Data Classification Market Size to Surpass US$ 9.1 Billion by 2032, Exhibiting a CAGR of 21.87% | IMARC Group

IMARC Group has recently released a new research study titled "Data Classification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the data classification market?

The global data classification market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.1 Billion by 2032, exhibiting a growth rate (CAGR) of 21.87% during 2024-2032.

Global Data Classification Market Trends:

The increasing volume of data generated by organizations necessitates efficient methods of organization and protection. Data classification provides a structured approach to categorizing data, ensuring that sensitive information is appropriately secured and compliant with data privacy regulations. The growing awareness of cybersecurity threats has heightened the importance of data protection. Organizations are increasingly investing in data classification solutions to safeguard their sensitive information from data breaches and cyberattacks. Additionally, regulatory requirements, such as GDPR and HIPAA, mandate data protection measures, further propelling the adoption of data classification technologies.

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Factors Affecting the Growth of the Data Classification Industry:

Technological Advancements in Data Management:

The data classification market is significantly influenced by advancements in technology related to data management. With the exponential growth in data volume, driven by increased internet usage, social media, and the proliferation of smart devices, there is a heightened need for efficient data classification solutions. These technologies enable organizations to categorize vast amounts of data effectively, facilitating better data security, compliance with regulations, and efficient data management. Moreover, the advent of artificial intelligence and machine learning has further revolutionized this field. These technologies provide enhanced accuracy in data classification by identifying patterns and categorizing data more precisely than traditional methods. As a result, organizations are increasingly adopting advanced data classification tools, which is a key driver for market growth.

Regulatory Compliance and Data Protection Laws:

Another significant factor contributing to the growth of the data classification market is the increasing stringency of regulatory compliance and data protection laws globally. Regulations mandate stringent data handling and privacy practices. These regulations compel organizations to implement robust data classification systems to ensure compliance. Non-compliance can result in hefty fines and reputational damage, incentivizing businesses to invest in these systems. Furthermore, the increasing awareness of data breaches and cyber threats has made data security a top priority for organizations, thus driving the demand for data classification solutions that help in identifying sensitive data and protecting it from unauthorized access.

Increasing Demand for Cloud-based Solutions:

The shift towards cloud-based services is profoundly influencing the growth of the data classification market. Cloud-based data classification solutions offer scalability, flexibility, and cost-effectiveness, making them attractive to businesses, especially small and medium-sized enterprises (SMEs). These solutions enable organizations to manage and classify data stored in the cloud efficiently, which is crucial as more businesses migrate their operations to cloud platforms. Additionally, cloud-based solutions often come with advanced security features and regular updates, which are essential for data protection in the ever-evolving digital landscape. The increasing adoption of cloud computing, coupled with the benefits offered by cloud-based data classification solutions, is thus a key factor driving the expansion of this market.

Data Classification Market Report Segmentation:

By Component:

• Software
• Services

Solutions represented the largest segment due to the increasing demand for comprehensive data classification tools and software.

By Type:

• Content-based Classification
• Context-based Classification
• User-based Classification

User-based Classification represented the largest segment as it aligns with the growing need for user-centric data access control and security measures.

By Deployment Mode:

• On-premises
• Cloud-based

By deployment mode, the market is segmented into on-premises and cloud-based.

By Application:

• Access Control
• Governance and Regularity Compliance
• Web, Mobile and Email Protection
• Auditing and Reporting
• Others

Governance and Regulatory Compliance (GRC) represented the largest segment, driven by strict data compliance regulations and the need for organizations to adhere to them.

By Industry Vertical:

• BFSI
• Healthcare
• Government and Defense
• IT and Telecom
• Energy and Utilities
• Others

BFSI represented the largest segment, primarily because of the critical nature of data security and compliance in the banking and financial sector.

Regional Insights:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America emerged as the largest market due to its advanced technological infrastructure and a high level of awareness about data security and compliance in the region.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Forcepoint LLC
• Fortra LLC
• HANDD Business Solutions
• Netwrix Corporation
• Varonis Systems Inc.

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Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.