According to the latest market study on “Data Classification Market to 2027 – COVID-19 Impact and Analysis and Forecast Component (Solution, Services); Application (GRC, Web, Mobile, and Email Protection, Others); Vertical (BFSI, IT and Telecom, Media and Entertainment, Retail, Education, Healthcare, Others); and Geography,”the marketwas valued at US$ 568.80 million in 2019 and is projected to reach US$ 3,577.49 million by 2027, growing at a CAGR of 27.61%.The report highlights the factorsdriving and restraining the market growth, as well as enumeratesprominent players in the market with their recent developments.
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Integration of AI and ML into data classification is anticipated to provide growth opportunities for data classification providers
In the new era of fueling data, the advent of big data and machine learning will prove to be a game-changer among industries. Big data requires the existence of data classification and perform its task of delivering quality information for management decision-making. The need to classify data is characterized by its large volume and speed, as well as various types of information contained in a structured or unstructured way. Similarly, due to its ability to learn the tags for every kind of information set in the system, machine learning will boost the market for data classification. A few stats are as follows:
- Around 76% of the US companies have exceeded their sales targets with the use of ML
- The product sales of European banks have increased by 10% and lowered the churn rates by 20%, with ML AI and machine learning-driven apps being a leading category among funded start-ups. The number of companies investing in ML is expected to double in the next three years
- 40% of the US firms use ML to improve their sales and marketing
Impact of COVID-19 Pandemic on Data Classification Market
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns to combat and contain the outbreak have impacted every industry and economy worldwide. Though the industries are generating high volume of data, at present their operations are heavily interrupted due to which sales of data classification would see a decline. Moreover, the business functions of SMEs are disturbed due to temporarily business shutdown and lockdown. The global travel bans imposed by countries in Europe, Asia Pacific, North America, and others are affecting the business collaborations and partnerships opportunities across industries. All these factors are anticipated to negatively impact the growth of the data classification market.
Advent of Data Classification to Tackle Cyber Threats
The alarming growth of cyber threats has been a critical concern for business organizations. As most of the digital data is available on mobile apps, the riskof data vulnerability has increased rapidly. Particularly, business organizations face tough challenges concerning their data security and vulnerability as they have to deal with storing, migrating, shifting, and outsourcing their user data on open source platforms multiple times. The demand for data classification increases with the growing instances of cyberattacks as the classification process makes data easier to locate and retrieve. When it comes to the management of risk, compliance, and data security, data classification is of particular importance. Therefore, the growing focus on improving efficiency and reducing the overall costs is supporting the growth of data classification market.
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