Data Classification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Data Classification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
Global Data Classification Market: Overview
Data classification is primarily categorized into private, confidential, internal, and public classification. Confidential, internal, and private information such as personal details, business plans, memos, non-disclosure agreements, internal employee documents, confidential customer information, internal financial reports, mergers and takeovers information, regulatory information, contracts information, client information, business plans, strategy documents, and regulatory data are all at high risk of cyber attacks. All these types of information are crucial for the survival as well as the day to day operation of any enterprise. Naturally, such information types need to be stored and sorted in an organized manner. For such purposes, the demand for data classification solutions is on the rise and is thus helping the growth of the global market.
Global Data Classification Market: Notable Developments
Some of the recent developments in the global data classification market are given below:
- In October 2019, Microsoft announced that the company is collaborating with Novartis, a pharmaceutical giant, with an objective to transform medicine with artificial intelligence. Novartis and Microsoft together have formed Novartis AI lab. Microsoft will act as it strategic and data-science partners in this project.
- In May 2019, Innovative Routines International (IRI) Inc. and the CoSort® Company, together announced that they have developed a new multi-functional Data Vault® generation wizard. This wizard developed by CoSort® includes the IRI Velocity® data management platform. The new IRI Data Vault Generator will be able to migrate the relational database schemas and the architecture of Data Vault 2.0. This will help in creating referentially and business driven insightful data.
Global Data Classification Market: Drivers and Restraints
There are several factors that are responsible for driving the growth of the global data classification market. One of the biggest growth factors for the growth of the market has been increasing adoption of data classification solutions across the globe, particularly in Europe. With the advent of revolutionary and modern regulations such as General Data Protection Regulation that concentrates on protecting the data privacy rights of an individual are also expected to help the growth of the global data classification market.
Another important factor for the growth of the global data classification market is the burgeoning data-driven industrialization across several parts of the world. Moreover, with the introduction of strict governmental regulations about the data storage, information, and classification are creating a demand for efficient classification solutions. Naturally, the growth of the market for data classification is influenced by such developments.
Global Data Classification Market: Geographical Outlook
The global data classification market is divided into five major regional segments to provide a better understanding of its overall working dynamics. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Currently the global data classification market is dominated by the North America region. The regional segment is expected to continue to lead the market over the course of the given forecast period of 2018 to 2028. The growth of North America market for data classification is primarily driven by the presence of prominent and technologically advanced industries. These industries have the basic requirement to adopt the high-tech classification solutions in order to manage their data and also to store information. The North America region is projected to lead the global market as it will continue to produce large volumes of and data and information. Moreover, the regional authorities have issued a wide range of regulatory mandates to safeguard the interest of clients and shareholders. This is also expected to help the data classification market in North America to flourish even further.
Market Segmentation
- Component
- Solution
- Services
- Classification Type
- Content-Based Classification
- Context-Based Classification
- User-Based Classification
- Application Outlook
- GRC
- Access Control
- Web, Mobile & Email Protection
- Centralized Management
- Vertical Outlook
- BFSI
- Defense and Government
- Healthcare and Life Sciences
- Telecom & IT
- Education
- Media and Entertainment
- Others
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- Industrial Analogy
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- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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