Data Masking Market is expected to grow at a CAGR of 11.36% Through 2027
Vipin Prakash Mishra
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According to TechSci Research report, “Data Masking Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2017-2027”, the Global Data Masking Market is expected to register robust growth during the forecast period. Data masking is an intelligent technology that provides real-time data masking of production data. Data masking technology allows for analyzing large amounts of data without disrupting routine company processes. In other words, data masking technology produces a fake but realistic version of organizational data to safeguard sensitive organizational information.
The increasing need for decreasing the risk of data breaching is fueling the dynamic data masking market growth, which is expected to execute the fastest growth rate over the forecast period. Besides, active data masking helps to protect sensitive and personal data while supporting outsourcing, offshoring, and cloud-based initiatives.
Furthermore, considering the significant demand among enterprises for securing their financial data, the requirement for data masking and better security solutions is projected to play a vital role in the market's growth. Data-driven finance has mandated that every organization have an accounting department to store and maintain financial data that includes large monetary transactions that, if leaked, could result in issues with the company's reputation and monetary losses in the market, as well as issues with regulatory directives such as PCI DSS, HIPAA, and other enforced laws. This is the most crucial reason driving the growth of the data masking market in this business function.
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Based on End User sector, the BFSI segment is expected to dominate the market during the forecast period. The BFSI industry is one of the critical infrastructure segments that face multiple data breaches and privacy issues, owing to the massive customer base that the sector serves and the financial information at stake. Cybercriminals are optimizing various diabolical cyberattacks to immobilize the financial sector as a highly lucrative operation model with phenomenal returns and the added upside of relatively low risk and detectability. These attacks' threat landscape ranges from Trojans, ATMs, ransomware, mobile banking malware, data breaches, institutional invasion, data thefts, fiscal breaches, etc.
Banks, insurance firms, credit bureaus, and lenders rely on data to understand and build deeper relationships with their consumers and determine whether the market fluctuates and maintains stable growth. However, this valuable data is being sought by both cybercriminals and insiders, and data privacy regulators are growing more demanding in their compliance requirements. Data masking tools help to safely design innovative, personalized experiences for their customers.
Based on Region, Asia Pacific is projected to dominate the market throughout the forecast period. ?The Asia Pacific is expected to witness a higher growth rate than other regions because developing countries, such as India and China, are the world's two biggest economies. Automotive industries in the region increased over the past few years. The growth in these industries was propelled by a vast population shift and an increase in disposable incomes, which resulted in higher demand.
Currently, these two countries are growing faster, and many developmental activities are being done here to set up new manufacturing industries and product launches. All these activities contribute to big data. Lots of data are being stored daily, which is very crucial. The rapid digitization among developing countries, such as India, China, and Singapore, has produced the bulk of unstructured data.
Furthermore, owing to technological advancements, there is an increase in the number of connected devices in China. It is the largest global Internet of Things (IoT) market. Furthermore, 5G and 5 G-enabled devices will exponentially increase the devices' interconnectivity. As a result, it increases connected devices, directly augmenting the market's need for security products. The websites are thereby prone to be manipulated and impersonated by third parties, and sensitive user data communicated with the website can be intercepted more easily by foreign intelligence agencies.
On the other hand, the increasing adoption of public cloud computing is leading to more enterprises re-allocating their business systems to cloud platforms. Issues concerning data security, tenant isolation, access control, etc., have gradually become a focal point of these enterprises.
Key market players in the Global Data Masking Market are:-
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“The Global Data Masking Market is driven by a confluence of factors that underscore the critical importance of data security. Increasing cybersecurity threats, stringent data privacy regulations like GDPR and CCPA, and the proliferation of big data and analytics fuel the demand for data masking solutions. The rising adoption of cloud services and the globalization of businesses amplify the need for comprehensive data protection.
Additionally, the integration of data masking into DevOps practices, industry-specific compliance requirements, and technological advancements contribute to the market's growth. As organizations prioritize insider threat protection and user education on data security, the market experiences a dynamic shift driven by a collective commitment to fortify sensitive information against evolving risks.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Data Masking Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Static Data Masking, Dynamic Data Masking), By Function (Finance, Operations, Marketing & Sales, Human Resource, Legal and Others), Deployment (Cloud, On-premise), By Organization Size (Large Enterprises and Small and Medium Sized Enterprises), By End Use Sector (IT & ITeS, BFSI, Retail and eCommerce, Government, Healthcare and Others), By Region, and By Competition 2027” has evaluated the future growth potential of Global Data Masking Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Data Masking Market.
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