Publication Month: May 2020 | Report Code: TIPRE00003043 | No. of Pages: 151 | Category: Technology, Media and Telecommunications | Status: Published
The data classification is a tool that classifies enormous data into varied tabs to maximize most out of it while maintaining the privacy of confidential data. The commercialization of data protection laws such as GDPR and Health Insurance Portability and Accountability Act (HIPAA) is directly linked to impact the scope of data classification worldwide. Growing business data and cloud migrations, ramp up of personal data identification, threat to privacy in email, leverage of machine learning, and converge of data management and data protection are among the factors that play a significant role in accelerating the scope of data classification. The data classification is receiving high momentum across the world. The roll-out of data classification tool to combat situation of cyber threats is paving the path for the market growth. Also, growing emphasis on data protection laws by government authorities in countries such as the UK, the US, Germany, and Singapore is propelling the adoption rate of data classification. Moreover, the integration of sophisticated technologies such as machine learning and artificial intelligence into data classification tools accelerates the output and productivity of entire business. For instance, 40% of US firms use ML to improve their sales and marketing strategies, and the European banks have witnessed increase in product sales by 10% and lower churn rates by 20% with ML.
The data classification market is segmented into component, application, vertical, and geography. Based on component, the solution segment held the largest share of global data classification market. The data classification solution derives security controls applied to the particular set of data. Based on application, the web, mobile, and email protection segment dominated the global data classification market in 2019. With rise in the use of email, mobile, and web application for transferring data among corporates and industries, the data protection and data classification tools have become a necessity. Based on vertical, the BFSI segment contributed a substantial share in 2019 and is projected to continue its dominance during the forecast period. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
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The US, Germany, the UK, and Singapore are among the countries where the government has regulated IT companies with data encryption and protection laws owing to which tech firms are finding opportunities in these markets to promote their data classification services. The US and UK governments have set up three-tiered data classification schemes for the public sector. Even the Washington government has gone beyond this range and established a five-tiered classification scheme and has been well applauded by the region's open data advocates by creating potential space for the domain's industry vendors. Various financial services companies, such as insurance companies and banks, are the primary users of data classification solutions as they have to deal with large volumes of personally identifiable information (PII) and government data protection regulations.
On the basis of component, the data classification market is segmented into solution and services. Titus, Boldon James, Digital Guardian, Spirion, and Netwrix are some prominent players prevailing in the market to cater needs of data protection and data classification. The companies offer complete data classification tool accompanied with range of services to make sure proper performance of the solution.
Based on application, the data classification market is segmented into governance, risk and compliance, web, mobile and email protection, and others.
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Based on vertical, the data classification market is segmented into: BFSI, IT and telecom, media and entertainment, retail, education, healthcare, others. Banks and various other financial industry companies use Machine Learning (ML) technology for two essential purposes: identifying valuable data insights and preventing fraud. The insights can identify opportunities to invest or help investors know when to trade.
|Market Size Value in||US$ 568.80 Million in 2019|
|Market Size Value by||US$ 3,577.49 Million by 2027|
|Growth rate||CAGR of 27.6% from 2020-2027|
|No. of Pages||151|
|No. of Tables||83|
|No. of Charts & Figures||87|
|Historical data available||Yes|
|Segments covered||Solution ; Application ; Vertical|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Players operating in the Data classification market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the data classification market. A few developments by key players of the data classification market are:
In March 2020, Netwrix, allows information security and governance professionals to retrieve control on confidential, regulated and business-critical data. The company introduced Netwrix Data Classification 5.5.2.
In November 2018, Titus, a leader in data protection solutions has introduced Titus Intelligent Protection. The new tool provides machine learning driven by classification to lower risk of data loss.
The List of Companies - Global Data Classification Market