Data classification is the procedure of organizing data into categories for its most efficient and effective use. A well-organized data classification system makes essential data easy to retrieve and find. It is mainly a data management process. This can be used for risk management, compliance, and legal discovery. Written guidelines and procedures for data classification should define what categories and criteria the organization will use to classify data and specify the roles and responsibilities of employees within the organization about data stewardship. That data classification scheme will specify appropriate handling practices for each category and storage standards.
According to AMA, the market for Data Classification is expected to register a CAGR of 24.8% during the forecast period to 2026. This growth is primarily driven by Mandatory Compliance with Stringent Regulations and Growth in Uncontrolled Data Volumes and Increased Security Risks.
Globally, a noticeable market trend is evident Data classification has emerged as a significant tool nowadays
. The Data Storage and Management sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Google (United States), Microsoft (United States), AWS (United States), Symantec (United States), Opentext (Canada), Boldon James (England), Covata (Australia), Varonis (United States) and Innovative Routines International, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 28 Oct. 2018, IBM acquired Red Hat for 34 Billion USD. and On 4 June 2018, Microsoft acquired Github, world’s leading software development platform in 7.5 Billion USD.
Boldon James a data classification leader has announced the release of Classifier 3.13. This latest version of the market-leading data classification and protection solution, Classifier, offers new powerful classification and data control features to enable security, governance and compliance managers to ensure they are compliant with emerging data protection regulations, such as GDPR.
- Mandatory Compliance with Stringent Regulations
- Growth in Uncontrolled Data Volumes and Increased Security Risks
- Data classification has emerged as a significant tool nowadays
- Data security is one of the major factors for organizations
- Complicated Classification Schemes and Terminologies
Integration of AI and ML into Data Classification and Growing Demand for Data Driven Decision-Making Process
Lack of Awareness about Data Classification and Data Pattern Complexities Involved in Data Classification
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Data Classification Study Sheds Light on
The Data Classification Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Data Classification industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Data Classification industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.