The global data encryption market is growing at a rapid pace. Market growth attributes to the rising demand for the latest security & authentication technologies in various information-sensitive industries. Besides, the rising IT, BSFI, and telecom sectors create substantial demand in the market. Moreover, the high adoption of cloud-based technologies by organizations and government agencies escalates market growth.
Market Research Future (MRFR), in its latest data encryption market report, asserts that the market is poised to grow at a massive CAGR during the review period (2020-2027). BFSI, healthcare, and manufacturing sectors are rapidly shifting their traditional data storage methods to cloud-based data storage, thereby requiring high-security solutions. Also, the increasing rate of digital data transmissions via smartphones and evolving network security create substantial market demand.
Additionally, the high demand for data encryption services by the healthcare sector, alongside the increased digital technology growth that has increased vulnerability of data loss or cyber-attacks in telecommunications, boosts the market growth. Data encryption market trends, such as the growing integration to enhance multi-factor authentication and access management & SSO services in eCommerce sectors, accelerate the market's growth.
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Global Data Encryption Market – Segments
The report is segmented into encryption type, deployment, modern vertical, and regions. The encryption type segment is sub-segmented into basic & transparent, column-level, advanced file-system, and others.
The deployment segment is sub-segmented into the latest on-cloud and advanced on-premise. The vertical segment is sub-segmented into IT & telecom, manufacturing sector, BFSI, retail sector, government, healthcare sector, aerospace & defense industry, and others.
Global Data Encryption Market – Regional Analysis
North America leads the global data encryption market. The largest market share attributes rapid deployments of data encryption solutions and services across industry verticals for securing IoT devices and sensors. Besides, the presence of several industry players and efficient agencies working against cybercrimes drives market growth.
Moreover, large technological advancements and investments made in securing IoT environments foster market growth. Rapid adoption of mobile applications in IT & telecom, banking, government, energy & utility services boosts market demand. The US, with its vast technological advances and large-scale implementations of IoT solutions, dominates the regional market, followed by Canada and Mexico, respectively.
Europe stands second in the global data encryption market. The market is driven by increasing data encryption solutions in government establishments to protect confidential data. Additionally, the vast adoption of advanced analytics by small & large organizations to protect IoT data pushes the market growth.
Also, increased data security issues due to the rising adoption of BYOD policies and malicious software propel the market growth. Furthermore, increased adoption of IoT and IIoT devices substantiates the development of data encryption solutions.
The Asia Pacific data encryption market is growing rapidly. Factors such as increasing cyber-attacks and rapid deployments of data encryption solutions & services across industry verticals for securing IoT devices and sensors impact the market growth in the region positively. Moreover, substantial technological advancements and investments in securing IoT environments foster market growth.
Rising demand for IoT solutions in banking & financial services, media & entertainment, and manufacturing sectors increases market size. The APAC data encryption market is forecasted to register the highest CAGR over the review period.
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Data Encryption Market – Competitive Analysis
Highly competitive, the data encryption market appears fragmented, with several well-established players forming a competitive landscape. These players incorporate strategic approaches to gain a larger competitive share. The market would witness intensified competition with increased R&D innovations and M&A.
Major Players
Players leading the global data encryption market include IBM Corporation (US), Microsoft Corporation, (US), Symantec Corporation (US), HP (US), Intel Security (US), Oracle Corporation (US), Netapp Inc. (US), Gemalto (The Netherlands), Vormetric Inc. (US), and FireEye, Inc. (US).
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