Global data classification market size to grow from USD 536 million in 2018 to USD 1,661 million by 2023, at a CAGR of 25.4% during 2018-2023.
The major factors driving the growth of the data classification market are mandatory compliance with stringent regulations, and growth in uncontrolled data volumes and increased security risks. Furthermore, the integration of Artificial Intelligence (AI) and Machine Learning (ML) into data classification solutions and growing demand for data-driven decision making are expected to be providing opportunities for the growth of organizations across industry verticals in the data classification market.
Moreover, companies are integrating technologies such as AI and ML to automatically analyze the behavior of sensitive data and enhance security measures to avoid data breach incidents. These technologies help enterprises to reduce error rates due to manual processes or user interference while classifying sensitive data and empowers the data classification solution to leverage continuous learning processes to automatically categorize data in a more precise and refined way, based on user-defined rules and policies.
Lack of awareness regarding data classification importance in data security strategies and data pattern complexities are some of the factors acting as challenges for the data classification market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Data Classification Market 4.2 Data Classification Market: Top 3 Applications 4.3 Data Classification Market: By Region 4.4 Data Classification Market in North America, By Application and Methodology
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Mandatory Compliance With Stringent Regulations 22.214.171.124 Growth in Uncontrolled Data Volumes and Increased Security Risks 5.2.2 Restraints 126.96.36.199 Complicated Classification Schemes and Terminologies 5.2.3 Opportunities 188.8.131.52 Integration of AI and ML Into Data Classification 184.108.40.206 Growing Demand for Data Driven Decision-Making Process 5.2.4 Challenges 220.127.116.11 Lack of Awareness About Data Classification 18.104.22.168 Data Pattern Complexities Involved in Data Classification 5.3 Use Cases 5.3.1 Introduction 5.4 Regulatory Implications 5.4.1 Introduction 5.4.2 Sarbanes Oxley Act (SOX) 5.4.3 National Institute of Standards and Technology Special Publication (Nist Sp) 800-53 5.4.4 Payment Card Industry Data Security Standard (PCI DSS) 5.4.5 American Institute of Certified Public Accountants (AICPA) SOC 2 5.4.6 General Data Protection Regulation (GDPR) 5.4.7 Health Insurance Portability and Accountability Act (HIPAA) 5.5 Effective Data Classification Process
6 Data Classification Market, By Component 6.1 Introduction 6.2 Solutions 6.2.1 Standalone Solution 22.214.171.124 Increasing Demand for Advanced Level of Data Classification Capabilities for Strengthening Data Security to Drive the Growth of the Standalone Solution 6.2.2 Integrated Solution 126.96.36.199 Growing Adoption of Integrated Solution as It Integrates Various Data Protection Features Within A Single Solution 6.3 Services 6.3.1 Professional Services 188.8.131.52 Technicalities Involved in Implementing Data Classification Solutions to Boost the Demand for Professional Services 6.3.2 Managed Services 184.108.40.206 Requirement for Managed Services to Increase With Rising Deployment of Data Classification Solutions
7 Data Classification Market, By Methodology 7.1 Introduction 7.2 Content-Based Classification 7.2.1 Companies to Adopt Content-Based Classification to Protect the Regulated Data 7.3 Context-Based Classification 7.3.1 Need to Protect Ip Data to Drive the Adoption of Context-Based Classification Solutions 7.4 User-Based Classification 7.4.1 Need to Enhance Accuracy With User-Based Classification to Drive Its Demand
8 Data Classification Market, By Application 8.1 Introduction 8.2 Access Control 8.2.1 Increasing Criticality for Strengthening Data Access Control Within an Organization to Boost the Growth of the Application 8.3 Governance, Risk, and Compliance 8.3.1 GRC Application to Grow Rapidly in the Data Classification Market With Increasing Data Privacy Rules and Regulations 8.4 Web, Mobile, and Email Protection 8.4.1 The Need to Safeguard the Sensitive Data Leakage Outside an Enterprise to Boost the Demand for Web, Mobile, and Email Protection 8.5 Centralized Management 8.5.1 Need to Centralize the Overall Enterprises Data to Fuel the Growth of the Centralized Management Application
9 Data Classification Market, By Vertical 9.1 Introduction 9.2 Banking, Financial Services, and Insurance 9.2.1 Growing Need to Protect the Sensitive Information in the BFSI Vertical to Drive the Adoption of Data Classification Solutions 9.3 Healthcare and Life Sciences 9.3.1 Increasing Need to Safeguard the Health Information of Patients for Delivering Quality Care to Drive the Adoption of Data Classification Solutions 9.4 Government and Defense 9.4.1 Government to Adopt Data Classification Solutions for Stringent Regulatory Compliance and Data Security 9.5 Education 9.5.1 Increasing Need to Protect Students' Data for Effective Workload Management to Drive the Adoption of Data Classification Solutions 9.6 Telecom 9.6.1 Growing Demand to Secure Large Volumes of Data for Enhanced Operational Efficiency to Pave the Way for the Telecom Industry to Adopt Data Classification Solutions 9.7 Media and Entertainment 9.7.1 Media and Entertainment Firms to Adopt Data Classification Tools to Understand Customer Behavior and Enhance Marketing Strategies 9.8 Others
10 Data Classification Market, By Region 10.1 Introduction 10.2 North America 10.2.1 United States 10.2.1.1 Growing Opportunities to Create Data Security Based Applications Fueling the Demand for Data Classification in the Us 10.2.2 Canada 10.2.2.1 Canada to Witness an Increase in Investments and Research Activities 10.3 Europe 10.3.1 United Kingdom 10.3.1.1 Growing Investments to Offer More Opportunities to Deploy Data Classification Solutions 10.3.2 Germany 10.3.2.1 Increasing Adoption of Data Classification Solutions Across Major Verticals is Expected to Drive the Market in Germany 10.3.3 France 10.3.3.1 Data Classification to Gain Popularity in France Due to Favorable Investment Climate 10.3.4 Rest of Europe 10.4 Asia Pacific 10.4.1 China 10.4.1.1 Increasing Dependency on the Internet to Create the Demand for Data Classification Solutions in China 10.4.2 Japan 10.4.2.1 Strengthening Regulatory and Compliance Landscape and the Mandate to Abide By Data Privacy Laws to Increase the Adoption of Data Classification Solutions in Japan 10.4.3 India 10.4.3.1 Government Push to Adopt Advanced Technologies Would Lead to Increased Demand for Data Classification Solution in India 10.4.4 Rest of Asia Pacific 10.5 Middle East and Africa 10.5.1 Israel 10.5.1.1 Regulatory Compliances Backed By the Presence of Multiple Data Classification Vendors Would Lead to Adoption of Data Classification Solutions 10.5.2 South Africa 10.5.2.1 Increasing Adoption of Advanced Technologies to Fuel the Need to Classify and Protect Data 10.5.3 United Arab Emirates 10.5.3.1 Complex Legal, Regulatory, and Economic Resolutions to Compel Organizations to Adopt Data Classification Solutions 10.5.4 Rest of Middle East and Africa 10.6 Latin America 10.6.1 Brazil 10.6.1.1 Growth in Cyber-Attacks Leading to Strict Regulations to Secure Regulated Data Fueling the Demand for Data Classification Solution in Brazil 10.6.2 Mexico 10.6.2.1 Increase in the Number of Internet Users and Cross-Border Issues to Create the Demand for Data Classification Solutions 10.6.3 Rest of Latin America
11 Competitive Landscape 11.1 Overview 11.2 Ranking of Key Players, 2018 11.3 Competitive Scenario 11.3.1 New Product/Service Launches and Product/Service Enhancements 11.3.2 Agreements and Partnerships 11.3.3 Acquisitions 11.3.4 Expansions