Data Classification Market Revenue, Key Companies, Segment by Type, Application | Valuates Reports

Data Classification Market

The global Data Classification market size is projected to reach USD 1550.5 Million by 2028, from USD 642.3 Million in 2021, at a CAGR of 12.9% during 2022-2028. Key drivers of the data classification market include the growing need for maintaining regulatory compliance. The increasing volume of unstructured data will fuel the growth of the data classification market during the forecast period. The cybersecurity risks will push the market forward in the coming years.

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Trends Influencing the Global Data Classification Market

Regulations

Government mandate has forced enterprises to classify data in order to meet strict compliance policies. Various rules like the Data Protection Act and the European General Data Protection Regulation( GDPR) look after data governance requirements for businesses. Violations and data breaches can lead to a huge amount of fines, criminal charges, and post-event clean-up costs. Hence embedding classified label on metadata allow organizations to audit exactly who is accessing sensitive information. A detailed track is kept to identify any unusual behavior quickly. This is immensely beneficial as the classification will help companies to provide evidence to industry bodies and regulatory authorities on whether all important information is being managed or not. The entire process fosters a sense of security awareness inside the company culture. The onus of protection is on everyone thereby ensuring employees know what kind of information they are handling on a daily basis. Systems are integrated accordingly and ideas are shared freely without the worry of unauthorized access to data. These factors will boost the growth of the data classification market during the forecast period.

Increasing volume of unstructured data

Businesses are getting reliant on huge volumes of data for enhancing their customer service. Large datasets are spread across multiple repositories like on-premise or cloud databases, big data platforms, storage services like Dropbox, google docs, and spreadsheets such as files, PDFs, emails, etc. Classifying the unstructured mess ensures better transparency. Important questions like how is the data being used and where is it transferred. Content and context related to the storage location, file type and the real worth of a particular document can be answered immediately. The data is a lot more accessible to multiple authorized stakeholders. Finally, confidentiality is maintained with various encryptions and relevant user permissions. Such factors will augment the growth of the data classification market in the subsequent years.

Security concerns

Data classifying not only protects from hacker intrusion but also prevents crucial data loss. The metadata tag directs actions downstream enterprise security and data management solutions. For instance, an email getaway automatically encrypts any file marked as confidential thereby blocking employees from updating the file content on a public cloud sharing platform. This process improves the efficiency of the security incident and event monitoring tools. Risky behavior is detected and flagged early on. Whenever a user downgrades files from confidential to the public or anyone shares sensitive documents to a storage device it is immediately brought to the notice of the owner. Then follow-up action is done through further training, any disciplinary action, and policy strengthening. The protection travels along with each piece of individual data providing an enhanced layer of surveillance and control. Such advanced features will fuel the growth prospects of the data classification market in the subsequent years.

Emergence of automation

Companies are seeing the benefits of grouping products, consumer profiles, and market data into categories using AI algorithms. The use cases in modern business scenarios are immense as machine learning taps into the existing data pool to gain intelligence and automate tasks more efficiently. The scope for newer innovations has gathered pace with increasing investments in neural networks that simulate the functioning of a human brain. AI classification and big data analysis are being used in marketing channels to decide the funnels with high-profit margins. The huge application involves recommending similar products or content based on the past purchasing history and viewing experience of customers. Companies like Netflix, and Spotify are benefiting largely from the use of ML-based grouping methodologies thereby providing personalized services to each individual customer. Clustered user data provides insights into your target audience's choices and preferences. One can make detailed marketing predictions based on the classified data models. All these factors will surge the growth of the data classification market during the forecast period.

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Data Classification Market Share

Based on type, the segmentations include software, service, and hardware.

Based on application, it is automation, data analytics, and optimization. Data analytics is a part of data mining that detects and assigns categories to the collected data. It uses advanced mathematical techniques like linear programming, decision trees, neural networks, and statistics. AI-enabled data classification uses ML algorithms to directly identify various data categories clustering them automatically. On the other hand, the optimization techniques reduce manual work by providing optimal solutions to a given complex dataset problem.

Based on region, North America is expected to dominate in the data classification market share due to rising investments in data management strategies, rapid adoption of data classification solutions, and the presence of big solution providers.

By Type
• Software
• Service
• Hardware

By Application
• Automation
• Data Analytics
• Optimization

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