Global Data Classification Market Overview:
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. Some of the key players profiled in the study are 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). According to Market Analyst at AMA, the Global Data Classification market may see a growth rate of 24.8% and would reach the market size of USD1665.0 Million by 2024.
On the basis of geography, the market of Data Classification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Components, the sub-segment i.e. Solutions (Standalone Solution, Integrated Solution) will boost the Data Classification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vertical, the sub-segment i.e. Banking, Financial Services, and Insurance will boost the Data Classification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Methodology, the sub-segment i.e. Content-Based Classification will boost the Data Classification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-premises will boost the Data Classification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- 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
- Growing Demand for Data Driven Decision-Making Process
- Lack of Awareness about Data Classification
- Data Pattern Complexities Involved in Data Classification
Major Market Developments:
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.
Major prominent players have adopted various organic and inorganic growth strategies to acquired higher share in market. IBM, a giant player is focusing on scaling its platforms, delivering productivity through automation, infusing AI into its offerings, and investing to expand its cloud infrastructure. Google is also one of the key players, have adopted various organic strategies like investment in R&D, focus on strategies such as cloud, machine learning, search, and innovative ideas.
Data Classification providers, Traders, Importer and Exporter, Raw material suppliers and distributors, Research and consulting firms, Government and research organizations and Associations and industry bodies
Major Objectives Focused through this Study
To define, describe, and forecast the Global Data Classification market on the basis of product  , application [Access Control, Governance, Risk, and Compliance, Web, Mobile, and Email Protection and Centralized Management], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Data Classification market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Data Classification industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Minereye (Israel), Pkware, Inc. (United States), Informatica (United States), Dataguise (United States) and Spirion (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Data Classification market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.