Market Highlights:
Market Research Future (MRFR) reveals that the data masking market 2020 can touch an approximate valuation of USD 830 million by 2027. MRFR also expects the market progress to be at a rate of 12% over the evaluation period (2020-2027). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
COVID-19 Analysis
Following the onset of SARS-CoV-2, the IT industry has become quite vulnerable, with hackers trying to exploit this period of uncertainty to gain access to confidential information. With the growing unpredictability due to the COVID-19 outbreak, there has been a sharp rise in phishing emails, attacks by attempting to access business emails along with the rising deployment of malware to demand payment or obtain user credentials. All these challenges are mounting exponentially with the growing spread of the novel coronavirus; therefore more and more ICT companies are revisiting their cyber-security policies as well as measures, by adopting techniques like data masking to help avoid breach of confidential data from hackers to reduce security risks.
Also, after the lockdown imposed due to the pandemic, businesses are now in more need for techniques that can help process personal information differently, such as collection of information regarding the possibly affected employees or analyzing the data for tracking the whereabouts of workers to ensure the safety and security of not only the business but also the teams in the company. The grave situation has led to a higher demand for data masking technology across enterprises around the world, which is expected to be an incredible growth enhancer in the global market.
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Top Boosters and Main Barriers
Dynamic data masking is largely used for analyzing big data while ensuring their interrupted operations in the business. Companies mostly opt for the data masking technology to analyze and test data. The rapid expansion of the IT infrastructure, surge in cyber-attacks challenging the enterprises, and the increasing spending on the security and safety for confidential and private data are prompting a number of vendors to expend significantly on technologies that support data masking.
The mounting awareness regarding data masking and related technology has resulted in companies shifting their focus on the improvement of customer service. The growing knowledge about the technology and its benefits across diverse industries can prove to be a major growth booster in the worldwide market.
The market can find lucrative opportunities in the healthcare industry, as data masking is used for improving the delivery of healthcare services. Electronic health record or EHR is extensively deployed to gain access to patient information in the healthcare industry. Further, the administrative as well as the financial staff in the hospitals make use of various applications to track the hospital performance, in terms of finance and success rates. For instance, in June 2020, Snowflake launched Data Cloud, a solution that can be deployed by healthcare organizations for navigating the COVID-19 impact. The solution features data masking, which helps protect data so that the customers are able to view data with different levels of fidelity on the basis of their permissions.
Market Segmentation
The data masking technology market has been considered for type, component, deployment, business function, organization size, and end user.
The types of data masking are static data masking as well as dynamic data masking.
The component-based market categorization comprises services and software.
The segments, depending on deployment, are on-cloud and on-premise.
In terms of functional business, the data masking industry caters to finance, legal, marketing & sales, operations, human resource, and others.
The size ranges of the organizations that use the technology include large enterprises as well as small & medium enterprise.
The primary end-users in the industry are manufacturing, media & entertainment, government & defense, BFSI, IT & telecommunications, retail & ecommerce, healthcare & life sciences, and more.
Regional Insight
The regional dissection of the data masking market has been done for North America, Europe, Asia Pacific/APAC, and the Rest of the World/RoW.
North America could be the biggest gainer in the global market, with U.S. and Canada leading the growth. The region has a robust IT infrastructure, with the presence of numerous giants such as IBM Corporation, Oracle Corporation, and more, which helps induce significant business growth here.
Europe is slated to observe considerable growth in the coming years, wherein France, the U.K and Germany stand at the vanguard of the regional market. The massive spending on research and development with respect to encrypting technologies for better security of confidential data results in a favorable market landscape in the region. The growth of the E-commerce sector in the region has led to more cautiousness regarding data privacy and internal hacking, which boosts the growth potential of the data masking technology market.
The APAC market can witness the fastest growth, and the leading countries can be India, China and Japan. The significant market progress can be the result of the increasing investments in outsourcing solutions and the continuous surge in the data flow. The surge in the volume of data is due to the increasing uptake of remote sensors and IoT across industries, which works in favor of the data masking technology. The rising need to prevent frauds among enterprises fuels the need for data masking solutions in the region.
Top Companies
The top companies listed in the market study include Hewlett Packard Enterprise Company. (U.S.), Delphix Corp (U.S.), Ekobit d.o.o. (Croatia), IBM Corporation (U.S.), Net 2000 Ltd. (U.S.), Camouflage Software Inc. (Canada), ARCAD Software (France), Oracle Corporation (U.S.), Solix Technologies, Inc (U.S.), Compuware Corporation (U.S.), Innovative Routines International, Inc (U.S.), Informatica Corporation, (U.S.), CA Technologies (U.S.), and more.
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