According to the new market research report "Data Masking Market by Data Masking Type (Static and Dynamic), Component (Software and Services), Deployment Type, Organization Size, Business Function (Finance, Marketing & Sales, Operations, and Legal), Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the data masking market size is expected to grow from USD 384.8 Million in 2017 to USD 767.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8%.
The need to protect data from unauthorized exposures is the key factor driving the data masking market. Nowadays business operations are getting complex with the rising customers and enterprise data, coupled with the rapidly evolving market landscape. Furthermore, constant advancements in technology may result in various data related threats such as cyber attacks and internal data breaches, which are some of the major concerns encouraging enterprises to safeguard their data, at every possible level.
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The retail and eCommerce vertical is expected to have the largest market share during the forecast period
In terms of industry verticals, the retail and eCommerce vertical is expected to hold the largest market share throughout the forecast period. Organizations operating in this industry are using data masking to maintain their brand image in the market and to ensure the security of customer’s sensitive data. Need for solutions which would help organizations to minimize frauds is the major reason for the rising adoption of data masking solutions among this vertical. Moreover, the increasing adoption of cloud is also driving the adoption of data masking solutions.
The dynamic data masking type is expected to grow at a higher CAGR during the forecast period
The dynamic data masking type aims at real-time data masking. The market for dynamic data masking is expected to grow at a higher CAGR during the forecast period. Growth can be attributed to the rising demand for decreasing the risk of data breaching. Additionally, dynamic data masking solutions safeguard sensitive and personal data while providing security to cloud-based initiatives which is further accelerating the adoption of dynamic data masking globally. Furthermore, increasing need for protected big data by dynamically masking sensitive information in Hadoop is further expected to observe a robust growth during the forecast period.
North America is expected to constitute the largest market share; APAC to grow at the highest CAGR during the forecast period
North America is expected to continue its dominating position during the forecast period. This can be attributed to the presence of developed economies such as Canada and US, which are emphasizing over innovating the existing solutions. North America contributes a major share in the generation of data, and thus data security and protection share are in great demand in this region. Furthermore, the early adoption of technologies and penetration of analytics in multiple verticals such as manufacturing, healthcare, transportation, and logistics is driving the growth of data masking market in this region. On the other hand, Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Growing expenditures over technology in countries such as China and India and the demand for cost-effective advanced data protection solutions and services among SMEs, are expected to drive the market growth during the forecast period.
Major vendors offering data masking solutions and service include IBM Corporation (US), Informatica (US), CA Technologies, Inc. (US), Solix Technologies, Inc. (US), Innovative Routines International, Inc. (US), Oracle Corporation (US), Deplhix (US), MENTIS (US), Micro Focus (US), Compuware Corporation (US), Ekobit d.o.o. (Croatia), and ARCAD Software (France). These players have incorporated various strategies to expand their global presence, thus increasing their market shares. The strategic partnership, merger and acquisitions, product upgrades, and expansions are some of the major strategies embraced by these players.
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