• John Watson

Global Data Classification Market Size to grow by US$ 1,857.7 Mn in 2030.

The global data classification market was valued at USD 572.1 Mn in 2021. The market is projected to grow USD 1,857.7 Mn in 2030, at a CAGR of 25.8%.


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Business enterprises and individual computer users are gravely concerned about the enormous rise in cyber dangers. Because of the proliferation of mobile apps and the internet of things, there has been an increase in cyberattacks in recent years. Businesses that must deal with storing, transferring, migrating, and outsourcing their user data on open source platforms face dangers to their data security. Organizations are more susceptible to malware and cyberattacks in developing nations like China, India, and Brazil, which motivates them to spend money on data classification services. This therefore accelerates market expansion.


Big data and machine learning's introduction in the new era of fueling data will fundamentally alter several sectors. To exist and carry out its function of providing high-quality information for management decisions, big data needs data classification. Data classification is necessary because of the volume, velocity, and variety of information types it contains, whether that information is structured or not. The market for data categorization will also grow as a result of machine learning, which has the capacity to learn the tags for various types of data sets.


By offering a solution to tag private files and guarantee the adherence to GRC rules, market providers make a sizable profit. It is projected that more laws would encourage businesses to employ data classification systems. The GRC segment is anticipated to experience the largest demand and a moderate CAGR during the projection period. The future growth potential of businesses is harmed by factors like reputational damage from failing businesses or disciplinary action by regulators.

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The user-based type of data classification solution enables the user to edit, generate, review, distribute sensitive documents while also flagging them. The methods that are most frequently used across all industry verticals are the manual approach and end-user selection of each document. Users-based data classification is provided by vendors like Symantec Corporation and Boldon James in their respective Data Loss Prevention (DLP) and Classifier Foundation Suite products. These improvements in user-based categorization would aid in the segment's expansion during the forecasted time.


The solution segment is expected to dominate the market share of global data classification market owing to adoption is also being boosted by the need to comply with regulations and analyses historical data for future decisions across different industries. The governance, risk and compliance is expected to dominate the market share of global data classification market owing to the intricacy of regulatory compliance must currently be managed. Large businesses are highly susceptible to non-compliance problems, which can result in severe fines. The bfsi segment is expected to dominate the market share of global data classification market owing to the its exposure to cyberattacks, data theft, and strict regulation.


North America region is expected to dominate the market share of global data classification market owing to the presence of major players and technologically sophisticated industries present, which require the adoption of the categorization solution to handle and store the information.


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KEY INDUSTRY DEVELOPMENTS:


May 2019- Seclore offers enhanced security, data classification, and data loss protection features for consumers by introducing an advanced email encryption solution compatible with Microsoft Office and 365.


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