Rise in technological advancements and favorable government regulations in developed countries boost the Data Classification Market growth. In addition, growth in malware attacks and surge in adoption of data classification solutions by industry verticals is anticipated to supplement the market growth. However, lack of technical expertise and data standardization issues hamper the market growth. Furthermore, increase in adoption of internet of things (IoT) and mobile-based applications is expected to provide lucrative opportunities for the global data classification market.
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Data classification is a process of organizing data in specific categories so that it can be more effectively used by organizations in their operations. Data classification makes data more secure and easier to retrieve. Data classification uses data tagging method, which eliminates multiple duplications of data, as well as reduces storage and helps in minimizing backup costs. The main objective of data classification is to protect confidential data from any malware attack and to maintain integrity and availability of data stored in any storage of an organization. Presently, owing to vast features of data classification services, they are being adopted by industry verticals such as BFSI, healthcare, and IT & telecom, which boosts the market growth.
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Major players include AWS, Boldon James, Clearswift, Covata, Dataguise, Digital Guardian, Expert TechSource, Forcepoint, Google LLC, GTB Technologies, IBM Corporation, Informatica, Janusnet, Microsoft Corporation, MinerEye, Netwrix Corporation, OpenText, PKWARE, Symantec, Titus, Sienna Group, SoftWorks AI, Seclore, and Varonis.
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COVID-19 Scenario Analysis:
- Since COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the corona virus disease 2019 (COVID-19) are already starting to be felt, and is expected to significantly affect the data classification market in 2020.
- Owing to the lockdown, all businesses have moved to online mode to run their operations and as a result there is huge amount of data that is being uploaded on the internet. Thus, to secure the data from any attack and speed up search process, companies are anticipated to adopt data classification services, which would boost the market growth.
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