Why IT security leaders are prioritizing data discovery & classification

Clients can download the full Data Security for IT Security Leaders report at the top left sidebar. 

IT security leaders are turning to new technologies to protect increasing volumes of sensitive data, whether in-use, at-rest, in-transit, on the cloud, or on-premises.

Using CB Insights data, we examined tech markets across data security for IT security leaders and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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Data discovery & classification solutions earned a recommendation to prioritize, based on the market’s strong market momentum and industry leader activity.

Corporations are receiving more data from numerous sources (e.g., connected machines, employees, customer interactions) and storing it across multiple systems.

To assess the risk that sensitive data poses, apply appropriate protections (e.g., access control), and comply with a growing body of privacy regulations, corporations are turning to companies that offer tools for locating and classifying data.

 

An organization must know what data it possesses and how to secure it to comply with privacy regulations effectively.

When prioritizing solutions within this category, an organization should evaluate the breadth of data a solution can accommodate, customization options, and the accuracy and number of pre-built NLP models for data classification.

Facts & figures: data DISCOVERY & CLassification

• Top-funded companies: Top-funded companies in the space include OneTrust ($937M in disclosed equity funding), BigID ($246M), and Egnyte ($137M).
• Geography: While the majority of solutions analyzed for this report are located in the US (70%), Israel (15%) is also home to notable data discovery & classification solutions providers.
• Unicorns: Of the companies evaluated for this report, two are unicorns: OneTrust (most recently valued at $5.1B) and BigID ($1.3B).
• Market size: The data classification market is expected to be valued at $1.7B by 2023, per CB Insights’ market sizing tool.

Clients can dive into data discovery & classification and more in our complete MVP Technology Framework — Data Security For IT Security Leaders.