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Data Classification Market Registering A CAGR Of 25.7% By 2025 | Key Players IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation

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Data Classification Market Registering A CAGR Of 25.7% By 2025 | Key Players IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation

November 08
04:42 2019
Data Classification Market Registering A CAGR Of 25.7% By 2025 | Key Players IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,The global data classification market size is expected to reach USD 2.44 billion by 2025, expanding at a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc.

According to a report, “Data Classification Market Size, Share & Trends Analysis Report By Component, By Classification Type (Content-based, Context-based), By Application (GRC, Web, Mobile & Email Protection), By Vertical, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global data classification market size is expected to reach USD 2.44 billion by 2025, expanding at a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing stringency on regulatory compliance, generation of large data volume, and the introduction of big data and machine learning technology are some of the major growth drivers for the market. Moreover, the data-driven decision-making for sales, rising product launch, and increasing number of enterprises are some of the factors providing impetus to the growth.

Data classification offered as a standalone and integrated solution is changing the way the information is generated, stored, and processed. The homogeneously tagged information with industry defined classification is vital in generating actionable insights. Hence, enterprises are inclined to opt for integrated data security platform for data classification as well as protection. Moreover, repercussion of non-compliance can lead to huge financial and reputational losses. Hence, the adoption of data classification solution is vital to address the data security concerns of the organizations as it classifies the information based on the nature of content.

Some of the major data classification market players are IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation. These vendors lead the market with their integrated data security platform, upgraded solution, reliable services, and worldwide presence

Data classification solution is anticipated to witness high adoption across major developed countries such as U.S., Canada, Germany, and Japan. The developed countries emphasize on adopting emerging technologies and automation solution to reduce error and to improve production. Vendors in the data classification market offer product upgrades and adopting expansion strategies to strengthen their foothold in the market. This is anticipated to intensity the competition among existing and emerging market players in near future.

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U.S. data classification Market

Further key findings from the report suggest:

  • The content-based classification type segment accounted for over 34% of the revenue share in 2018

  • Revenue from telecom and IT segment is expected to reach approximately USD 488.5 million by 2025, attributed to the need for protecting large volume of confidential customer information as per data privacy laws

  • Web, mobile and email protection application segment is estimated to expand at a CAGR of over 26% from 2019 to 2025, driven by the demand for classifying vulnerable enterprise information created and shared over digital medium

  • North America is expected to dominate the global market by 2025 owing to the expansion of BFSI, telecom and IT, and healthcare industries that are bound by regulations and thus need precise classification of the generated information

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Vertical Insights

The Banking, Financial Services and Insurance (BFSI) segment was valued at USD 139 million in 2018, as BFSI information is crucial for the security of the country’s economy. The vulnerability of BFSI industry to cyberattacks, data theft, and stringent regulation makes it the most lucrative vertical. The industry is highly scrutinized and guarded by regulations such as BASEL III, EMIR, Dodd Frank Act, MIFID II, and SEPA. To comply with these rules and to protect from leakage and misuse of information, the banking and financial intuitions need to appropriately tag the sensitive information. Therefore, discovering, classifying, and protecting the sensitive financial details during data sharing and other internal process will further drive the demand for the solution.

Global data classification Market

Furthermore, telecom and IT vertical is another leading adopter owing to the generation of a large volume of unstructured data which is required to be analyzed based on their classification. Both the industries contain crucial client information which can be exploited by the hackers, thereby necessitating the need to implement data classification solution. BFSI industry is another major contributor to the increasing market share. The BFSI industry gathers and stores information related to financial account authorization of users. Such information is often attacked by hackers and its loss can collapse the country economy, which can be avoided by implementing the DLP and data classification solution.

Grand View Research 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)

  • Solution

  • Services

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)

  • GRC

  • Access Control

  • Web, Mobile & Email Protection

  • Centralized Management

Data Classification Vertical Outlook (Revenue, USD Million, 2015 – 2025)

  • BFSI

  • Defense and Government

  • Healthcare and Life Sciences

  • Telecom & IT

  • Education

  • Media and Entertainment

  • Others

Data Classification Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Website: https://www.grandviewresearch.com/industry-analysis/data-classification-market