Data Masking Technology Market By Component (Software, Services (Managed services, Professional services)); By End User (BFSI, Retail Industry, Telecomm Industry, Health Care Industry, Education Industry, Automobile Industry, Public sector Industry, Others); By Type (ETL, In-Place masking, Dynamic masking); By Deployment Model (Cloud, On- Premise) - Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Data masking technology provide data security by replicating the original data into a non-sensitive proxy which looks like the similar data. Non-sensitive data can be used in business process for analysis and testing without any risk of breaking the business. Data masking technology is one of the effective ways of reducing the risk of sensitive data from outside and inside threats. Data masking technology is performed in such a way that actual values are reserved along with functional and structural meaning of data.
The Data masking technology market, in terms of value, is expected to grow rapidly during the forecasted period at a good CAGR due to the need to protect data from unauthorized exposures. Technological advancements also results in various data related threats such as internal data breaches and cyber-attacks which encourages the enterprises to safeguard their data.In terms of regional platform, North America holds the latest market share in data masking technology due the presence of developed economies such as US which stressing over advance innovating existing solutions. North America backs a major share in the generation of data and thus data security is in great demand which expected to spur the growth of data masking technology market in this region over the forecasted period. Penetration of analytics and early adoption of technologies across many industries such as transportation, manufacturing, and healthcare expected to drive the growth of data masking technology market in this region over the forecasted period.
Asia Pacific is expected to be the fast growing market for data masking technology in terms of revenue due to the increasing volume of data and the need for solutions to protect sensitive data expected to drive the growth of data masking technology market over the forecasted period. Flow of data in this region has witnessed a rapid growth due to the adoption of IOT and remote sensors across many industries which further expected to increase the market growth of data masking technology over the forecasted period.In terms of end user, the retail industry is expected to hold the largest market share over the forecasted period. Data masking technology is used by many organizations in this industry to ensure the security of customer’s sensitive data and to maintain their brand image in the market. Need for solutions to avoid frauds helps in fueling the growth of data masking technology among this vertical.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global data masking technology market includes the following segments:
Global data masking technology market is further classified on the basis of region as follows:
Industries ranging from BFSI to government are becoming really cautious about internal hacking and data privacy concerns which expected to increase the growth of data masking technology market over the forecasted period. Generation of large amount of data which is to be tested and analyzed without hampering the business operations expected to boost the market growth of data masking technology over the forecasted period.Arrival of large number of data masking software providers and rising growth of dynamic masking also expected to bolster the growth of data masking technology market over the forecasted period. Dynamic masking uses two major approaches such as proxy based masking and view based masking and changes the flow of data without providing any change in its physical presence.
Data masking technology is one of the cost-effective technologies to protect business databases and applications from data breach threats. Enterprises while looking for data security considers factors such as data type preservation, format preservation and semantic integrity and all these factors are provided by data masking technology which expected to contribute in the growth of this technology.Complexities in data integration & customization and loopholes in identifying sensitive data are still not achievable which expected to hamper the market growth of data masking technology over the forecasted period.
Some of the examples of market players in the global data masking technology market identified across the value chain include:
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