Given the rise in cyber attacks, there is a growing need to protect data, which is likely to drive the data classification market in years to come. Data classification refers to the core component of understanding and defining the data that the security and risk professionals need to protect. They also need to figure out ways that would help employees to handle data in a more secure way.
Data classification tools comprise both automated and manual classifications. It assists organizations in applying metadata tags to sensitive data.
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The global data classification market is likely to witness considerable growth throughout the assessment tenure. Much of its growth is attributed to the technological progress that provides support to the government compliances and regulations in most of the developed regions.
Financial Services Companies to Bolster its Demand in the Market
There exists five and three-tiered classification scheme for the management of public data in many countries like the UK, the US, which are creating potential space for the growth of the global data classification market. Data classification finds extensive use in various end use sectors like insurance, banks, and other financial services companies. These companies deal with the humungous volume of Personally Identifiable Information and various rules of data protection as laid down by the government.
Various other sectors where consumer data is of utmost importance and need to be protected at any cost is likely to drive the expansion of the data classification market over the forecast tenure. It helps in the maintenance of confidentiality and integrity of the data. Increased concern for theft of data along with a rise in the use of data for analytics applications is estimated to propel the growth of the global data classification market in the forthcoming years.
Besides, the rise in the uncontrolled volume of data together with regulatory compliance is further expected to stimulate the need for data classification solutions.
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North America is estimated to exert considerable influence on the global data classification market over the forecast tenure. Asia Pacific is another rapidly growing region in the market due to substantial investment made by several private and public sector agencies.