Data Classification Market Scope
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 regarding data stewardship. That data classification scheme will specify appropriate handling practices for each category and storage standards.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
CAGR | 24.8% |
"According to AMA, the Global Data Classification market is expected to see growth rate of 24.8% and may see market size of USD1665.0 Million by 2028."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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Data Classification market throughout the predicted period.
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) are some of the key players that are part of study coverage. 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).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Data Classification market by Type , by Application (Access Control, Governance, Risk, and Compliance, Web, Mobile, and Email Protection and Centralized Management) and Region with country level break-up.
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 2022. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In December 2023, Microsoft and Snowflake announced a partnership to integrate Snowflake's data cloud platform with Microsoft Purview, a data governance and classification solution. This collaboration aims to simplify data management and classification for businesses using both platforms.
In October 2023, Snowflake launches Data Classification Cloud, a SaaS offering for automated data classification and labeling across multi-cloud environments. The successful launch of this cloud will help Snowflake to maintain its position in the market.
Influencing Trend:
Data classification has emerged as a significant tool nowadays and Data security is one of the major factors for organizations
Market Growth Drivers:
Mandatory Compliance with Stringent Regulations and Growth in Uncontrolled Data Volumes and Increased Security Risks
Challenges:
Lack of Awareness about Data Classification and Data Pattern Complexities Involved in Data Classification
Restraints:
Complicated Classification Schemes and Terminologies
Opportunities:
Integration of AI and ML into Data Classification and Growing Demand for Data Driven Decision-Making Process
Key Target Audience
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