Global Data Classification Market
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:
- Rising concern for data security of huge data volume as the cybercrime related to data breach has been increased globally: Cyber crime is one of the fast growing areas of crime. In this tech sassy era, man becomes dependent on the internet for all his requirements as it provides simple access to shopping, gaming, social networking, online employment, etc. all at one location. Today cybercriminals are using internet and other technology so they can gather the personal information of a person whether it’s someone’s social media website, bank details, or any sensitive data. So, to protect themselves from these crimes people are opting different data security solution so they can stop data breaches, theft and other crimes. Today these cybercriminals are targeting businessmen, banks, casinos, financial firms and others so they can easily earn huge sum of money. So, using data security technologies such as data masking, data erasure or backups can be very effective
- Stringent rules & regulations related to data needs to be followed by the organization: With Data Classification and any data protection solutions one can establish strategies that work with data classification metadata to help protect and manage data. There are different rules and regulation which need to be followed to make sure the businesses are serious about their data protection. Recently, GDPR, the EU data privacy and right to be forgotten regulation, has enhanced the chances of data breaches. GDPR and parallel registers France's Digital Republic Bill which can lead multinational organizations to heavy economic penalties, extra regulations on disclosure of information breaches, which further enhances the monitoring of their information safety adequacy
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:
- In August 2019, Netwrix announced the launch of their Netwrix Data Protection. Built on technology from the purchase of Concept Searching by Netwrix, this platform empowers organizations to guarantee that their information benefits the organization and is efficiently treated by automatically defining, categorizing and tagging it with metadata. This acquisition will help them to expand their product portfolio and this will allow improve business development operations and boost the value of their company information
- In October 2018, PKWARE announced the launch of their Smartcrypt Classification they have the ability to apply visual labels and metadata tags to documents that contain delicate information, increase user consciousness and increase the effectiveness of other safety technology. This launch will help the company to expand their data security capabilities. Customers can use the function to extend automatic classification based on policies and to promote end-user manual classification. No other platform in a single automated workflow combines information discovery, classification, and security capacities
“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.
