Data Encryption Market Size - Business Development and Global Forecast 2023

Data Encryption Market Size - Business Development and Global Forecast 2023

Overview:

The momentous increase in the adoption of cloud technology, mobility and bring your own device technology (BYOD) among the enterprises to reduce IT infrastructure cost and minimize the data loss has increased the adoption of data encryption technology within organizations.  The database on cloud which stores documents and allow sharing of content has created the risk of data loss and theft. This led to the adoption of data encryption services in numerous industry verticals. Regulatory and compliance requirements are the major driving factors for the Data Encryption Market Size. These regulatory requirements which include health insurance portability and accountability (HIPAA) for healthcare, and payment card industry data security standard (PCI DSS) for banking and financial services (BFSI) has made it mandatory for enterprises worldwide to implement data protection techniques.

Date Encryption plays an important role in protecting digital information against cybercrime. It can be used to provide high level of security to emails, files stored on hard drives or floppy disk, network communication and other confidential information that requires protection.

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Users can utilize full advantage of database encryption and attend high level of assurance to prime management activities, guaranteed access to encrypted data, efficiency and optimal security. However, there are some risk and challenges associated with database encryption that may hamper the market. System administrator and malicious virus can access encrypted data, and result into data loss, unless data is precisely isolated in a protective key management system. Database contains confidential competitive information, customer’s data and intellectual property. Loss or theft of data especially that of customers can result to brand damage, lawsuits and competitive disadvantage.

Segmentation:

The Data Encryption Market Size can be classified in to 5 key segments for the convenience of the report and enhanced understanding;

Segmentation by MethodsComprises Symmetric and Asymmetric

Segmentation by DeploymentComprises cloud and on premises

Segmentation by Organization Size:Comprises SMEs and Large Organization

Segmentation by End-User: Government, BFSI, Healthcare, Manufacturing, Automotive, IT & Telecom, Aerospace & Defence among others.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Data Encryption Market Size - Regional Analysis:

North America is dominating the global Data Encryption Market Size with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Presence of global players in United States and leader in technology gives main advantage to North America. The US market contributes highest market revenue in the North America region. Managed services is majorly adopted by users in North America due to its ability to provide solution against virus, spam, denial of service and cyber-attacks. Europe holds second highest market position. Asia-Pacific has emerged as fastest growing market for the Data Encryption Market Size. . The rapid adoption of digitalization trends such as BYOD and mobility among organizations has given rise to the large volumes of business data which needs to be stored securely in databases. High presence of manufacturing sector in China and Japan and rich service industry in India as well as growing economy of the Asian countries is giving boost to the market of data encryption in Asia Pacific.

Key Players:

IBM Corporation (U.S.), Microsoft Corporation, (U.S.), Symantec Corporation (U.S.), HP (U.S.), Intel Security (U.S.), Oracle Corporation (U.S.), Netapp Inc. (U.S.), Gemalto (The Netherlands), Vormetric Inc. (U.S.), and FireEye, Inc. (U.S.),are some of the prominent players at the forefront of competition in the Global Data Encryption Market Size and are profiled in MRFR Analysis.

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