Governance, Risk Management and Compliance (GRC) Data Classification Market is Likely to Upsurge USD 12,20,742.47 million at a CAGR of 14.1% by 2030, Size, Share, Trends, Demand, Growth Forecast and Challenges

The pivotal findings and recommendations underscore significant progressive trends within the Governance, Risk Management and Compliance (GRC) Data Classification Market enabling stakeholders to formulate effective long-term strategies. The inaugural Governance, Risk Management and Compliance (GRC) Data Classification Market report explores key questions, including: What was the market size in 2020? What is the current market status? How is the market expected to evolve in the forecast period? What strategic moves are being made by key players? Which region leads the global market? How is the market's competitive analysis conducted? What are the drivers and restraints for the Governance, Risk Management and Compliance (GRC) Data Classification Market? What is the anticipated market standing from 2022 to 2029? What will be the market size in 2022, and what growth rate is expected?

Explore Further Details about This Research Governance, Risk Management and Compliance (GRC) Data Classification Market Report

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Increasing data privacy and security regulations, growing concerns over data breaches and cybersecurity, and need for effective risk management and compliance are the drivers for global governance, risk management, and compliance (GRC) data classification market. Adoption of artificial intelligence and machine learning, integration with cloud and big data technologies and expansion into industry-specific applications are the expected opportunities for the global governance, risk management, and compliance (GRC) data classification market.

Data Bridge Market Research analyses that the global governance, risk management and compliance (GRC) data classification market which was USD 50,315.58 million in 2022, and is expected to reach USD 12,20,742.47 million by 2030, and is expected to undergo a CAGR of 14.1% during the forecast period of 2023 to 2030. "Solutions" dominates the component segment of the global governance, risk management and compliance (GRC) data classification market due to data classification solutions are essential components of GRC frameworks, which help organizations effectively manage risks and ensure compliance with regulations and industry standards. These solutions provide the necessary tools and functionalities to classify and categorize data based on its sensitivity, confidentiality, and regulatory requirements. By organizing and labeling data, organizations can gain better visibility and control over their data assets, facilitating risk assessment and compliance management processes. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

The governance, risk management, and compliance (GRC) data classification market refers to the market for solutions, services, and technologies that enable organizations to effectively classify, categorize, and manage their data in alignment with GRC frameworks. It encompasses a range of software applications, platforms, and services designed to assist organizations in identifying, classifying, and protecting sensitive data based on its risk level, regulatory requirements, and business needs. GRC data classification solutions provide organizations with the tools and capabilities to systematically analyze, categorize, and label their data assets, taking into consideration factors such as data sensitivity, confidentiality, integrity, and compliance requirements. These solutions utilize advanced technologies, including machine learning, natural language processing, and data analytics, to automate the process of data classification and ensure consistent and accurate categorization.

Some of the major players operating in the global governance, risk management and compliance (GRC) data classification market are:

IBM (U.S.)
Microsoft Corporation (U.S.)
RSA Security LLC (U.S.)
Symantec Corporation (U.S.)
OpenText Corporation (Canada)
Veritas Technologies LLC (U.S.)
Informatica LLC (U.S.)
Micro Focus International plc (U)
Proofpoint, Inc. (U.S.)
Varonis Systems, Inc. (U.S.)
Spirion LLC (U.S.)
OneTrust, LLC (U.S.)
AvePoint, Inc. (U.S.)
Netwrix Corporation (U.S.)
Titus (Canada)

Drivers

Increasing Data Privacy and Security Regulations

The proliferation of data privacy and security regulations, such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), is a major driver for the GRC data classification market. Organizations are required to classify and protect sensitive data to ensure compliance with these regulations. GRC data classification solutions help organizations meet regulatory requirements by providing the necessary tools and capabilities to identify, classify, and secure sensitive data.

Growing Concerns over Data Breaches and Cybersecurity

The rising frequency and impact of data breaches have highlighted the importance of effective data classification and protection. Organizations are increasingly aware of the potential risks associated with data breaches, including financial losses, reputational damage, and regulatory penalties. GRC data classification solutions assist organizations in mitigating these risks by enabling them to identify and classify sensitive data, apply appropriate security controls, and monitor data access and usage.

Need for Effective Risk Management and Compliance

Effective risk management and compliance are essential for organizations to maintain trust, meet stakeholder expectations, and avoid legal and financial consequences. GRC data classification solutions play a crucial role in risk management and compliance by helping organizations identify and assess data-related risks, prioritize mitigation efforts, and establish robust controls based on the classification of data. These solutions enable organizations to demonstrate compliance with regulatory requirements and industry standards, fostering a culture of governance and risk awareness.

Global Governance, Risk Management and Compliance (GRC) Data Classification Market Scope

The global governance, risk management and compliance (GRC) data classification market is segmented on the basis of component, methodology and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

Solution
Services

Methodology

Content-Based Classification
Context-Based Classification
User-Based Classification

Vertical

Banking
Financial Services, and Insurance (BFSI)
Healthcare and Life Sciences
Government and Defence
Education
Telecom
Media and Entertainment
Others

Key Points mentioned in the  Governance, Risk Management and Compliance (GRC) Data Classification Market  report:

What was the Governance, Risk Management and Compliance (GRC) Data Classification Market size in 2030?

What are the moves of key players?
Which region is leading the market at global level?
A comprehensive/competitive analysis of the Governance, Risk Management and Compliance (GRC) Data Classification Market?
What the drivers and restrains are for the Governance, Risk Management and Compliance (GRC) Data Classification Market?
How will the market stand in the forecast period?

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