Global Data Classification Market Size to Exceed USD 19.93 Billion by 2033 | CAGR of 29.18%

Global Data Classification Market Size to Exceed USD 19.93 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Data Classification Market Size is Expected to Grow from USD 1.54 Billion in 2023 to USD 19.93 Billion by 2033, at a CAGR of 29.18% during the forecast period 2023-2033.          

Browse key industry insights spread across 245 pages with 110 Market data tables and figures & charts from the report on the “Global Data Classification Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Classification (Content-Based Classification, Context-Based Classification, and User-Based Classification), By Application (GRC, Access Control, Web, Mobile & Email Protection, and Centralized Management), By Vertical (BFSI, Defense and Government, Healthcare and Life Sciences, Telecom, Education, Media and Entertainment, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/data-classification-market

The data classification market refers to the market for technology, services, and solutions designed to manage, organize, and classify data based on its importance, level of sensitivity, and compliance requirements. Data classification helps companies identify and protect sensitive or essential information by assigning labels or tags based on the content and value of the data. This process is crucial for ensuring data security, privacy, and regulatory compliance since it assists businesses in controlling access and protecting sensitive or important data. The global data classification market is critical for increasing data security, maintaining compliance with privacy requirements such as GDPR and CCPA, and improving risk management. It assists organizations in quickly categorizing data depending on sensitivity, allowing them to implement the required security measures to secure sensitive information. Furthermore, data classification improves operational efficiency, data governance, and decision-making by grouping information into structured categories.  Businesses that apply good data classification can reduce risks, maintain regulatory compliance, and improve their data management methods. However, the market growth is hampered by the high implementation and maintenance rate.

The solutions segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.

Based on the component, the data classification market is categorized into solutions and services. Among these, the solution segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the increase in cyber threats and strict data protection laws, businesses are beginning to see how important it is to manage and protect their data. Automated classification systems are essential because they increase operational efficiency and ensure regulatory compliance. Furthermore, the proliferation of big data and the growing use of cloud computing necessitate the development of advanced data classification technologies to effectively handle enormous volumes of data.

The user-based classification segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the predicted timeframe.

Based on the classification, the data classification market is segmented into content-based classification, context-based classification, and user-based classification. Among these, the user-based classification segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the predicted timeframe. The segmental growth can be attributed to the growing demand for individualized data security. By aligning responsibilities and access, user-based data classification enhances data security and management effectiveness. It facilitates secure operations by guaranteeing that only authorized individuals can access sensitive information.

The GRC segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the estimated period.

Based on the application, the data classification market is divided into GRC (governance, risk, and compliance), access control, web, mobile & email protection, and centralized management. Among these, the GRC segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the estimated period. The segmental growth can be propagated to the need for GRC solutions is being driven by the increasing need for data protection and regulatory compliance. Strict laws like the CCPA and GDPR force businesses to adequately protect data to prevent penalties and harm to their reputation. Additionally, new cyber threats highlight the necessity of robust data classification methods to safeguard private data.

The BFSI segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the predicted timeframe.

Based on the vertical, the data classification market is segmented into BFSI, defense and government, healthcare and life sciences, telecom, education, media and entertainment, and others. Among these, the BFSI segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the predicted timeframe. The segmental growth can be expanded to the BFSI sector must manage substantial amounts of sensitive and private data. To effectively manage, protect, and use the vast amounts of data created by the expanding use of digital banking and financial services, efficient data classification systems must be developed.

North America is projected to hold the largest share of the global data classification market over the forecast period.

North America is projected to hold the largest share of the global data classification market over the forecast period. The region's growth is attributed to the increase in data breaches and cyber threats.  Businesses are becoming increasingly aware of how important it is to manage and categorize their data to protect sensitive information and stay in compliance. Furthermore, to optimize storage, fortify data governance, and promote improved decision-making, the region's growing reliance on cloud services and big data analytics necessitates efficient data classification.

Asia Pacific is expected to grow at the fastest CAGR of the global data classification market during the forecast period. The region in which data generation rises as a result of significant increases in digital innovation and organizational digitization. Additionally, businesses and consumers are more conscious of and concerned about data privacy as a result of well-publicized data breaches and cyberattacks.  Due to the increasing use of AI and machine learning in business operations, which demands precise data categorization to enhance efficiency and decision-making, strong data classification solutions are highly sought after in the Asia-Pacific market.

Major vendors in the global data classification market are IBM, Amazon Web Services, Inc., Microsoft, AWS, Softworks AI, Digital Guardian, Informatica, Forcepoint, GTB Technologies, Inc., Sienna Group, LLC., Alphabet Inc., Broadcom (Symantec Corporation), and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In January 2024, Varonis declared that Snowflake, a well-known cloud data platform, would now be covered by its Data Security Posture Management (DSPM). By offering thorough access and control over critical data housed within Snowflake, this upgrade seeks to improve data security.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global data classification market based on the below-mentioned segments: 

Global Data Classification Market, By Component

• Solution
• Services

Global Data Classification Market, By Classification

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

Global Data Classification Market, By Application

• GRC
• Access Control
• Web
• Mobile & Email Protection
• Centralized Management

Global Data Classification Market, By Vertical

• BFSI
• Defense and Government
• Healthcare and Life Sciences
• Telecom, Education
• Media and Entertainment
• Others

Global Data Classification Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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