Data Masking Software Market Size, Share, Growth, And Industry Analysis, By Type (Cloud Based and On-Premises), By Application (Banking, Financial Services, and Insurance, Healthcare and Life Sciences, Retail and Ecommerce, Telecommunications and IT, Government and Defense, Media and Entertainment, Manufacturing and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Data Masking Software Market Report Overview

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The global data masking software market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Cybersecurity is critical in this era of information. Data masking is entering the data-driven business as breaches and malware threats increase. Data masking is an intelligent technology that offers real-time production data masking. Large-scale data analysis is now possible without interfering with regular business operations thanks to data masking software. To protect confidential organizational information, data masking technology creates a fictitious but accurate copy of the actual data.

The primary element driving market expansion will emerge as the rising demand for data analysis and testing, database protection, and compliance for various standards. Growing small and medium-sized businesses, particularly in developing economies, an increase in the frequency of organizational data thefts and security breaches, and a surge in marketers' attention to adopting such technologies for client retention will all contribute to the market's expansion. Other factors supporting the market's growth include rising internet usage and rising government spending on the construction of IT infrastructure.

COVID-19 Impact: Widespread Adoption of Remote Working Grew the Need for Data Masking

The COVID-19 epidemic has benefited the market for data masking software in a number of ways. Due to the epidemic, more sensitive data was shared online due to the widespread adoption of remote work and online collaboration. Data masking software, which helps shield sensitive data from hacker attacks and data breaches, is now more popular as a result of this. In general, the COVID-19 epidemic increased the need for masking software as more private information was shared online and businesses tried to safeguard themselves against cyberattacks and data breaches. Due to this, there was a greater need for data masking software, and this demand is only going to expand as society gets more digital.

Latest Trends

"Purchase of Company to Improve Cloud Approach and Enhance Cybersecurity Services"

In June 2022, IBM Company stated that it would buy Randori, a well-known provider of attack surface management (ASM) and defensive cybersecurity. Randori assists companies in continually identifying assets that are vulnerable to attack, both on-premises and in the cloud, and prioritizing exposures that carry the most risk. With this acquisition, IBM hopes to strengthen its range of cybersecurity services and goods powered by AI as well as further its hybrid cloud approach.

Data Masking Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cloud Based and On-Premises

• By Application Analysis

Based on application, the market can be divided into Banking, Financial Services, and Insurance, Healthcare and Life Sciences, Retail and Ecommerce, Telecommunications and IT, Government and Defense, Media and Entertainment, Manufacturing and Others

Driving Factors

"Regulations Governing Data Privacy are Increasingly Driving Demand for Masking Softwares "

Regulations governing data privacy, such as the General Data Protection Regulation (GDPR) in Europe, the California Consumer Privacy Act (CCPA) in the United States, and the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada, oblige businesses to safeguard the private and sensitive information of their clients and personnel. A company's reputation may suffer as well as heavy fines if certain standards are not followed. In order to comply with these laws and safeguard sensitive data, enterprises are increasingly implementing data masking software.

"Masking is Increasingly Necessary to Reduce the Threat of Cyberattacks as Cloud-based Service Use Grows"

The demand for data software has also been boosted by the rising use of cloud-based services including Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS). Data breaches and cyberattacks are more likely as a result of using cloud-based solutions to store and access data remotely. By masking sensitive data before storage or transmission over the cloud, masking software helps to reduce this risk. The requirement for data masking software is anticipated to increase as more businesses use cloud-based solutions.

Restraining Factors

"Difficulty of Implementing Data Masking Can Limit the Adoption and Slow the Market Growth "

The difficulty of implementing data masking is one barrier for the data masking software market growth. Implementing data masking can be a challenging and time-consuming operation that calls for specialized knowledge and equipment. Smaller businesses may find it difficult to enter the market as they lack the means or technical know-how to install data masking solutions. Moreover, data masking might call for modifications to current data systems and procedures, which would be disruptive to business as usual and slow down progress. As a result, the complexity of data masking implementation can limit adoption and slow market growth in the masking software industry.

Data Masking Software Market Regional Insights

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"Change in Population and Rising Disposable Income are Factors Driving the Regional Market"

Since the world's two largest economies are in developing countries such as India and China, the Asia Pacific is predicted to grow faster in the data masking software market share than other regions. The region's automotive sector has grown during recent years. A significant change in the population and rising disposable incomes, which raised demand, were the driving forces behind the expansion of these sectors.  These two nations are currently seeing rapid economic growth, and several developmental initiatives are being undertaken to establish new local industries and product releases. Big data is produced by all of these actions. It's vital that a lot of data be stored every day. The majority of unstructured data is a result of the developing nations' fast digitization, particularly in Singapore, India and China.

Key Industry Players

"Key Players Focus on Organic and Inorganic Growth Initiatives to Gain a Competitive Advantage"

Several businesses are putting an emphasis on organic growth initiatives, including new launches, product approvals, and others such as patents and events. Acquisitions and partnerships & collaborations are instances of inorganic growth tactics that were observed in the market. These actions have made it possible for market participants to increase their clientele and revenue. With the increasing demand for data masking software on the worldwide market, key players in the data masking sector can anticipate profitable growth prospects in the future.

List of Market Players Profiled

• IBM (U.S.)
• Broadcom (U.S.)
• Imperva (U.S.)
• Delphix (U.S.)
• Blue Talon (U.S.)
• Hush Hush (Germany)
• Orbium Software (Switzerland)
• Solix Technologies (U.S.)
• Red Gate Software (U.K.)
• Innovative Routines International (IRI) (U.S.)

Report Coverage

This report covers the data masking software market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.