Data Classification Market Overview, Growth Factors and Competitive Players Till 2028

A Latest intelligence report published by The Insight Partners Data classification market, Size, Share Industry Trends and Forecast to 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments

The Data classification market size is expected to reach US$ 3,577.49 million by 2027Registering at a CAGR of 27.6% during the forecast period of 2020 to 2027, according to a new research study conducted by The Insight Partners. This evolution in the Data Classification Market has been majorly attributed by the dynamic growth in the IT industry resulting in the growth of disruptive and connected technologies such as IoT. Owing to these, transformations have paved the way for heinous and malicious practices resulting in data and revenue loss for various organizations.

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The Key Players in The Global Market Are: 

Boldon James
Google LLC
Microsoft Corporation
Open Text Corporation
DATAGUISE
Informatica
Netwrix Corporation
PKWARE, Inc.
Titus
Varonis

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In the new era of fueling data, the advent of big data and machine learning will prove to be a game-changer among industries. Big data requires the existence of data classification and perform its task of delivering quality information for management decision-making. The need to classify data is characterized by its large volume and speed, as well as various types of information contained in a structured or unstructured way. Similarly, due to its ability to learn the tags for every kind of information set in the system, machine learning will boost the market for data classification. A few stats are as follows:

Around 76% of the US companies have exceeded their sales targets with the use of ML
The product sales of European banks have increased by 10% and lowered the churn rates by 20%, with ML AI and machine learning-driven apps being a leading category among funded start-ups. The number of companies investing in ML is expected to double in the next three years
40% of the US firms use ML to improve their sales and marketing

The report segments the global Market as follows:

By Technology (Augmented Reality and Virtual Reality),
By Component (Semiconductor Components, Sensors, and Others), and
By End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)

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The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lock downs to combat and contain the outbreak have impacted every industry and economy worldwide. Though the industries are generating high volume of data, at present their operations are heavily interrupted due to which sales of data classification would see a decline.

Moreover, the business functions of SMEs are disturbed due to temporarily business shutdown and lock down. The global travel bans imposed by countries in Europe, Asia Pacific, North America, and others are affecting the business collaborations and partnerships opportunities across industries. All these factors are anticipated to negatively impact the growth of the data classification market.

Answers that the report acknowledges:

Market size and growth rate during forecast period.
Key factors driving the Market.
Key market trends cracking up the growth of the Market
Challenges to market growth.
Key vendors of Data Classification Market
Detailed SWOT analysis.
Opportunities and threats face by the existing vendors in Global Market
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major region

Contact Us:
If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

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The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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This release was published on openPR.