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Data Classification Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Data Classification Market is Segmented by Solution (Software, Services), Deployment (On-Premise, Cloud), Application (Access Management, Governance & Compliance Management, Email & Mobile Protection), Industry Vertical (BFSI, Healthcare, Government & Defence, IT & Telecom, Energy & Utilities, Education), and Geography.

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Market Snapshot

data classification market
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 24 %

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Market Overview

The global data classification market is expected to register a CAGR of about 24.0% during the forecast period 2021-2026. Owing to the technological advancements that support government regulations and compliances in the developed regions is expected to fuel the growth for data classification solutions in the global market.

  • Three and five-tiered classification scheme for public data management in the countries like the US and UK are creating potential space for industry vendors in the domain. Banks, insurance companies, and other financial services firms are the primary users of data classification solutions as they have to deal with large volumes of Personally Identifiable Information (PII) and government regulations for data protection.
  • Other industries such as retail, government, and healthcare where user’s data are considered highly confidential, implement data classifications solution to maintain integrity and confidentiality of the data. The surge in analytics applications with stored data and concern for data theft due to mismanagement are some of the driving factors expected to enhance the market for data classification solutions in the forecast period.

Scope of the Report

Data classification is the process of identifying data type with respect to their sources, function, and accessibility by various users inside and outside of the organization. The scope covers the data classification market as both the software and services part and estimates include these segments. The core objective of data classification is to maintain integrity, confidentiality, and availability of data stored in any storage of the respective organization.

By Solution
Software
Services
By Deployment
On-Premise
Cloud
By Application
Access Management
Governanace & Compliance Management
Email & Mobile Protection
Auditing & Reporting
Other Applications
By Industry Verticals
BFSI
Healthcare
Government & Defence
IT & Telecom
Energy & Utilities
Other Industry Verticals
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Latin America
Middle-East & Africa

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Key Market Trends

Surge in Data Security Solutions for Increased Malware Infection Rates in Computers

  • It’s been a critical concern for a business organization as well as personal computer users about the increase in cyber threats at an alarming rate. As everything is shifting to the world of internet and mobile-based apps, the threat of data vulnerability has also increased in these recent years. Specifically, business organizations are facing tough challenges with respect to their data security and vulnerability, as they many times have to deal with storing, shifting, migrating and outsourcing their user data on open source platforms.
  • Organizations in developing economies like China, India, Russia, Brazil, and others are very much open to risks related to data protection and information management. According to the recent publication from Cybersecurity Insiders, China remains at the top in the list of the highest malware infection rates in computers with a 49% infection rate.
data classification market

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Government Mandate in Developed Nations is Driving the Demand for Data Classification Services

  • In countries like the US, UK, Germany, Singapore and some others where the government has regulated the IT environment with data encryption and protection laws, tech firms are finding opportunity areas to promote their data classification services in these markets. Governments in the US and UK have established three-tiered classification schemes for public sector data. Even the government of Washington has gone beyond this range and has established a five-tiered classification scheme, which has well applauded by open data advocates in the region.
  • Risk management also, one of the areas where government officials have raised their bar of data integrity and data handling roles. In these countries, it’s always been a concern for the user groups to handle public data depending upon their job roles and authorization, which eventually provide the right space for market development for data classification solutions and services.
data classification market

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Competitive Landscape

As a niche software solution, the market for data classification is highly fragmented with the presence of many small vendors such as Boldon James Ltd (QinetiQ), Covata Limited, Digital Guardian, HANDD Business Solutions, SECLORE, and many others. However, big tech firms including Amazon Web Services, Inc., IBM Corporation, Microsoft Corporation, Symantec Corporation, and Open Text Corporation are trying to offer data classification service as a bundled offering with their legacy cloud and on-premise database solutions. The market is also experiencing many market development strategies in recent years. 

  • May 2019 - Seclore introduced advanced email encryption solution compatible with Microsoft Office and 365, to augment security, data classification and data loss protection features for users. This innovative product is expected to enhance Seclore market competitiveness in the data classification domain.
  • October 2018 - PKWARE, Inc., launched the Smartcrypt Classification solution to enhance its product offering in data classification and security industry.

 

data classification market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Government Regulations and Compliance for Privacy & Data Security

      2. 4.2.2 Concern for Data Theft due to Mismanagement

      3. 4.2.3 Surge in Analytics Applications with Stored Data

    3. 4.3 Market Challenges

      1. 4.3.1 Data Standardisation Issues and Classification

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution

      1. 5.1.1 Software

      2. 5.1.2 Services

    2. 5.2 By Deployment

      1. 5.2.1 On-Premise

      2. 5.2.2 Cloud

    3. 5.3 By Application

      1. 5.3.1 Access Management

      2. 5.3.2 Governanace & Compliance Management

      3. 5.3.3 Email & Mobile Protection

      4. 5.3.4 Auditing & Reporting

      5. 5.3.5 Other Applications

    4. 5.4 By Industry Verticals

      1. 5.4.1 BFSI

      2. 5.4.2 Healthcare

      3. 5.4.3 Government & Defence

      4. 5.4.4 IT & Telecom

      5. 5.4.5 Energy & Utilities

      6. 5.4.6 Other Industry Verticals

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

      2. 5.5.2 Europe

        1. 5.5.2.1 United Kingdom

        2. 5.5.2.2 Germany

        3. 5.5.2.3 France

        4. 5.5.2.4 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Rest of Asia-Pacific

      4. 5.5.4 Rest of the World

        1. 5.5.4.1 Latin America

        2. 5.5.4.2 Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Amazon Web Services, Inc.

      2. 6.1.2 Boldon James Ltd (QinetiQ)

      3. 6.1.3 Covata Limited

      4. 6.1.4 Digital Guardian

      5. 6.1.5 HANDD Business Solutions

      6. 6.1.6 IBM Corporation

      7. 6.1.7 Microsoft Corporation

      8. 6.1.8 Open Text Corporation

      9. 6.1.9 SECLORE

      10. 6.1.10 Broadcom Inc. (Symantec Corporation)

      2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Data Classification Market market is studied from 2018 - 2026.

The Data Classification Market is growing at a CAGR of 24% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Amazon Web Services, Inc., Boldon James Ltd (QinetiQ), IBM Corporation, Microsoft Corporation, Broadcom Inc. (Symantec Corporation) are the major companies operating in Data Classification Market.

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