The data classification is a tool that classifies enormous data into varied tabs to maximize most out of it while maintaining the privacy of confidential data. The commercialization of data protection laws such as GDPR and Health Insurance Portability and Accountability Act (HIPAA) are directly impacting the scope of data classification worldwide. Growing business data and cloud migrations, ramp up of personal data identification, threat to privacy in email, leverage of machine learning, and converge of data management and data protection are the major factors that play a significant role in accelerating the scope of data classification market.

The data classification market is segmented into component, application, vertical, and geography. Based on component, the solution segment held the largest share of global data classification market in 2019. The data classification solution derives security controls applied to the particular set of data. Based on application, the web, mobile, and email protection segment dominated the global data classification market in 2019. With the increasing use of email, mobile, and web application for transferring data among corporates and industries, the data protection and data classification tools have gained significant importance. Based on vertical, the BFSI segment held a substantial share in 2019 and is projected to continue its dominance during the forecast period. An upsurge in the number of banking transactions and enormous data generation in baking arena is rising the need for data classification.

BOLDON JAMES, DATAGUISE, Google LLC, Informatica, Microsoft, Netwrix Corporation, Open Text Corporation, PKWARE, Inc., Symantec Corporation, and Titus are some of the key players operating in the global data classification market.

Overall size of the global data classification market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the data classification market with respects to all the segments. Additionally, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the data classification market.