Information Technology and Telecommunication: March 2020

Thursday 26 March 2020

Data Classification Market by Component, Application, Methodology, Vertical, and Region - Global Forecast to 2023

According to a market research report "Data Classification Market by Component (Solutions (Standalone and Integrated) and Services), Application (Access Control, GRC, Web, Mobile & Email Protection, and Centralized Management), Methodology, Vertical, and Region - Global Forecast to 2023", The global data classification market size is expected to grow from USD 536 million in 2018 to USD 1,661 million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period.

Major factors fueling the market growth include regulatory compliance, growth in uncontrolled data volumes, and increased security risks. Increasing adoption of data classification solutions in data security applications could provide growth opportunities for vendors in the market.

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70 - Tables

52 - Figures

174 - Pages

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North America to hold the largest market size during the forecast period

North America is the major revenue generating region in the global data classification market. The region is witnessing major developments in the data classification space. Many security solution providers in North America are experimenting in the data classification space by either integrating data classification functionalities with their existing data security solutions, such as DLP and data discovery, are building standalone capabilities. They are adopting various growth strategies to strengthen their position in the data classification market.

BFSI vertical to hold the largest market size during the forecast period

The BFSI vertical is leading in the adoption of the data classification solutions and services, due to the nature of the data, such as Personally Identifiable Information (PII), Personal Credit Card Information (PCI), intellectual property (IP) related financial systems, authentication and access control information, and company financial information. BFSI companies have to protect personal data to abide by stringent data privacy rules. Data classification enables the BFSI vertical to prioritize sensitive data and raise flags if the data is mishandled.

Integrated solutions segment to hold a larger market size during the forecast period

Many vendors offer data classification as an integrated functionality rather than developing a new standalone product. It drives the integrated solutions segment’s growth. Vendors offering data security solutions such as DLP and data discovery prefer to integrate the data classification functionality in these solutions rather than building a standalone capability. Integrated solution providers form partnerships with other standalone solution vendors to integrate data classification capabilities as a part of their wider data security product offering.

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Major vendors in the global data classification market include IBM (US), Google (US), Microsoft (US), AWS (US), Symantec (US), OpenText (Canada), Covata (Australia), Boldon James (England), Varonis (US), Innovative Routines International (IRI), Informatica (US), Dataguise (US), Spirion (US), Digital Guardian (US), Titus (Canada), Netwrix Corporation (US), PKWARE (US), GTB Technologies (US), Forcepoint (US), Sienna Group (US), MinerEye (Israel), SoftWorks AI (US), Expert TechSource (India), Clearswift (UK), Seclore (US), and Janusnet (Australia).

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Content Source: https://www.marketsandmarkets.com/PressReleases/data-classification.asp
Report: https://www.marketsandmarkets.com/Market-Reports/data-classification-market-603338.html

Wednesday 25 March 2020

Serverless Architecture Market by Service type, Deployment Model, Organization Size, Verticals, and Region - Global Forecast to 2023

According to a market research report "Serverless Architecture Market by Service type (Automation and Integration, Monitoring, API Management, Security, Support & Maintenance, and Training & Consulting), Deployment Model, Organization Size, Verticals, and Region - Global Forecast to 2023", published by MarketsandMarkets, the serverless architecture market size is estimated to be USD 4.25 billion in 2018 and expected to reach USD 14.93 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period.

The major factors expected to drive the growth of the serverless architecture market include the elimination of the need to manage servers for reducing infrastructure costs and easing deployment, management, and execution, shift from the DevOps to the serverless computing, and proliferation of microservices architecture.

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144 - Pages

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Under service types, the automation and integration services segment is estimated to account for the largest market share in 2018

The automation and integration services segment is estimated to account for the largest market share in 2018. Automation and integration services play a fundamental role in the deployment of serverless architecture. Automation services help efficiently manage microservices, which are deployed on hybrid IT platforms, to provide faster response along with optimum resource utilization. Integration services combine and consolidate the data and function of multiple micro-services. These services have gained importance, and are often required for distributed microservice applications. Moreover, they act as a catalyst for the complex issues faced during the implementation of serverless architecture in organizations.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period

SMEs are rapidly moving their traditional on-premises solutions to cloud. This change significantly reduces operational costs and helps achieve profits. Competitive pricing opens up numerous options to choose from various cloud service providers and makes it affordable for the SMEs to incorporate cloud services. As the SMEs have limited expertise, moving toward cloud would enable them to reduce their infrastructure costs.

Among verticals, the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period

The media and entertainment is one of the fastest growing verticals in the serverless architecture market during the forecast period. In the past, media and entertainment companies faced the challenge of managing and supporting complex workflows, and new data formats with uncertain revenue and monetization. To manage the enormous volume of digital media and data generated across applications, serverless architecture offers an attractive solution. It enables the media and entertainment companies to manage their processes and workflows in an efficient, scalable, flexible, and reliable manner. By using serverless architecture, they are developing new and better ways to enhance their digital supply chain while reducing operating expenses.

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In regions, North America is expected to account for the largest market share during the forecast period

North America is expected to account for the largest market share during the forecast period. It is home to 2 developed economies, the US and Canada, which contribute heavily to the growth of the regional market. One of the key reasons for the region’s growth is the early adoption of technologies and globalization of cloud. The strong financial position of the US and Canada enables them to invest heavily in the leading services of the serverless architecture market. North America is the most developed market in terms of cloud adoption, due to various factors such as standard regulations, advanced IT infrastructure, the presence of a large number of enterprises, and availability of technical expertise.

The major vendors covered in the serverless architecture market include Google (US), AWS (US), IBM (US), Microsoft (US), Oracle (US), CA Technologies (US), Rackspace (US), Alibaba (China), TIBCO (US), Platform9 (US), Syncano (US), NTT Data (Japan), Joyent (US), Iron.io (US), StdLib, Realm (US), Galactic Fog (US), ModuBiz (US), Tarams (US), Snyk (UK), Dynatrace (US), Fiorano Software (US), Manjrasoft (Australia), SixSq (Switzerland), and Twistlock (US).

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MarketsandMarkets™ INC.
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Content Source: https://www.marketsandmarkets.com/PressReleases/serverless-architecture.asp
Report: https://www.marketsandmarkets.com/Market-Reports/serverless-architecture-market-64917099.html

Wednesday 18 March 2020

IT BFSI Market by Component - Technology Type, and Services, Organization Size, Deployment Type, and Region - Global Forecast to 2022

According to a market research report "IT BFSI Market by Component (Technology Type (ECM, CRM, HCM, ERP, Artificial Intelligence, Business Intelligence, Unified Communications), and Services), Organization Size, Deployment Type (Cloud and On-Premises), and Region - Global Forecast to 2022", The IT BFSI market size is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period. Increasing need to enhance customer experience and customized IT solutions launched by IT vendors to match the specific BFSI needs are major factors driving the growth of IT BFSI market.

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40 - Figures

119 - Pages

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Cyber security technology type is expected to contribute to the largest market share during the forecast period

The BFSI vertical is one of the major targets for cyber criminals, considering the sensitive information it holds. The vertical collects vital data including customers’ financial and other personal information and employee information. Therefore, the BFSI vertical is always on the radar of cyber security product and service vendors. With the advancements in cyber-attacks, the BFSI organizations face significant challenges to safeguard their databases from internal and external hackers. This is a major factor that contributes to the high adoption of cyber-security solutions in the BFSI vertical. This vertical is always improving its processing and transaction technologies. Also, the vertical continues to introduce new and improved financial products and services to improve its business operations. Cybercriminals are attracted toward this vertical to grab sensitive customer information. The stringent government regulations are another major factor that drives the adoption of cyber security solutions in the BFSI vertical.

SMEs segment is expected to grow at a higher CAGR during the forecast period.

Contribution from SMEs to the IT BFSI market is comparatively low. However, SMEs are expected to create potential opportunities for IT vendors in the future. Proliferation of internet services is one of the major factors that have encouraged small and medium-sized banks to use advanced IT technologies to better serve their customers with online banking and mobile banking solutions. Furthermore, small and medium-sized banks have been under pressure to optimize their operations to meet the market pressure. This has encouraged small and medium-sized banks to adopt and implement IT technologies, such as ERP, CRM, HCM, and ECM, to streamline their operations and further reduce their operating costs.

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North America accounts for the largest market share in the global IT BFSI market.

North America is projected to be the largest contributor to the global IT BFSI market by region. The top countries contributing to the growth of the IT BFSI market in North America are the US and Canada, out of which, about 75% of the market share are expected from the US alone. The IT BFSI market in North America is expected to grow at a slow rate by 2022 compared to other regions, as the IT BFSI market in the region is well-established and stagnant.

North America provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, small financial institutions are growing rapidly in this region and thus creating heavy demand for IT technologies and services. Therefore, North America is expected to have the largest market share in the IT BFSI market.

Major IT vendors that offer various technologies and services to the BFSI vertical include IBM (US), Microsoft (US), Accenture (Ireland), Micro Focus (UK), CA Technologies (US), Adobe Systems (US), SAP (Germany), Salesforce (US), Oracle (US), and Cognizant (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Monday 9 March 2020

eDiscovery Market by Component - Software and Services, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023

According to a market research report "eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets, the global eDiscovery market is expected to grow from USD 10.8 billion in 2018 to USD 17.3 billion by 2023, at a CAGR of 10.0% during the forecast period.

The major factors expected to drive the growth of the eDiscovery market are the growing need for decreasing the operational budget of legal departments and rising number of litigations across the globe. Moreover, the increasing focus on proactive governance with data analytics and growing emergence of new content sources, increasing growth in compliance requirements and data protection regulations, and growing use of Internet of Things (IoT) devices across verticals are also expected to surge the growth of the market. With the increasing adoption rate of IoT and big data among enterprises, the eDiscovery market is expected to gain major traction during the forecast period.

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36 - Figures

141 - Pages

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Services segment to hold a larger market size in the eDiscovery market during the forecast period

The eDiscovery market has been segmented based on components into two categories, namely, software and services. The demand for eDiscovery services is expected to increase, due to their significant benefits, such as huge cost-savings, trained resources, 24X7 availability of customer services, and support for legal research using the eDiscovery software. Among components, the services segment is expected to hold a larger market size, as eDiscovery services span the entire Electronic Discovery Reference Model (EDRM) that offers end users hands-on expertise for efficiently performing their core business functions.

Cloud deployment type to grow at a higher CAGR in the eDiscovery market during the forecast period

The cloud technology is being widely adopted by businesses, as it offers various benefits, including increased storage, scalability, flexibility, security, portability, and compliance. Small and Medium-sized Enterprises (SMEs) are adopting the cloud deployment model because it is cost-effective and provides detailed results. The cloud deployment type is projected to grow at a higher growth rate, as enterprises are finding cloud-deployed eDiscovery software attractive because it is easy to implement and offers agility in organizations and on-demand models.

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North America to hold the largest market size in the eDiscovery market during the forecast period

North America is a matured market in terms of technology adoption, owing to various factors, including standardized regulations, advanced IT infrastructures, the presence of many enterprises, and availability of proficient technical experts. The region is an early adopter of eDiscovery services, as North American enterprises strictly adhere to regulations as compared to that of other regions. It is expected to hold the largest market size during the forecast period, as the countries in the region, especially the US and Canada, are rapidly adopting eDiscovery services to comply with various regulatory requirements and survive legal procedures.

Major vendors in the eDiscovery market include AccessData (US), Catalyst (US), Epiq (US), FTI (US), IBM (US), Micro Focus (UK), Microsoft (US), Nuix (Australia), OpenText (Canada), and ZyLAB (Netherlands).

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