Google revenue

Data Classification Market Revenue, Key Companies, Segment

Data Classification Market

The global data classification market size is expected 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 for the data classification market include the growing need to maintain regulatory compliance. The growing volume of unstructured data will fuel the growth of the data classification market over the forecast period. Cybersecurity risks will drive the market forward in the coming years.

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Trends Influencing the Global Data Classification Market

Regulations

The government mandate required companies to classify data in order to meet strict compliance policies. Various rules such as data protection law and the European General Data Protection Regulation (GDPR) govern data governance requirements for businesses. Data breaches and breaches can result in a huge amount of fines, criminal charges, and post-event cleanup costs. Therefore, embedding a classified label on metadata allows organizations to verify exactly who is accessing sensitive information. A detailed log is kept to quickly identify any unusual behavior. This is extremely beneficial as classification will help companies provide evidence to industry bodies and regulators as to whether all important information is being managed or not. The whole process fosters a sense of security awareness within the corporate culture. The responsibility for protection rests with everyone, ensuring that employees know what kind of information they deal with on a daily basis. Systems are integrated accordingly and ideas are shared freely without concern for unauthorized data access. These factors will drive the growth of the data classification market over the forecast period.

Increase in the volume of unstructured data

Companies depend on huge volumes of data to improve their customer service. Large datasets are spread across multiple repositories such as on-premises or cloud databases, big data platforms, storage services such as Dropbox, Google Docs, and spreadsheets such as Files , PDFs, emails, etc. Classification of unstructured clutter ensures better transparency. Important questions like how the data is used and where is it transferred. Content and context related to the storage location, file type, and actual value of a particular document can be answered immediately. Data is much more accessible to multiple authorized stakeholders. Finally, privacy is maintained with various encryptions and relevant user permissions. These factors will increase the growth of the data classification market in the coming years.

Security issues

Data classification not only protects against hacker intrusions but also prevents the loss of crucial data. The metadata tag directs downstream actions for enterprise security and data management solutions. For example, an email getaway automatically encrypts any file marked as confidential, preventing employees from updating file content on a public cloud sharing platform. This process improves the effectiveness of security incident and event monitoring tools. Risky behaviors are detected and reported at an early stage. Whenever a user downgrades files from confidential to public or someone shares sensitive documents on a storage device, it is immediately reported to the owner. Thereafter, follow-up action is taken through further training, any disciplinary action, and policy enforcement. Protection accompanies each individual piece of data, providing an enhanced layer of monitoring and control. These advanced features will fuel the growth prospects of the data classification market in the coming years.

Emergence of automation

Businesses 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 pool of data to gain intelligence and automate tasks more efficiently. The scope of new innovations has accelerated with increased investment in neural networks that simulate the workings of a human brain. AI classification and big data analytics are used in marketing channels to decide funnels with high profit margins. The huge app is to recommend similar products or content based on past purchase history and customer viewing experience. Companies like Netflix and Spotify benefit greatly from using ML-based clustering methodologies, thereby providing personalized services to each individual customer. Aggregated user data provides information about the choices and preferences of your target audience. One can make detailed marketing predictions based on the classified data models. All these factors will drive the growth of the data classification market over the forecast period.

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Data Classification Market Share

Based on type, segmentations include software, services, and hardware.

Application-based, it’s automation, data analysis and optimization. Data analysis is part of data mining that detects and assigns categories to collected data. It uses advanced mathematical techniques such as linear programming, decision trees, neural networks and statistics. AI-enabled data classification uses ML algorithms to directly identify various categories of data automatically grouping them together. On the other hand, optimization techniques reduce manual labor by providing optimal solutions to a given complex dataset problem.

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

By type
• Software
• Service
• Material

By request
• Automating
• Data analysis
• Optimization

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