The global governance, risk management and compliance data classification market revenue was around US$ 50,315.5 million in 2022 and is estimated to reach US$ 164,919.7 million by 2031, growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2023 to 2031.
The governance, risk management, and compliance data classification market refer to the market for services, solutions, and technologies that allow associations to effectively categorize, classify, and manage their data in alignment with GRC frameworks. It contains a range of software applications, services, and platforms designed to aid organizations in classifying, identifying, and protecting sensitive data based on its risk level, business needs, and regulatory requirements.
Market Driving Factors
The expansion of security regulations and data privacy, such as the California Consumer Privacy Act (CCPA) and General Data Protection Regulation (GDPR), is a primary driver for the GRC data classification market. Organizations are required to categorize and protect sensitive data to confirm compliance with these regulations. GRC data classification solutions allow organizations to meet regulatory requirements by offering the essential tools and capabilities to classify, identify, and secure sensitive data.
Increasing concerns over cybersecurity and data breaches propel the market. The surge in the frequency and effect of data breaches has emphasized the significance of effective data protection and classification. Organizations are increasingly conscious of the potential risks associated with data breaches, including reputational damage, financial losses, and regulatory penalties. GRC data classification solutions help organizations in mitigating these threats by allowing them to classify and identify sensitive data, apply proper security controls, and monitor data access and usage.
The requirement for effective risk management and compliance boosts the market. Effective risk management and compliance are crucial for organizations to maintain trust, satisfy stakeholder expectations, and avoid financial and legal consequences. GRC data classification solutions play a necessary role in risk management and compliance by aiding organizations in identifying and assessing data-related threats, prioritizing mitigation efforts, and establishing robust controls based on the variety of data. These solutions allow organizations to demonstrate compliance with regulatory needs and industry standards, promoting a culture of governance and threat awareness.
Regional Analysis
The Asia-Pacific dominates the market in the market over the forecast period. This is due to the many countries in the region have been enacting or bolstering data privacy regulations. For instance, nations like Singapore, South Korea, and Japan have implemented data privacy laws and regulations that require businesses to manage personal data responsibly. This regulatory environment has spurred organizations to invest in GRC data classification solutions to assure compliance and avoid hefty penalties.
Segmentation Insights
In terms of vertical, the BFSI segment dominates the market over the forecast period. This segment relies on GRC platforms to ensure compliance, manage risks, and maintain ethical practices. GRC solutions tailored for BFSI offer specialized modules to handle special challenges, such as data privacy, anti-money laundering (AML) regulations, and financial reporting standards in the industry. These platforms allow financial institutions to facilitate regulatory reporting, monitor transactions for suspicious activities, and improve customer data protection. GRC platforms are important tools for mitigating threats, securing transparency, and maintaining the reputation of the segment.
Prominent Companies
Segmentation Outline
The global governance, risk management, and compliance data classification market segmentation focuses on Component, Methodology, Vertical, and Region.
By Component
By Methodology
By Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOLUTION
5.3 SERVICES
6 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET, BY METHODOLOGY
6.1 OVERVIEW
6.2 CONTENT-BASED CLASSIFICATION
6.3 CONTEXT-BASED CLASSIFICATION
6.4 USER-BASED CLASSIFICATION
7 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET, BY VERTICAL
7.1 OVERVIEW
7.2 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)
7.3 HEALTHCARE AND LIFE SCIENCES
7.4 GOVERNMENT AND DEFENCE
7.5 EDUCATION
7.6 TELECOM
7.7 MEDIA AND ENTERTAINMENT
7.8 OTHERS
8 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) DATA CLASSIFICATION MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 IBM
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 MICROSOFT CORPORATION
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 RSA SECURITY LLC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 SYMANTEC CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 OPENTEXT CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 VERITAS TECHNOLOGIES LLC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 INFORMATICA LLC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 MICRO FOCUS INTERNATIONAL PLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 PROOFPOINT, INC
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 VARONIS SYSTEMS, INC
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 SPIRION LLC
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 ONETRUST, LLC
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 AVEPOINT, INC
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 NETWRIX CORPORATION
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 TITUS
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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