Data Classification Market Worth $2.44 Billion By 2025

The global data classification market size is expected to reach USD 2.44 billion by 2025, expanding at a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing stringency on regulatory compliance, generation of large data volume, and the introduction of big data and machine learning technology are some of the major growth drivers for the market. Moreover, the data-driven decision-making for sales, rising product launch, and increasing number of enterprises are some of the factors providing impetus to the growth.

Data classification offered as a standalone and integrated solution is changing the way the information is generated, stored, and processed. The homogeneously tagged information with industry defined classification is vital in generating actionable insights. Hence, enterprises are inclined to opt for integrated data security platform for data classification as well as protection. Moreover, repercussion of non-compliance can lead to huge financial and reputational losses. Hence, the adoption of data classification solution is vital to address the data security concerns of the organizations as it classifies the information based on the nature of content.

Data classification solution is anticipated to witness high adoption across major developed countries such as U.S., Canada, Germany, and Japan. The developed countries emphasize on adopting emerging technologies and automation solution to reduce error and to improve production. Vendors in the data classification market offer product upgrades and adopting expansion strategies to strengthen their foothold in the market. This is anticipated to intensity the competition among existing and emerging market players in near future.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/data-classification-market

Further key findings from the report suggest:

The content-based classification type segment accounted for over 34% of the revenue share in 2018
Revenue from telecom and IT segment is expected to reach approximately USD 488.5 million by 2025, attributed to the need for protecting large volume of confidential customer information as per data privacy laws
Web, mobile and email protection application segment is estimated to expand at a CAGR of over 26% from 2019 to 2025, driven by the demand for classifying vulnerable enterprise information created and shared over digital medium
North America is expected to dominate the global market by 2025 owing to the expansion of BFSI, telecom and IT, and healthcare industries that are bound by regulations and thus need precise classification of the generated information
Some of the major data classification market players are IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation. These vendors lead the market with their integrated data security platform, upgraded solution, reliable services, and worldwide presence

Robotic Process Automation Market Worth $25.56 Billion By 2027

The global robotic process automation market size is expected to reach USD 25.56 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 40.6% over the forecast period. The organization’s need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.

3d rendering humanoid robot working with headset and monitor

The integration of technology to automate repetitive tasks across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, machine learning, and Natural Language Processing (NLP) is capable of handling higher-order tasks with Artificial Intelligence (AI) assistance without humans’ decision-making capabilities. RPA was designed to reduce repetitive tasks by following a set of predefined procedures that do not require knowledge or insights, while the integration of AI allows RPA softbots to function as a knowledge-based dynamic system to work beyond an automated cognitive system. The application of RPA from the bill of materials to customer query handling with the intelligence of AI has led to a high growth trajectory of the RPA market.

The COVID-19 pandemic has resulted in inclination towards cost saving by reducing the number of employees involved in performing redundant tasks or improving the efficiency of its workforce using automation software. Specifically, the adoption of robotic process automation has increased in small and medium organizations that need to monitor its cost and human resource more precisely to save on additional and unwanted expenses. The significant benefit of RPA for SMEs includes improved employee and customer satisfaction, enhanced compliance, and accelerated productivity gains with reduced cost and time. Moreover, large enterprises are also adopting RPA to improve their business operation due to the implication of remote working that has affected the overall company business. Hence, changing workforce dynamics is expected to increase the adoption of RPA over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market

Further key findings from the study suggest:

The Robotic Process Automation market size is anticipated to reach USD 25.56 billion by 2027. The higher demand for automating processes to save time and reduce operational costs is driving the market growth over the forecast period.
The BFSI segment is anticipated to grow at a CAGR of 40.1% over the forecast period.
North America held the dominant market share of approximately 37% in 2019. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR over the forecast period.
Some of the major players present in the market are UiPath, Automation Anywhere, Blue Prism, NICE, Pegasystems, KOFAX INC., NTT Advanced Technology Corporation, EdgeVerve Systems Limited, FPT software, OnviSource, Inc., and HelpSystems. These major players in the RPA market exhibit robust product offerings and presence across the world.

Data Classification Market Worth $2.44 Billion By 2025

Click the link below:
https://www.grandviewresearch.com/industry-analysis/data-classification-market

Further key findings from the study suggest:

The content-based classification type segment accounted for over 34% of the revenue share in 2018
Revenue from telecom and IT segment is expected to reach approximately USD 488.5 million by 2025, attributed to the need for protecting large volume of confidential customer information as per data privacy laws
Web, mobile and email protection application segment is estimated to expand at a CAGR of over 26% from 2019 to 2025, driven by the demand for classifying vulnerable enterprise information created and shared over digital medium
North America is expected to dominate the global market by 2025 owing to the expansion of BFSI, telecom and IT, and healthcare industries that are bound by regulations and thus need precise classification of the generated information
Some of the major data classification market players are IBM; Google; Amazon Web Services, Inc.; and Microsoft Corporation. These vendors lead the market with their integrated data security platform, upgraded solution, reliable services, and worldwide presence