The Global Data Encryption Marketis expected to grow at a CAGR of around 18.1% in the forecast period of 2022-27, says MarkNtel Advisors in their research report. The market growth attributes primarily to the surging incidence of database breaches and the rising trend of IoT (Internet of Things) across various end-user verticals that has spurred the amount of data generated.
Moreover, the mounting mobile device proliferation owing to burgeoning mobile data traffic, coupled with increasing concerns regarding data security & privacy of intellectual property, are other crucial factors driving the global market.
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Data Encryption Market Segmentation Analysis:
- By Solutions (Types of Data Encryption [Data in Rest, Data in Transit, Data in Use])
- By Method (Symmetric Encryption, Asymmetric Encryption. Hashing)
- By Deployment (On-Premises, Cloud)
- By Application (Disk Encryption, Folder Encryption, Database Encryption, Cloud Encryption, Others {End-to-End Encryption, Communication Encryption, etc.})
- By Enterprises (Small & Medium-Sized Enterprises (SMEs), Large Enterprises)
- By End-User (Government Organization, BFSI, Healthcare, Manufacturing, Automotive, IT & Telecom, Aerospace & Defence, Energy & Utilities)
- By Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
- By Country (The US, Canada, Mexico, Brazil, Argentina, The UK, Italy, Germany, France, Spain, Israel, Saudi Arabia, UAE, South Africa, China, India, Japan)
BFSI to Capture the Largest Share of the Global Data Encryption Market through 2027
Banks & financial firms store a large volume of critical data like customer details & their financial information, which is very personal & highly susceptible to cyber threats. Hence, they are highly concerned about the customer data since they have to face massive losses due to data breaches, which infuses the need for robust data encryption services in the banking infrastructure.
In January 2019, India’s largest bank, State Bank of India, left one of its servers in Mumbai unprotected. The reports claimed that the server wasn’t protected by any password, which led to the exposure of the banking data of millions of customers, including their partial account numbers, recent transactions, account balance, etc.
The BFSI sector is highly complex. Therefore, an increasing number of cyber threats spurs the need for Data Encryption to protect confidential financial information. In addition to this, the rising adoption of cloud technologies amongst financial firms is another crucial factor that augments the need to safeguard personal details & minimize the incidence of data breaches, which, in turn, boosts the overall market growth.
North America Dominated the Global Data Encryption Market
The booming demand for data encryption solutions across North America is primarily due to the strong presence of IT companies in countries like the United States, generating a large volume of data. In the past decade, the region has witnessed some high-profile data breaches, especially in the US. In 2019, the various organizations in the country suffered nearly 1,473 data breach attacks.
It has pushed various organizations to tighten their cloud security and invest in & implement better encryption solutions. Hence, the data loss concerns in North America have significantly boosted the regional market. Moreover, rising internet penetration and increasing adoption of mobile wireless networks has also fueled the need for data encryption across the region.
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Data Encryption Market Competitive Landscape
According to MarkNtel Advisors, the leading industry players in the Data Encryption Market are HP, IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel Security, Oracle, Gemalto, Netapp Inc., Trend Micro Inc., FireEye Inc., Dell Technologies, Inc., Thales e-Security, Inc., McAfee, Inc., Bitdefender, CipherCloud.
Key Questions Answered in the Study
- What are the current & future trends in the Data Encryption Market?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across the globe, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Global Data Encryption Market?
- What are the customer orientation, purchase behavior, and expectations from data encryption providers across the globe?
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