The global data classification market size is projected to value at USD 2.44 billion by 2025, according to a new report published by Million Insights, growing with a CAGR of 25.7% from 2019 to 2025. The rising number of stringent regulations, generation of high volume of data, and the launch of machine learning and big data technology are a few of the key features driving the market growth. Furthermore, the data-driven decision-making for rising product launch, numerous enterprises, and sales are the key factors boosting growth.
Data classification provided as an integrated and standalone solution is transforming the process of information generation, storage, and it’s processing. The similarly tagged information coupled with industry defined segregation is important in deploying actionable insights. Therefore, businesses prefer integrated data security platform for protection and data classification. Additionally, the disadvantages of non-compliance can result in a huge reputational and financial losses. Therefore, the use of data classification solution is important for data security issues since it classifies the information on the basis of the nature of the content.
Data classification solution is expected to register significant demand across developed nations like Canada, U.S., Japan, and Germany. Such countries focus on using developing automation solutions and technologies for better production and limited errors. Vendors in this market provide advancements and are opting for expansion strategies to enhance their portfolio in the data classification market. This is expected to intensify the competition between emerging and existing market players over the forecast period.
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Further key findings from the report suggest:
• The content-based classification segment held a revenue share of above 34% in 2018.
• Revenue generated from the IT and telecom segment is anticipated to value at USD 488.5 million by 2025. The growth is attributed to the demand for safeguarding huge sizes of private customer information according to the data privacy laws.
• Mobile, email, and web protection segment is expected to register a CAGR exceeding 26% over the forecast period due to the increasing demand for the classification of vulnerable information shared and created over a digital medium.
• North America is anticipated to account for the leading market by 2025 due to the expansion of telecom and IT, healthcare, and BFSI industries that need regulations and approximate classification of the gathered information.
• The key players include IBM; Amazon Web Services, Inc.; Microsoft Corporation, and Google. These vendors stimulate the market with their upgraded solution, worldwide presence, reliable services, and integrated data security platform.
Million Insights has segmented the global data classification market on the basis of component, classification type, application, vertical, and region:
Data Classification Component Outlook (Revenue, USD Million, 2015 - 2025)
Data Classification Type Outlook (Revenue, USD Million, 2015 - 2025)
• Content-Based Classification
• Context-Based Classification
• User-Based Classification
Data Classification Application Outlook (Revenue, USD Million, 2015 - 2025)
• Access Control
• Web, Mobile & Email Protection
• Centralized Management
Data Classification Vertical Outlook (Revenue, USD Million, 2015 - 2025)
• Defense and Government
• Healthcare and Life Sciences
• Telecom & IT
• Media and Entertainment
Data Classification Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)