According
to the new market research report "Data Classification Market
by Component (Solutions (Standalone and Integrated) and Services), Application
(Access Control, GRC, Web, Mobile & Email Protection, and Centralized
Management), Methodology, Vertical, and Region - Global Forecast to 2023",
published by MarketsandMarkets™, the global data classification market size is expected
to grow from USD 536 million in 2018 to USD 1,661 million by 2023, at a
Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period.
Major
factors fueling the market growth include regulatory compliance, growth in
uncontrolled data volumes, and increased security risks. Increasing adoption of
data classification solutions in data security applications could provide
growth opportunities for vendors in the market.
Integrated solutions segment to hold a
larger market size during the forecast period
Many
vendors offer data classification as an integrated functionality rather than
developing a new standalone product. It drives the integrated solutions
segment’s growth. Vendors offering data security solutions such as DLP and data
discovery prefer to integrate the data classification functionality in these
solutions rather than building a standalone capability. Integrated solution
providers form partnerships with other standalone solution vendors to integrate
data classification capabilities as a part of their wider data security product
offering.
Browse and
in-depth TOC on "Data
Classification Market"
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BFSI vertical to hold the largest market size during the forecast
period
The BFSI vertical is
leading in the adoption of the data classification solutions and services, due
to the nature of the data, such as Personally Identifiable Information (PII),
Personal Credit Card Information (PCI), intellectual property (IP) related
financial systems, authentication and access control information, and company
financial information. BFSI companies have to protect personal data to abide by
stringent data privacy rules. Data classification enables the BFSI vertical to
prioritize sensitive data and raise flags if the data is mishandled.
North America to hold the largest market size during the forecast
period
North America is the
major revenue generating region in the global data classification market. The
region is witnessing major developments in the data classification space. Many
security solution providers in North America are experimenting in the data
classification space by either integrating data classification functionalities
with their existing data security solutions, such as DLP and data discovery,
are building standalone capabilities. They are adopting various growth
strategies to strengthen their position in the data classification market.
Major
vendors in the global data classification market include IBM (US), Google (US),
Microsoft (US), AWS (US), Symantec (US), OpenText (Canada), Covata (Australia),
Boldon James (England), Varonis (US), Innovative Routines International (IRI),
Informatica (US), Dataguise (US), Spirion (US), Digital Guardian (US), Titus
(Canada), Netwrix Corporation (US), PKWARE (US), GTB Technologies (US),
Forcepoint (US), Sienna Group (US), MinerEye (Israel), SoftWorks AI (US),
Expert TechSource (India), Clearswift (UK), Seclore (US), and Janusnet
(Australia).
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