Data classification is a process which is used to organize data into different categories so they can be stored and used more efficiently. It can divide as per their types, forms or any other category. Data classification allows information to be separated and classified for different company or private purposes according to information requirement. There are different methods are processes which are used to separate the data within the database. Mainly business intelligence software database is used for this purpose. Content, context and user are three of the most common type of the data classification. If data classification is done properly, one can easily find and retrieve any data. Some of the common application of data classification is to sort data as per their category, separate customer data as per their gender, sorting for security reason by dividing data into private, restricted and public data base and others.
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Some of the factors responsible for the growth of this market are as follow:
The global data classification market is segmented on the basis of component which is divided into solutions, and services; methodology can be divided into content-based classification, context-based classification, and user-based classification; application can be segmented as access control, governance, risk and compliance, web, mobile and email protection, and centralized management and vertical can be segmented into banking, financial services, and insurance, healthcare and life sciences, government and defence, education, telecom , media and entertainment, others.
Some of the launches and acquisition by some major player in the market are as follow:
“According to Data Bridge Market Research, global data classification market is set to witness a healthy CAGR of 25.66% in the forecast period of 2019- 2026”
Few of the major competitors currently working in data classification market are Google, IBM Corporation, Amazon Web Services, Inc., BOLDON JAMES, Covata Limited, DATAGUISE, Digital Guardian, Forcepoint, Clearswift, GTB Technologies, Inc., Informatica, Innovative Routines International (IRI), Inc., Janusnet Pty Limited, Microsoft, MinerEye, Netwrix Corporation, OpenText Corp., PKWARE, Inc. among others.
Data classification is very beneficial as it improves data security and data compliance. It also helps the organization to classify data as restricted, confidential, public and office use. Organizations need to define and classify information while defining norms and policies to manage each sort of information correctly in order to guarantee adequate security. Accurate use of classification of data will promote more effective company operations and reduce the cost of ensuring appropriate safety of information. These are the factors which will accelerate the growth of this market.
Global Data Classification Market – Industry Trends and Forecast to 2026