Market Overview
The development of the cyber world has led to the growth of various IT companies and software organizations. The IT sector mostly deals with cyber operation, programming, and software development. The increased rate of advanced technological growth is enhancing cyber operations. Data plays a major role in all IT sectors and companies; it is crucial to store, collect, and secure data and information. These factors are enhancing the growth of the Data Masking Market. The data Masking technique helps to analyze data without interrupting regular operations. As the growth of cyber industries increased, this led to the rise of cyber threats and attacks. Especially in the business sector, huge data and information are needed to protect and secure. The concern of safeguarding the data is rising the value of the Data Masking Market. This awareness and concern are even leading to the high demand for data risk reduction, which is accelerating the growth of the Data Masking Market. Various government organizations that need high security of their relevant data even support the market. Cloud security is in high demand due to the changing business standards and growth of digitization. These factors are propelling the share of the global Data Masking Market.
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The key drivers of the market are responsible for the market’s growth. The rise in need of data protection from cyber-attacks and threats is a major market driver. The growth of IT sectors, business enterprises, and the need for data security in government organizations are driving the Data Masking Market. The e-commerce and other online outsourcing operations that demand data securing boost the market. These drivers bring up new growth opportunities in the upcoming years. Based on all these growth factors and opportunities, the Data Masking Market is expected to reach a CAGR of 12% with an estimated value of USD 830 Million during the forecast period. Despite the COVID-19 effect, which hampered the market's growth, it will restore its growth rate due to the growth of opportunities from various sectors.
Market Segmentation
The Data Masking Market is segmented into type, component, deployment, organization size, business function, and end-users. The market is classified into static and dynamic data masking in the type segment, and the component segment is further sub-segmented into services and software. The market is classified into on-cloud and on-premise based on the deployment segment. Sales and marketing, operations, human resource, legal, and many others fall in the category of business function. The medium and small-sized enterprises and small enterprises are divided under the organization size. The end-user segment is the vast segment of the Data Masking Market. BFSI, IT and telecommunications, life science and healthcare, entertainment and media, e-commerce and retail, manufacturing, defense, government, and others all come under the end-user segment.
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Regional Analysis
The regional report of the Data Masking Market shows the growth of the market in different regions such as Asia Pacific, North America, Europe, and the rest of the world. Among these, the North American region is the dominating region due to the growth of IT sectors and cloud-based systems in developed countries like the US and Canada. The European region is noticed as the second-largest shareholder of the market. The Asia Pacific market is the fastest-growing region due to technological advancement in India, China, and Japan.
Industry News
According to the recent news, the Sky Point Cloud launched Sky Point Vault, a data privacy solution. It provides data security solutions, including de-identification and homomorphic encryption, data breach prevention, tokenization, data masking, and differential redaction.
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