Global Governance, Risk Management and Compliance (GRC) Data Classification Market, By Component (Solutions, Services), Methodology (Content-Based Classification, Context-Based Classification, User-Based Classification), Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare and Life Sciences, Government and Defence, Education, Telecom, Media and Entertainment, Others) - Industry Trends and Forecast to 2030.
Governance, Risk Management and Compliance (GRC) Data Classification Market Analysis and Size
Increasing data privacy and security regulations, growing concerns over data breaches and cybersecurity, and need for effective risk management and compliance are the drivers for global governance, risk management, and compliance (GRC) data classification market. Adoption of artificial intelligence and machine learning, integration with cloud and big data technologies and expansion into industry-specific applications are the expected opportunities for the global governance, risk management, and compliance (GRC) data classification market.
Data Bridge Market Research analyses that the global governance, risk management and compliance (GRC) data classification market which was USD 50,315.58 million in 2022, and is expected to reachUSD 12,20,742.47 million by 2030, and is expected to undergo a CAGR of 14.1% during the forecast period of 2023 to 2030. “Solutions” dominates the component segment of the global governance, risk management and compliance (GRC) data classification market due to data classification solutions are essential components of GRC frameworks, which help organizations effectively manage risks and ensure compliance with regulations and industry standards. These solutions provide the necessary tools and functionalities to classify and categorize data based on its sensitivity, confidentiality, and regulatory requirements. By organizing and labeling data, organizations can gain better visibility and control over their data assets, facilitating risk assessment and compliance management processes. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Governance, Risk Management and Compliance (GRC) Data Classification Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customized to 2015 to 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Solutions, Services), Methodology (Content-Based Classification, Context-Based Classification, User-Based Classification), Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare and Life Sciences, Government and Defence, Education, Telecom, Media and Entertainment, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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IBM (U.S.), Microsoft Corporation (U.S.), RSA Security LLC (U.S.), Symantec Corporation (U.S.), OpenText Corporation (Canada), Veritas Technologies LLC (U.S.), Informatica LLC (U.S.), Micro Focus International plc (U.K.), Proofpoint, Inc. (U.S.), Varonis Systems, Inc. (U.S.), Spirion, LLC (U.S.), OneTrust, LLC (U.S.), AvePoint, Inc. (U.S.), Netwrix Corporation (U.S.), Titus (Canada)
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Market Opportunities
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Market Definition
The governance, risk management, and compliance (GRC) data classification market refers to the market for solutions, services, and technologies that enable organizations to effectively classify, categorize, and manage their data in alignment with GRC frameworks. It encompasses a range of software applications, platforms, and services designed to assist organizations in identifying, classifying, and protecting sensitive data based on its risk level, regulatory requirements, and business needs. GRC data classification solutions provide organizations with the tools and capabilities to systematically analyze, categorize, and label their data assets, taking into consideration factors such as data sensitivity, confidentiality, integrity, and compliance requirements. These solutions utilize advanced technologies, including machine learning, natural language processing, and data analytics, to automate the process of data classification and ensure consistent and accurate categorization.
Global Governance, Risk Management and Compliance (GRC) Data Classification Market Dynamics
Drivers
- Increasing Data Privacy and Security Regulations
The proliferation of data privacy and security regulations, such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), is a major driver for the GRC data classification market. Organizations are required to classify and protect sensitive data to ensure compliance with these regulations. GRC data classification solutions help organizations meet regulatory requirements by providing the necessary tools and capabilities to identify, classify, and secure sensitive data.
- Growing Concerns over Data Breaches and Cybersecurity
The rising frequency and impact of data breaches have highlighted the importance of effective data classification and protection. Organizations are increasingly aware of the potential risks associated with data breaches, including financial losses, reputational damage, and regulatory penalties. GRC data classification solutions assist organizations in mitigating these risks by enabling them to identify and classify sensitive data, apply appropriate security controls, and monitor data access and usage.
- Need for Effective Risk Management and Compliance
Effective risk management and compliance are essential for organizations to maintain trust, meet stakeholder expectations, and avoid legal and financial consequences. GRC data classification solutions play a crucial role in risk management and compliance by helping organizations identify and assess data-related risks, prioritize mitigation efforts, and establish robust controls based on the classification of data. These solutions enable organizations to demonstrate compliance with regulatory requirements and industry standards, fostering a culture of governance and risk awareness.
Opportunity
- Adoption of Artificial Intelligence and Machine Learning
The future of the governance, risk management and compliance (grc) data classification market lies in the adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML). AI and ML algorithms can enhance the accuracy and efficiency of data classification processes by automating the identification and categorization of sensitive data. The integration of AI and ML capabilities into GRC data classification solutions will enable organizations to handle large volumes of data and adapt to evolving data privacy regulations more effectively.
Restraint/Challenge
- Complexity and Integration Challenge
Implementing GRC data classification solutions can be complex, especially for organizations with diverse data sources and complex IT infrastructures. Integrating data classification tools with existing systems and workflows may require significant effort and expertise. The complexity of implementation and integration can act as a restraint for some organizations, particularly those with limited resources or technical capabilities.
This global governance, risk management and compliance (GRC) data classification market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Global Governance, Risk Management and Compliance (GRC) Data Classification Market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In January 2023, RSA Security LLC, the former cyber security division of Dell Technologies, is reportedly considering the sale of its risk and compliance software unit, Archer, for a sum exceeding USD 2 billion. The potential sale is being facilitated through an auction process managed by investment banks Morgan Stanley and Goldman Sachs. Archer, which generated USD 220 million in revenue last year and has been profitable, has attracted interest from various companies and private equity firms. The sale of Archer follows RSA's previous acquisition by private equity firm Symphony Technology Group, Ontario Teachers' Pension Plan, and Carlyle Group's investment arm in 2020 for USD 2.075 billion. RSA, Morgan Stanley, and Goldman Sachs declined to comment on the matter.
- In July 2017, Veritas Technologies introduced the Integrated Classification Engine, a new technology that offers intelligent data management solutions across its portfolio. The engine provides organizations with enhanced visibility into unstructured data, enabling them to identify and manage sensitive or risky information effectively. The technology helps companies meet compliance regulations and data protection requirements, including the European Union's General Data Protection Regulation (GDPR). It offers pre-configured patterns and policies for recognizing personal identifiable information (PII) and supports various regulations globally. Veritas Data Insight 6.0 and Enterprise Vault 12.2 are the first solutions to support this classification engine, providing advanced risk detection and intelligence-enriched retention and discovery capabilities.
Global Governance, Risk Management and Compliance (GRC) Data Classification Market Scope
The global governance, risk management and compliance (GRC) data classification market is segmented on the basis of component, methodology and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solution
- Services
Methodology
- Content-Based Classification
- Context-Based Classification
- User-Based Classification
Vertical
- Banking
- Financial Services, and Insurance (BFSI)
- Healthcare and Life Sciences
- Government and Defence
- Education
- Telecom
- Media and Entertainment
- Others
Global Governance, Risk Management and Compliance (GRC) Data Classification Market Regional Analysis/Insights
The global governance, risk management and compliance (GRC) data classification market is analysed and market size insights and trends are provided by region, component, methodology, and vertical as referenced above.
The countries covered in the global governance, risk management and compliance (GRC) data classification market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The North America dominates the global governance, risk management and compliance (GRC) data classification market because North America, particularly the U.S., has a robust regulatory framework surrounding data privacy and security. Regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. have pushed organizations to prioritize data classification and compliance. The stringent regulatory environment has driven the adoption of GRC data classification solutions to ensure adherence to these regulations.
The Asia-Pacific (APAC) region is considered the fastest-growing region in the global governance, risk management and compliance (GRC) data classification market . Many countries in the Asia-Pacific region have been enacting or strengthening data privacy regulations, similar to the European Union's General Data Protection Regulation (GDPR). For instance, countries such as Japan, South Korea, and Singapore have implemented data protection laws and regulations that mandate organizations to handle personal data responsibly. This regulatory environment has prompted organizations to invest in GRC data classification solutions to ensure compliance and avoid hefty penalties.
The global section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and The Global Governance, Risk Management and Compliance (GRC) Data Classification Market Share Analysis
The global governance, risk management and compliance (GRC) data classification market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global governance, risk management and compliance (GRC) data classification market .
Some of the major players operating in the global governance, risk management and compliance (GRC) data classification market are:
- IBM (U.S.)
- Microsoft Corporation (U.S.)
- RSA Security LLC (U.S.)
- Symantec Corporation (U.S.)
- OpenText Corporation (Canada)
- Veritas Technologies LLC (U.S.)
- Informatica LLC (U.S.)
- Micro Focus International plc (U)
- Proofpoint, Inc. (U.S.)
- Varonis Systems, Inc. (U.S.)
- Spirion LLC (U.S.)
- OneTrust, LLC (U.S.)
- AvePoint, Inc. (U.S.)
- Netwrix Corporation (U.S.)
- Titus (Canada)
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