May 28, 2020 1:55 AM ET
iCrowd Newswire – May 28, 2020
According to the new research report titled “Data Classification Market Forecast to 2027 –COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,577.49 million by 2027, registering a CAGR of 27.6% during 2020–2027.
Data classification is a type of process which is used to organize and sort the data into different forms with an aim to understand the recent trend. It consists of connected devices through the internet like PCs, mobile phones. Due to the availability of an enormous amount of data, efficient tools and solutions are required to ensure quick decision making. This factor plays a major role in driving the data classification market in a current scenario.
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Development in data classification tools, urge to ensure security of confidential data, and obligatory structure of laws for data security is encouraging the data classification companies to integrate complex technologies into existing ones to improve the entire tool.
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.
Data Classification Market – By Component
Data Classification Market – By Application
- Web, Mobile, and Email Protection
Data Classification Market – By Vertical
- IT and Telecom
- Media and Entertainment
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Keywords: Data Classification Marke, Data Classification, Data Classification Market 2020, Data Classification Market 2027