insights platform to include a more comprehensive set of capabilities for classifying data and managing risks, addressing an increasing demand related to concerns on data security and compliance issues.
January 2023: Broadcom’s Symantec division unveiled new AI-based functionalities in its products that would enable accurate protection of information, thus enhancing efficiency when safeguarding this specific type of company output.
November 2022: QinetiQ announced recent upgrades made to Boldon James’ Data Classification solutions to enhance regulatory compliance support for organizations’ data governance initiatives
October 2022: Trellix (formerly McAfee) added more sophisticated characteristics of their XDR solutions with improved classification functions aimed at identifying threats quickly and, ensuring adequate protection against any breach of sensitive corporate information.
September 2022: Microsoft Azure Information Protection received enhancements that will improve upon the ability to classify files based on sensitivity, helping businesses achieve robust security even within cloud or on-premises environments.
September 2022: PKWARE revealed the addition of automated classifications into its suite PK Protect with an eye toward providing stronger measures for protecting enterprise-level security needs and facilitating adherence to relevant laws, regulations, standards or policies
February 2021: Forcepoint launched Dynamic Data Protection which incorporates advanced data classification to deliver dynamic risk scoring and automated policy enforcement.
November 2020: IBM announced new Cloud Pak for Security with advanced data classification and security capabilities to provide organizations with protection and management of sensitive data within hybrid cloud environments.
September 2020: Varonis broadened its Data Security Platform by adding more on advanced data classification and risk prediction tools to guide privacy professionals in the face of changing legislation.
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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