Global Data Masking Market Gaining Momentum—Projected to Reach worth USD 1,121.5 Million in 2027
Published | 02 September 2021
Most organizations use dynamic data masking technology for analyzing and testing data, securing databases, and ensuring compliance. Growing IT infrastructure required to combat cyber threats and the need for data protection drive the growth of the global data masking market..
A study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global data masking market was worth USD 463.4 Million in 2020 and is further projected to reach USD 1,121.5 Million by 2027, at a CAGR of 13.6% during the forecast period (2021-2027). The growing necessity of protecting confidential data from unauthorized exposures is a significant reason for the growth of the global data masking market. Moreover, the rising requirement of solutions to aid organizations to minimize fraud is another major factor for the growing adoption of data masking solutions.
Additionally, the global data masking market is gaining momentum due to the continuously shifting market landscape, combined with the growing volume of customer and enterprise data, resulting in more complex business operations. Furthermore, incessant technological advancements are leading to the rising prevalence of data-related threats, such as internal data breaches, hacking, and cyberattacks, thereby making data masking an imperative approach. These are the primary factors powering the growth of the global data masking market.
Implementation of Strict Privacy and Security Regulations by The Government Propelling Market Growth
An increasing number of data breaches and cyber-attacks have raised the concerns of the data masking market. As an enforcement action to protect consumers from deceptive practices, the FTC (Federal Trade Commission) of the U.S. announced several enforcement measures in September 2019. Consequently, federal regulations and national data protection policies are currently in place to protect the privacy of Americans. Similarly, the Indian government has also been focusing on implementing regulations to safeguard individuals from cybercrime threats. In July 2018, India passed a law enshrining the right to privacy. The "Personal Data Protection Bill, 2018" came into effect immediately. Increased cloud adoption, combined with user-friendly applications, has furthered this trend.
Due to a variety of regulations in place for the technology of data masking, the demand for this technique has grown dramatically globally. Furthermore, the General Data Protection Regulation (GDPR) in the EU in 2018 has altered the data capture and processing industry, adding to the demand for data masking solutions and boosting the global market for data masking.
Global Data Masking Market: By Type
Based on types, the global data masking market is grouped into Static and Dynamic. Based on types, the dynamic data masking segment accounts for the largest market share in the global data masking market.Dynamic data masking is a technique for removing sensitive data from transit without altering its original content. The increasing demand for data security solutions to prevent data breaches is expected to drive the growth of the dynamic data masking segment. Moreover, dynamic data masking is an effective tool for analyzing and manipulating large amounts of data, which makes it ideal for large organizations. Organizations across the globe widely use dynamic data masking technology also to protect their sensitive and personal data. Additionally, data masking's increasing popularity can be attributed to its ability to provide effective and cost-efficient solutions.
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North America Leading the Global Data Masking Market
Based on regions, theglobal data masking market is grouped into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these regions, North America is expected to dominate the global data masking market during the forecast period.Due to new regulations around the protection of personal information in North America, it is estimated that demand for global data masking will continue to rise over the next few years. Data security is of paramount importance in this region, which makes data masking necessary. Furthermore, North America holds the largest market share due to its dynamic business environment and growing adoption of cloud-based services. All these factors have led to the growth of the global data masking market in this region.
Impact of COVID-19
The pandemic has positively impacted the global data masking market.The increasing numbers of digital workers have led to a greater need for data masking. The use of data masking and cloud storage has made it possible for many workers to work from home, even if they do not have access to the latest technology. Data Masking helps the cloud run smoothly and efficiently, which is beneficial for data security.Therefore, data masking has proven to be a valuable tool in lockdown scenarios.
Due to the increasing number of cyber threats, data masking is becoming more prevalent across various industries. The market is expected to become more competitive as a result. Some of the significant players in the global data masking market are- Oracle Corporation, IBM Corporation, CA Technologies Inc., Informatica LLC, Delphix, Solix Technologies, Inc, Compuware Corporation, Micro Focus, Mentis, Innovative Routines International, INC., Ekobit D.O.O., ARCAD Software, Net 2000 Ltd., Camouflage Software INC., IRI, BMC Software Inc., Hewlett Packard Enterprise, CyberDB, Information Resources Inc., Imperva, Thalese-Security, Inc., and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global data masking market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global data masking market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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